As we enter our second year of national sponsorship for Vistage International, we have come to learn a few things about the ways that CEOs consider their bookkeeping services. From their initial concerns and pain points to the very specific questions they need answered when they meet us, CEOs often have a unique approach to vetting and choosing bookkeeping services. Whether you’re a CEO looking for new bookkeeping services or you simply want to take a new approach to how you review potential bookkeeping service options, here are some of the things we’ve learned about what CEOs look for in bookkeeping services.
1. How Well Will My Bookkeeper Understand My Needs?
This may not come as a surprise but most CEOs don’t exactly have a wealth of extra time on their hands to spend laying out the details of what they require from their bookkeeping. From flash reports to daily updates, CEOs need to know that their bookkeeping services can perceive their needs and provide them with the information they require when they need it—without any additional effort on their part. This alone may be the main differentiator between bookkeeping services that work for a company and those they get left behind.
2. What Bookkeeping Processes Can Be Automated or Improved with Technology?
There are few types of professionals that appreciate efficiency more than a CEO. With the rise of all things improved by technology, CEOs are increasingly asking how can systems or processes be improved by the use of technology. Whether the improvement is in reduced time or errors or simply alleviates the burden on resources, streamlining bookkeeping processes with accounting technology is a CEO’s dream.
3. How Much Do Bookkeeping Services Cost?
Of course this is a key question—if it doesn’t make financial sense, it doesn’t make any sense. However, we implore you to consider direct and indirect costs when analyzing costs and benefits. For example, many outsourced bookkeeping services may be cost competitive but they may also be on par or even slightly more expensive than internal bookkeeping. However, if the internal bookkeeping isn’t adhering to accounting processes, protecting the integrity of the financial reporting or simply doing an accurate job, this will translate into internal bookkeeping being costlier in the long run. After all, mistakes can be the most expensive kind of costs of all.
Wondering what kind of bookkeeping services make sense for you? Find out.
