Finding the Best Bookkeeping Fit: Employee or Freelancer for Your SMB

As SMB's we all know the struggle of wearing multiple hats to keep our businesses afloat. Owner, manager, marketer, and oh yeah, bookkeeper too! But there comes a point when growth demands that we delegate some of those tasks to someone else. So, how do you know when it's time to make that leap?

Picture this: your business is booming, but you find yourself constantly running out of time to manage your books. Nights spent reconciling bank accounts, sending out invoices after work, and even sacrificing your precious weekends to lodge your BAS before the ever impending deadline. Sound familiar? Well, my friend, it's a clear sign that you need help. Now the question is, do you hire an accounts employee or outsource a bookkeeper?

Let's dive into the nitty-gritty of each option, shall we? Hiring an employee can be a solid choice. You get to decide how many days a week they should work. Let's say you opt for one day per week. Now, you'll need to set up an office space for them, complete with a snazzy desk, a trusty computer, and all the necessary equipment. Plus, there's the training phase, where you'll need to invest some time to get them up to speed. But hey, once they're trained, you might even be able to unload some other random tasks onto them if they have room in their schedule.

On the flip side, there's the option of investing in a bookkeeper. And let me tell you, they come with some pretty amazing advantages. First off, forget about setting up an office space for them. They usually work remotely, so no need to worry about squeezing another desk into your already cozy workspace. And guess what? No training required! Experienced bookkeepers are pros who've worked with all sorts of businesses and fields. They can bring a wealth of expertise to the table and can offer additional information and reporting that can prove invaluable. Plus, they often breeze through the work faster than you can say "balance sheet," and the best part? You won't even know they're there, silently working their magic in the background.

Now, let's talk pros and cons, because you know its important to weigh the options. Hiring an employee gives you direct control and supervision over their work. You can closely monitor their tasks and ensure they meet your standards. Plus, having someone dedicated to bookkeeping means they're readily available during business hours to handle any urgent matters that come up. On the downside, hiring an employee comes with higher costs. Annual leave, public holiday pay and of course the office space expenses can put a dent in your budget. Not to mention the administrative burden of managing all those employment-related tasks.

On the bookkeeper side, we've got some real gems. These pros come at a more affordable price, as they often have fixed fee packages. Their specialized expertise in bookkeeping can save you from some major headaches, and their flexibility allows them to adapt to your changing needs. However, keep in mind that their availability might be limited, as they juggle multiple clients. You may also have less control over their work compared to an employee, so clear communication and expectations are key.

At the end of the day, it all boils down to your unique needs and circumstances. If you have a consistent workload and want someone to take on additional duties, hiring an employee might be the way to go. But if you crave expertise, flexibility, and a seamless experience, a professional bookkeeper could be your knight in shining armor. Remember, the goal is to free up your time and focus on growing your business. So, take a good look at your options, consider these pros and cons, and make a choice that puts a smile on your face. Happy delegating!

---