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Risks of Hiring a Bad Bookkeeper

Deciding to hire a small business bookkeeper in La Veta, CO is a big step for your company, and you should be congratulated on achieving this milestone. It’s important to take care throughout the hiring process, though, to avoid choosing the wrong candidate. Hiring the wrong bookkeeper can cost your company time, money, and lost opportunities. Here’s why:

Bookkeeping Issues That Can Arise:

    1. Hiring a bad bookkeeper can affect your cash flow. If your income and expenses aren’t being accurately tracked, you may find yourself unable to pay bills or make payroll.
    2. When a small business bookkeeper isn’t qualified or competent to carry out the typical duties of the job, your financial records may soon be inaccurate, incomplete or missing. This means you don’t have the right information to make good business decisions like when to hire, relocate or expand your business.
    3. That poor record keeping can also inhibit your ability to get a business loan or pay it back. Banks ask for a lot of financial data when rating your company’s credit-worthiness. If the bookkeeping shows you’re not making as much money as you are, you could unfairly get turned down for a loan; if the bookkeeping shows you’re better off than you are, you might find yourself struggling to make loan payments that should be easy on paper.
    4. When your bookkeeper doesn’t keep accurate records, it could cause your tax filings to get flagged by the IRS for inconsistencies or irregularities. An audit can be time-consuming and expensive, too, as you’ll probably want to enlist extra help from your accountant to help sort out the mess, to say nothing of the fines that the IRS may impose upon your business.

Contact a Virtual Bookkeeper in La Veta, CO Today!

When hiring the best small business bookkeeper in La Veta, CO from among your applicant pool, consider education, qualifications, and experience. In addition, do ask for references, and then follow up with those references. Call them and ask about the candidate’s knowledge, skills, and performance. If you need a bookkeeper only part-time, consider asking other small business owners in your network for recommendations or consider hiring a virtual bookkeeper in La Veta, CO.

Once hired, meet with your bookkeeper regularly to discuss their duties. Ask about any problems or concerns your small business bookkeeper may have. Do look at the books yourself, too. Hiring a good bookkeeper can alleviate a lot of the pressure on you but as the business owner, you’re still responsible. Contact AMR Bookkeeping Services today for quality small business bookkeeping you wont have to worry about!