Many businesses have their office assistant perform bookkeeping services, instead of hiring a bookkeeper or having their accountant do the work. It makes perfect sense and is often the most cost effective however, there are some downfalls with this approach and you may not be saving as much money as you thought.
First, most office assistants do not have any finance or accounting background. Therefore, they might be a fantastic office assistant and the go to person to handle random tasks, but knowing when and how to record payroll taxes and other transactions may be difficult for them. By having a non-accounting person tackle your books with little assistance and guidance, this creates more work for your accountant and therefore costs you more money.
Second, keeping a clean and clear record of your business financials is important. By having your office assistant in charge of the bookkeeping, they often put the accounting work on the back-burner and spend little time making sure they have accurately recorded all transactions. This is common, since their primary role is to answer phones and make sure day-to-day processes happen smoothly. Items can get missed and you must trust your accountant to catch and fix the problems, once again costing you more money.
If you want the most cost savings for your business, hire CFO 4 Your Biz and have them be your trusted bookkeeper and/or accountant. By utilizing CFO 4 Your Biz you hire two employees for the price of one and on a part-time basis. This way you can keep your awesome office assistant full-time, while keeping your costs down.
Call us at 402-216-0356 and learn how CFO 4 Your Biz can help your small business today.