Setting Up Your Consulting Practice

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Topic: Find a Bookkeeper

There are pros and cons to working with a bookkeeper vs. an accountant vs. doing it yourself with software. It may be in your best interest to outsource this administrative task by finding a bookkeeper you trust.

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Find a bookkeeper for your virtual team. Now you may decide that you can handle it all using QuickBooks yourself. And for someone, if you’re running a smaller practice, that may be just fine. But you also might want to consider finding a bookkeeper who can take care of the books for you. In episode 95 of Unleashed, I interviewed Chara McGill, who runs a bookkeeping and accounting services firm. I suggest listening to that one for a longer story on this. Even if you don’t necessarily get someone to do it for you forever, it might be worth talking to a bookkeeper to help set up your chart of accounts.

A bookkeeper can work remotely, can help keep track of all the expenses, make sure they’re properly categorized. Help prepare invoices for you. Help send the invoices, help send payments for you. And get all of that administrative work off your plate, particularly if you’re doing anything a little bit more complicated, working in different states, using subcontractors who working it in different states. Keeping track of where those subcontractors work so you’re aware of that for taxes. If you’re doing anything international, it can get a little more complicated. And it may not be worth your time to be taking care of all of the books.

So, in Episode 95, Chara talks about different software programs that you could use if you want to do it yourself, and the benefits and when it might make sense to transition to engaging a professional to take care of the bookkeeping task for you.