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Strong bookkeeping processes and procedures are essential to any business, without them owners will not have the basis of data necessary to run, manage, and grow their business. In that light it is equally important to have a qualified bookkeeper or accountant with a solid understanding of accounting principles, financial statements, and business operations. Additional experience, qualifications, certifications are helpful but they come at a price so weigh them to the value of the expected outcomes. As a business owner determine what information you need and how strategic you consider your accounting function to be for managing and understanding your business. In my opinion accounting is of critical importance to managing a business. In small and start-up situations it can often be a wise decision to outsource such non-value added activities. Ask yourself how valuable your time is (what is your hourly bill rate for example) as the answer should empower you to make decisions for resource allocation. I tell clients to focus on what they do best and outsource other activities. Read the rest of this entry »