Business Bookkeeping in 2021: Finding the Right Bookkeeper for Your Business

Your business is growing and financial pressures are mounting. The last thing you want to think about is hiring a bookkeeper, but finding the right solution for your business doesn’t have to be complicated. Knowing how to approach the discussion will save your team loads of time and money. We’ll touch on what bookkeeping is and why it matters, how to decide what support you’ll need, and the top options available to you in 2021.  Let’s dive right in!

Bookkeeping & bookkeepers, explained:

Simply put, bookkeeping involves the gathering and management of all things financial for your business. It ensures that all items, down to the smallest invoice and receipt, are kept in order. For a small team, this responsibility typically falls on the owner, but as the business grows it can quickly become difficult to manage. That’s when a bookkeeper enters the discussion.

It’s important to note that bookkeepers and accountants are different. Bookkeepers are unregulated and focus primarily on day-to-day record keeping. They ensure that your financials are accurate down to the last expense, and that you have  accurate information for tax time, decision making, and more. Accountants on the other hand are regulated and spend most of their time supporting strategic planning and analyzing the data provided by bookkeepers. For a small team, it makes sense to get a bookkeeper on board and  handle strategic  accounting decisions in-house. Without accurate and reliable data to ground your decisions in, navigating the road ahead becomes difficult. Although expert strategic support from an accountant can be beneficial, it’s something to invest in as your team and business grows.

Bookkeepers can be in-house, outsourced, or a combination of both, and their key metric of success is accuracy. Your bookkeeping structure should lean heavily on what gives your team the most confidence. With this in mind, let’s explore your available bookkeeping options.

In-house bookkeeping vs. outsourced bookkeeping:

The difference between in-house and outsourced bookkeeping is quite straightforward. In-house refers to an employee of the business. They are paid an hourly wage or salary and receive the standard perks and benefits that come along with being an employee. A business outsources when they contract and pay an external individual or team for their bookkeeping services through monthly or yearly instalments.
There are benefits to both. As the development of technology makes cloud accounting more accessible and affordable, a full-time bookkeeper is less of a necessity for small and medium sized businesses, where the money can be better spent on growth initiatives. To give you a high-level cost comparison, consider the following breakdown between a full-time, in-house bookkeeper and an outsourced bookkeeping service like ParallelCFO:

Now, it’s important to note that a full-time bookkeeper will typically cover more functions at the base cost than an outsourced service, including invoice handling and payments. Those services are available through outsourced options, but they come at a cost. The rule of thumb is the more human hours involved, the more expensive bookkeeping will be. Outsourced solutions give you the ability to leverage technology and reduce as many human hours as possible.

ParallelCFO does exactly that. Through the combination of expert human support and tailored technology solutions, we’re able to handle your books for a fraction of what you’d otherwise be paying. The above price ranges are no more than approximations, as each business has a unique and constantly evolving set of needs, but they should provide a rough framework for your decision making. If you’re a business owner managing finances through an online software like Quickbooks or in-house bookkeeping, and are happy with the service - that’s great! If, however, you’re in the market for a more affordable, scalable, expert solution, let’s go deeper into the available options.

Outsourced bookkeeping solutions in 2021:

Nowadays most bookkeeping services combine expert human support with industry-leading tools to make financial management a breeze. The key considerations for selecting the right fit for your business include industry knowledge and specialization, scalability, and a custom toolkit. You want to build a foundation with a service that will grow as your team does, and support you beyond just bookkeeping. Partnering with a team focused on your success in the early days will pay major dividends down the road. Here are some of the best industry options to consider:

1. ParallelCFO

ParallelCFO combines years of industry experience with a tailored toolkit to make financial management a breeze for your team. With the support of software like Quickbooks, Plooto, Receipt Bank, Shopify, Stripe, and more; we’ve developed a framework to help Startups, E-Commerce, and Professional Services thrive. Affordably priced and fully scalable, ParallelCFO is designed to support your business through every stage of growth. Bookkeeping services are accrual-based and include financial statement management, book delivery, industry-specific ratios and insights, and expert support starting at just $499/month.

As our services expand beyond bookkeeping, into the world of payroll and CFO advisory, you can rest assured that you’ve got an expert team by your side every step of the way, from payroll management to fundraising and everything in between.

2. Enkel

Enkel is a great back-office accounting provider, helping Canadian businesses with bookkeeping, payroll, and more. Their feature-set is consistent with industry standards, including financial statements and insights, expense reporting, and reconciliations. Their toolkit is in line with industry standards, and they take advantage of many leading softwares, including Quickbooks and XERO.  Although detailed pricing is only available through contact, their monthly engagement starts at roughly $500.

3. Other considerations

If you’d like to have a handful of alternatives to compare, we recommend adding Bench, Pilot, and Bookkeeper360 to the list.

The bookkeeping decision:

Settling on a path forward comes down to a few major considerations. Cost, scalability, software toolkit,, and reputation. You’ll want your growing business to have a financial partner focused on your success. We hope we’ve covered bookkeeping and it’s various options in enough detail to help you navigate the landscape!

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Ready to build a solid financial foundation for your business? Contact ParallelCFO.‍