Businesses are only as successful as their ability to manage money, so it’s important for leaders to be informed of any financial changes with the help of an experienced bookkeeper.

But when hiring a bookkeeper, especially one who’s part-time, there are many things to consider to ensure that you choose the right fit for your team and build a relationship that will allow your business to thrive. To help, 10 Young Entrepreneur Council (YEC) members answered the following question:

“When hiring a part-time bookkeeper to help manage your company finances, what’s one thing you can do to help ensure it’s a successful relationship? Why is this important?”

Here are their top recommendations.

1. Hire Someone Who Knows Your Business

“It’s important that your bookkeeper understands your business. Dealing with multiple vendors, especially in the tech space, can be confusing if you’re trying to get a clear picture of where your money is going on a monthly basis. The more granular analysis you are looking for, the deeper understanding a bookkeeper should have.” ~ Chase Williams, Market My Market

2. Look for a Systematic Approach

“Look for someone who has a systematic way of handling your company bookkeeping, because this is a task that needs to be done monthly and you need visibility into your numbers regularly. If your bookkeeper can send you regular management reports on how your finances are doing each month, you’ll have the information you need to make the best decisions. Don’t let it become a last-minute task.” ~ Nathalie Lussier, AccessAlly

3. Create a System of Checks

“Trust, but verify. Have a system of checks on invoicing, receivables, payments and anything financially related. Have a checklist for any nonstandard tasks so that they are followed. Make sure the role is clearly defined for what they need to do.” ~ Peter Boyd, PaperStreet Web Design

4. Ensure You Know Your Numbers

“When hiring someone to take care of company finances, it’s crucial to have a base-level understanding of your financial situation. Failure to grasp the basics of your business, like accounts and profits, can lead to confusion and strain the relationship with your bookkeeper.” ~ John Brackett, Smash Balloon LLC

5. Check That They Have the Availability You Need

“A good bookkeeper is someone who is consistent and delivers timely results. Before hiring any bookkeeper, make sure they actually have time to complete your work with due care and are able to respond to questions or queries in a reasonable time period, normally 24 hours. Availability is going to be critical if they are to be truly helpful to you and your business.” ~ Zane Stevens, Protea Financial

6. Provide the Necessary Tools and Information

“As a founder of an outsourcing services company, I’ve noticed one of the challenges bookkeepers face is consistency issues with the information received, such as missing documents or combined finances. Therefore, one of the most crucial parts of building a successful relationship is providing the necessary tools to the bookkeeper to ensure everything is understood, completed on schedule and easily carried out.” ~ Alfredo Atanacio, Uassist.ME

7. Build A Good Rapport

“Working to build a good rapport with a part-time bookkeeper from the beginning is essential for a successful relationship. Making sure you’re on the same page from the start about your vision and expectations for the position is everything. Once you’ve found a bookkeeper you’re compatible with, work to maintain open communication and quickly collaborate to resolve any issues that may arise.” ~ Richard Fong, Disability Help

8. Treat Them Like a Partner

“Treat your relationship with a part-time bookkeeper like a partnership. Communication lines should be open, and you must cooperate at all times. The bookkeeper needs information and details that only you can provide. As a partner, you should be mindful of any changes in your finances and business so the bookkeeper can be informed right away. In other words, make the job easy for them.” ~ Bryce Welker, Crush The GRE Test

9. Set Brief Monthly Meetings

“Monthly meetings — even just for 15 minutes — to go over the basics like your profit and loss report, balance sheet, monthly burn rate and accounts receivable are key to running your business by the numbers. Very often I hear colleagues say that they are ‘busy’ and business is ‘good,’ but they don’t know their year-to-date profits, losses or conversion rates.” ~ Givelle Lamano, Lamano Law Office

10. Determine What You Expect of Them

“Consider your company’s financial situation and, based on this, determine your expectations for a part-time bookkeeper. Part of your expectations will be a high level of trust, but what else? How do you want them to spend their time? Clearly communicate these expectations to ensure you and the bookkeeper are aligned.” ~ Jared Weitz, United Capital Source Inc.

Image: Envato Elements