Losing a bookkeeper for your business can feel like being adrift at sea without a compass. After regaining your bearings, you’re suddenly faced with the daunting task of steering your business forward without the steady hand of a trusted financial expert at the helm.
Just as a seasoned sailor can navigate rough waters with skill and determination, so too can a business owner take charge of their accounting and guide their business to success without a dedicated bookkeeper.
In this article, we’ll explore the steps you can take to assume your bookkeeper’s role, including gathering financial records, reviewing financial processes, and identifying areas for improvement.
We’ll also discuss how upgrading your financial software tools and hiring a consultant like Mission Accounting can help you manage your finances more efficiently and effectively. With these tips, you can turn the loss of a bookkeeper into a positive outcome for your business’s financial management practices.
Steps To Take Control Of Your Finances
Assuming your bookkeeper’s role can be a challenging and complex process, there are a few initial steps you can take to get started.
Here’s what we recommend prioritizing when it comes to taking control of your finances.
Gather Your Financial Data
First and foremost, you’ll need to gather all of the financial data and records from your bookkeeper. This process can involve a thorough review of bank statements, tax records, payroll records, and any other financial documentation that your bookkeeper kept track of.
Once you have gathered all of the necessary financial data and records, it’s important to organize them in a way that makes sense for your business. This may involve setting up a filing system or database to keep track of important financial information. It’s also important to maintain proper documentation and backup records in case of an audit or other financial inquiry.
Understand Your Bookkeeping Process
In addition to gathering financial records, it may also be helpful to review any processes or procedures that your bookkeeper followed to manage your company’s finances. This can include areas like how bills were paid, how invoices were generated, and how payroll was processed. By understanding these processes, you can ensure that you’re following best practices and maintaining continuity in your business’s financial management.
For example, if your bookkeeper used QuickBooks to generate invoices, it may be helpful to review the program and determine whether it’s still the best option for your business. Alternatively, if your bookkeeper manually tracked employee hours for payroll, you may want to consider implementing a time-tracking software system to streamline the process.
By reviewing these processes and identifying areas for improvement, you can ensure that your business’s financial management practices are up-to-date and efficient!
Understanding The Scope Of Responsibility
Understanding the process and the full scope of your bookkeeper’s role and responsibilities is crucial to keeping your business afloat without a bookkeeper! Depending on the size and complexity of your business, your responsibilities may include managing accounts payable and receivable, reconciling bank statements, preparing financial statements, and overseeing payroll and employee benefits.
If you’re not aware of these responsibilities, you might overlook important financial transactions and miss payment deadlines, among other potential problems. Of course, this can lead to late fees, penalties, and damage to your business’s credit and reputation. Additionally, if invoices aren’t generated or sent out on time, you could risk losing business or damaging relationships with clients!
Turning Loss into Gain: Improving Financial Management
Losing a bookkeeper can be a stressful and overwhelming experience for any business owner. However, it’s important to remember that every cloud has a silver lining, and the departure of a bookkeeper can provide unexpected advantages for your business. By taking a proactive approach and focusing on areas for improvement, you can turn the loss of a bookkeeper into opportunities to reassess your financial goals and improve your bookkeeping processes.
Utilizing QuickBooks and Accounting Tools
While there are many software programs available that can help streamline your bookkeeping processes and improve your financial management practices, we highly recommend the lineup of Intuit QuickBooks software. QuickBooks offers a range of features that can help businesses manage their finances efficiently, including invoicing, expense tracking, and financial reporting.
By using QuickBooks in tandem with integrations that match your business’s unique needs, such as mileage tracking, eCommerce tools, and inventory management, you can take full advantage of the program and end up with a more streamlined accounting system than you had with a bookkeeper!
This is our specialty at Mission Accounting. Here, we can help you set up automated financial systems that streamline your financial management practices and reduce the risk of errors or oversights. By taking a proactive approach and seeking out expert assistance, you can ensure that your business’s financial management practices are efficient, effective, and well-suited to your specific needs.
Updating Your Budget and Financial Goals
Setting financial goals and creating a budget is another area where improvements can be made. A business owner can take this opportunity to set financial goals for their business and create a budget that outlines expected income and expenses. This can help identify areas where the business may be overspending or not generating enough revenue.
With Mission Accounting’s consulting services, you can work with experienced financial professionals to create a budget, set financial goals, and develop business projections. Additionally, we can help you identify areas of your business that are particularly profitable and focus on these areas to achieve long-term success.
Reassessing Your Financial Management Needs: Do You Need a New Bookkeeper?
After reassessing your financial goals and improving your bookkeeping processes, the next step is to consider whether you need to hire a new full-time bookkeeper.
If you used professional services like Mission Accounting to help you get back on track, you might find that a full-time bookkeeper is unnecessary. Instead, monthly consulting might be your preferred choice. This can save you money in the long run and provide you with more flexibility in terms of financial management.
When seeking a replacement bookkeeper, it’s important to approach the hiring process with a new mindset. You now have a better understanding of the scope of a bookkeeper’s responsibilities and can develop a job description that is tailored to your specific needs.
For instance, if you plan to work with a consultant like Mission Accounting, you may only need a bookkeeper to manage day-to-day tasks such as invoicing, bill payments, and payroll processing. This means that you may not need a full-time bookkeeper but instead a part-time or contract bookkeeper who can handle these tasks as needed.
In addition, when creating a job description for a new bookkeeper, it is important to emphasize the importance of utilizing financial software tools like QuickBooks. This can help ensure that your new bookkeeper is equipped with the necessary skills to manage your finances efficiently and effectively.
Trust MISSION Accounting to Optimize Your Financial Management After Losing Your Bookkeeper
Unlock the full potential of QuickBooks and improve your business’s finances and bookkeeping roles with the help of Mission Accounting. Whether it’s organizing your invoicing process to get you set up, or forecasting long-term goals on a consultant basis, we can help you manage your finances effectively.
Led by Harvard MBA and QuickBooks ProAdvisor Bernard Roesch, our team of experts can guide you in making smart and profitable decisions. Contact us today to schedule a free consultation and discover how we can help make keeping track of your company’s finances infinitely easier.
