Talking Cents

5 Ways To Be Better Prepared If Your Bookkeeper Abruptly Leaves

There are many instances when your business faces unexpected situations. The sudden Covid lockdown was one such instance, which prepared us for unprecedented scenarios. However, one should be well equipped with their important staff members leaving abruptly, such as your bookkeeper.

A bookkeeper is a person who maintains regular day-to-day transactions in such a way that it becomes easy to keep track of the cash flow, balance sheet, profit and loss statement, etc. It is one of the most crucial jobs for your business. It helps in auditing, tax filing, budgeting, etc. Therefore, it is of utmost importance to have continuity maintained when it comes to the task of bookkeeping.

This will be unlikely if your bookkeeper leaves all of a sudden. Therefore, you must be prepared for such instances. Here is a list of ways that can help you if your bookkeeper abruptly leaves.

1. Take It Easy

Now we are well aware of how daunting this situation can be. But it is definitely not catastrophic for your business; we can assure you that. You have to be steady and calm to figure things out. This is an excellent opportunity to fine-tune your bookkeeping or other financial management aspects. If your bookkeeper left abruptly, it is highly unlikely that he or she was giving their best at the job. It is your chance to find what’s more suited for you and your business in managing your finances.

2. Get Your Financial Records

Your bookkeeper or ex-bookkeeper cannot keep your business financial records as you own the right to those data and reports. So it is your responsibility to get back your financial records from the bookkeeper. Make this process as smooth and amicable as possible. It is always a good idea to maintain a professional demeanour when handling any business undertaking, even uncomfortable ones such as this.

3. Figure Out Temporary Solutions

You need to look at things from a long-term perspective. However, you must first focus on the immediate steps that you can take. Long-term plans require a little time to strategize and execute. Plus, they require careful consideration of all aspects involved in the business. However, you must ask yourself, is there someone from the current staff who can handle rough transactional record keeping? Will it be advisable to consider freelancers for the time being? Is there any software to help your small business bookkeeping needs? Do you have a financial advisor to help you navigate through this situation? Work on immediate solutions, so there are no gaps in your financial records.

4. Work Out Your Long Term Plan

Now is the time to think about your long-term financial goals and what kind of bookkeeper you want. Or do you want an accountant with experience in small business accounting who can also take care of your bookkeeping? Also, your plan must involve mitigation steps in case someone else quits suddenly. A contract that is fair to both sides of the agreement made via a lawyer can be one of the solutions.

5. Hire Your Bookkeeper/Accountant

After deciding if you want to hire a bookkeeper or an accountant, now carefully consider your alternatives. Figure out if the individual has enough experience and is capable of understanding your needs. Only then hire your bookkeeper/accountant.

Consider MAS Partners for your small business accounting needs.

Small businesses have very specific financial accounting needs. Only professionals with experience in the field can help in making sure your financial goals are met. Therefore, for your small business accounting needs in Sydney or Zetland, contact us here.