A) Hire 1 Bookkeeper Expert (15 hrs) + 1 Admin (30 hrs)
B) Hire someone with all skills. (admin, bookkeeping, etc). 40+ hrs.
Any suggestions and/or best practices? Going Rates?
Personal preference - Benefit of A is person is it is in house/onsite and can deal flex issues also is priced like a FTE which most entrepreneurs find easy to get their head around - Benefit of B is that you get the direct skill set you want if you hire the positions separately which can be important in bookkeeping and HR especially - as to price depends on your market on salary our AcuityComplete website has pricing published online to sanity check your bookkeeping costs HR outsourcing costs (TriNEt or Insperity) ~$125-150/FTE per month - Am an advocate of specialization - best of luck
Bookkeeping and Admin roles are completely different, if a person knows debita and credits doesn't mean that he/she is a good bookkeeper, sometimes there are situations where you need expert advise which an experienced bookkeeper can provide because they are experienced and skilled.
Sitting on two hourses very rarely makes sense.
If you hire somebody to manage both roles you are going to feel stress over a time because in this situation you have to invest more of your time along with that person to manage things in organised way.
I would suggest to hire seperate individuals for these roles because of the price variation, time required to manage specific tasks, expertise etc
If you're lucky enough to find a financial and administrative all-rounder than definitely go for it! But...they're pretty rare and especially on the bookkeeping front you want to make sure you've got the best possible expertise.
I've been an (interim) CFO (that included doing all the bookkeeping) of a startup for 2 years even though my financial skills aren't superstrong. We managed to make this work by:
- making sure the financial processes were as automated as possible
- our accounting tool was easy to use and linked to our other tools
- having an amazingly skilled and flexible accountant on speeddial. I could literally contact him on Skype chat at any time if I needed help.
This could also be a potential solution for you. If not, I would suggest choosing 2 separate people whereby you should NOT save money on the bookkeeper as it is so incredibly important.
All the best and let me know if I can help you with some more insights!
Getting all these roles in one person is not easy. If it helps we can help with bookeeping on leading online accounting software Xero. This function then gets managed by specialists so your monthly accounts are prepared to "audit" standard. Do give us a call if of interest.
In my experience, someone is either good at bookkeeping or a good admin, but rarely both.
One thing you want to keep in mind is your plans for growth going forward. The way you’ve asked the question, the two roles basically add up to a full time job today. So if either of those roles expands as you grow, this person will quickly become overwhelmed.
My suggestion would be to hire a top notch admin and separately engage a top notch bookkeeper for 15 hours a week who can grow with you as your company grows. The admin position is almost already a full time position, and I bet you will quickly fill that person’s plate if you hire a good one. For the bookkeeping piece, you can engage an individual that does this work on a part time basis for various companies, or a firm like ours that provides this on an outsourced basis. The firm solution is typically a little more expensive, but is more flexible as you grow.