The words "contract bookkeeper" is not a favourite phrase for some business owners. There are several reasons for this and all of these are misguided. So here are a few myths that need to be addressed:
Myth:Contract bookkeepers cost too much
Truth: In fact, hiring a contract bookkeeper can save you money as you only pay for the hours that they actually work on your books. This means you don't have an employee sitting around with nothing to do while you are paying them by the hour. You also don't have to pay for statutory holidays, vacation time, overtime or any employee benefits.
So, while you will typically be paying more per hour to hire a contract bookkeeper; this will actually balance out and save you money with employee expenses that you don't have to pay.
Myth:The bookkeeping work won't get done on time
Truth: Contract bookkeepers are business owners and as such, they take meeting deadlines for their clients very seriously. They know that if they continually miss deadlines, they won't be in business for long. That's why most competent contractors have systems in place to ensure that your work gets done and reports are filed on time.
Myth:They won't have any control over the books
Truth: While giving up the bookkeeping to someone else can feel like control is being lost, it doesn't have to be that way. If the business owner develops a good relationship with the contractor, they should be able to contact the bookkeeper when questions arise. Additionally, receiving monthly financial statements in a timely manner ensures that the business owner can make critical decisions sooner.
So if you are struggling with whether or not to hire a contract bookkeeper because you are worried about these issues, now you know the truth.
