You can have the best of both worlds. If you don’t want a full bookkeeping service, perhaps you are keeping a tight budget as you grow your business or you want to keep some of it in house.
Supervision means doing a part of the work yourself or by someone in your business with the added advantage of having a ‘go to’ person who can be hands on for solutions and training. It allows you to do what you can and want to do while there is someone there to undertake the more ‘accounting’ parts which is a little more complex and dependent on a degree of training and experience.
What does that mean?
It is certainly ok not to know the difference between a profit & loss item and a balance sheet item but they do have to be in the right place. Otherwise the accounts get seriously skewed and you get a hefty accountancy fee at year end for the cleaning up of the mess. Much better to have someone ready to help you swiftly put those things in the right place so that you can read your accounts during the year when it matters most to be able to ascertain what is where and how.
Understanding the software
Okay. The accounting software can run away from you. It is not as simple as they say. Modern accounting software is awesome especially if you are a bookkeeper or accountant and it makes life a gazillion times easier and quicker. But for a layman, there is still an amount of understanding accounting concepts that is required in order for the accounts to be correct. Sometimes it is too easy to get into trouble. The supervision that you get will mean that you can learn these details and their influence and still stay in the driving seat.
But then that’s where you can have the best of both worlds. If you want to do a bulk of the work yourself but have an all important ‘go to’ person then hire a bookkeeper who is willing to work with you on this basis. Better still get some training because once you are doing the daily stuff correctly the rest will be more readily processed correctly.
The icing on the cake
The bookkeeping is of such fundamental importance to your business. Why? Because when you have the data stored in the software and you have everything where it should be, the next step is the most magical one; it is the reporting. Now STOP STOP STOP thinking about your accounts as a compliance hoop through which to endlessly leap. And start to think of your accounting as the richest source of data that you can get your hands on that will inform your business.
The best bit about having bookkeeping supervision is that you not only have your accounting done correctly and on time but you now have access to regular reporting; either by your own means or by the support of your trusted business ally; your bookkeeper.