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It is the wild west in the virtual space

Finance
Rick Hyne

Rick Hyne

Hello, I am the CEO of Shepherd 360!.

Thanks to the pandemic thousands of people have ditched their old job in favor of the new virtual workspace.

Bookkeeping was always a buyer beware decision, but that warning now rings so true with an exponential growth of individual online bookkeeping services.

Bookkeeping has moved from the desktop and into the cloud and each cloud based application offers training on its use. However, this is not a substitute for actual bookkeeping knowledge.

Not that anyone needs to know anything about bookkeeping; the social media platforms are full of new ‘bookkeepers’ seeking guidance to record the most basics of transactions, but you should know at least a debit from a credit, an asset from a liability and a capital costs from an operational expense.

With my own company I insist that our people either have experience under their belt or have taken and passed the exams offered by these applications, and have the fortitude to go to the source when looking up best practice information.

The other day I came across the following post

I bring this up because I feel it is important that you understand that your finances in your businesses are not an off the corner of the desk matter and that you should know if the person recording the information is actually qualified to do it. Moreover, bookkeeping should be more than entering receipts.

Bookkeeping services offer various levels of skills and expertise. Be sure that the person or business you choose to help guard you from an audit are capable working with you and your business.

It is your responsibility and you are accountable for your books. Choose wisely.

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