A Penny Saved Isn’t Always a Penny Earned

Is Your Bookkeeper Wasting Your Money?  With good intentions and a desire to save money for their companies, bookkeepers often miss simple ways to save money.  Many business owners think of the bookkeepers as a guardian of their funds.  But what I frequently see is one of two problems.

The first is that the bookkeeper thinks that rather than spend money for training, or an additional product or service that could help save time, they can do the work themselves with a combination of QuickBooks and Excel.  While the initial investment and learning curve may cost, the long-term benefits of the automation (saving both time and improving on accuracy), may actually be the better business decision.  I’ve seen this when it comes to upgrading software or paying for a service that could do the work much faster.  What the bookkeeper hasn’t done is factored their time to do the work, the cost for them to do the work, the potential for errors (after all, no one is perfect – we all make mistakes), and what they could be doing with that time instead.

The second is that the bookkeeper is unaware of resources or software features that can help.  Many bookkeepers have learned what they think they need to know to get their work done but because QuickBooks is not their actual business, they aren’t always aware of features that could help. There is also a myriad of products & services that can integrate with accounting software and keeping up with that alone could be a full-time job!  So, it helps for them to be able to interact with other bookkeeping professionals, peers in the industry, and accounting software consultants.  These people often have heard of a feature, product or service that can be a big help.  It might be as simple as turning a feature on, customizing QuickBooks or upgrading the version of QuickBooks.  If it’s an additional product or service, often the benefits will outweigh the cost and both the bookkeeper and you the business owner will be happy with the results.

Business owners should let their bookkeepers know that they are willing to invest in them and their work.  Go ahead, spend that penny and watch how many dollars you can save!

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