Ensuring Safety In Transfers
October 4, 2023
Serving Full Circle
October 19, 2023Julie Delong, COO of Backyard Bookkeeper, was recently featured in an article written by the Forbes Finance Council. You can find the original article on the Forbes Finance Council website along with Additional Published Content by Julie DeLong. Below you will find a summary of the article.
What Owners Should Know
The article titled “What Small Business Owners Should Know About Bookkeeping” by Julie DeLong, co-founder and COO of Backyard Bookkeeper, emphasizes the crucial role of accurate professional bookkeeping for small businesses. The author underscores the significance of robust financial reporting. She highlights that messy books can have a significant impact on a business’s future. Additionally, accurate and detailed financial reports aid in identifying and addressing issues promptly. While also facilitate securing loans and maximizing tax deductions.
The article challenges the misconception that bookkeeping merely involves data entry. Instead, asserting that the profession has evolved, especially with the rise of artificial intelligence. It portrays modern bookkeepers as data architects with a deep understanding of various data types and their interactions within companies. Basically, they become the controllers of tomorrow. Bookkeepers oversee internal controls, aid in budget preparation, ensure compliance, and manage transaction reporting.
DeLong stresses the importance of having a team of knowledgeable financial professionals for small businesses. While a bookkeeper or controller is typically at the center of this team, the author acknowledges that some business owners may choose to handle their own bookkeeping. However, as businesses grow and deal with more assets and liabilities, consulting with a professional bookkeeper and accountant becomes crucial.
The article provides guidance for business owners looking to hire a bookkeeper. Certainly, it suggests they seek candidates who understand the big picture, can manage a cycle of tasks effectively, leverage automation to minimize errors, and possess strong communication skills. DeLong encourages business owners to look for specific examples in a candidate’s experience to gauge their expertise and analytical capabilities.
In summary, the article emphasizes the pivotal role of accurate bookkeeping for small businesses, dispels misconceptions about the profession, and provides practical advice for business owners looking to hire competent bookkeepers to ensure sound financial management and decision-making.