Every business needs proper bookkeeping to manage their finances and achieve their dreams of expansion. In fact, having a reliable and effective bookkeeping team will ensure every financial aspect of your business is properly taken care of. As you focus on meeting people and exploring opportunities to grow your business, bookkeepers take care of all the financial details of your company.

Toronto has no shortage of bookkeepers. A simple search online and you’ll come across hundreds if not thousands of accounting professionals promising the best bookkeeping services. You must perform proper due diligence before hiring an accounting firm to do bookkeeping for your small business. We’ll take a look at some 5 important factors to consider when choosing a reliable bookkeeper.

Level Of Experience

It is very important to find a bookkeeping firm that has extensive skill and experience in your industry. Have they handled similar clients before? If the firm has experience handling clients in different industries including the one your business is in, they are more likely to be well versed with bookkeeping issues your business is encountering and are in a better position to help you.

Do They Have The Latest Skills In Accounting And Technology?

With so many new technology solutions coming up every year, accounting firms that offer bookkeeping need to always remain on their toes. Hire a firm that encourages their staff to take professional courses and training in order to equip them with the latest skills. This will ensure clients have access to the best bookkeeping services and technology in the market.

Do You Have Any Processes In Place?

It’s really important to go into the details of how the accounting firm will handle your bookkeeping. For instance, the bookkeepers can have a checklist of items that they have to work on within the month. They can sit to discuss with you the details but at least should be able to provide you with a brief structure of how they handle their clients’ books.

What Are Your Fees?

The amount you pay for bookkeeping is likely to depend on many things including the number of times your account will be serviced within the month or annually. Bookkeeping should be done regularly so that it’s supportive and effective. Make sure you discuss the fees with the accounting firm you’re about to hire upfront to avoid mismatched expectations. Some small businesses prefer a fixed rate whereas others prefer being charged on an hourly basis. You may also have the option of choosing standard packages or bundled services offered by the accounting firm. Go through all these options to see what suits your budget best. Don’t forget to do your research to ensure the team behind the scenes is a proper fit.