How Challenging is it to Hire Bookkeeping Staff?
Since 2016, I’ve been part of the real estate investing industry. Last year, I transitioned to working for a fractional CFO firm as a CFO, handling their client portfolios. Before this, I had a 15-year career in finance. During my time in this role, I realized that many clients had poorly maintained books, which led me to see a business opportunity in offering Bookkeeping services specifically for real estate investors.
Through minimal effort, I’ve already acquired 6-7 clients and believe that with some strategic outreach and marketing, I could significantly increase that number.
However, I can earn more as a real estate investor, and frankly, I find real estate far more enjoyable than Bookkeeping. Therefore, my goal is to hire someone to handle the actual bookkeeping tasks.
Now, I’m at a crossroads where I need to reduce my bookkeeping duties and start bringing in support.
So, how difficult is it to find skilled bookkeeping assistance? I’m open to training someone, as I’ve been documenting all my processes with this intention in mind.
One response
Hiring Bookkeeping employees can present unique challenges and opportunities, especially in a niche like real estate investing. Here’s a comprehensive breakdown of the factors you should consider:
1. Understanding the Bookkeeping Landscape
Bookkeeping is a specialized skill that requires attention to detail, understanding of financial principles, and, in your case, industry-specific knowledge (real estate). The demand for skilled bookkeepers remains steady, but finding the right fit for your business can vary based on several factors:
Availability of Talent: The availability of qualified bookkeepers may vary widely depending on your location and the prevailing job market conditions. In some areas, competition for skilled bookkeepers can be intense, which may necessitate offering competitive salaries or other incentives.
Industry Specificity: Since you’re focusing on the real estate industry, you’ll need a bookkeeper who understands not just general Accounting principles but also the specific financial practices related to real estate investing. This includes familiarity with property depreciation, real estate tax laws, and possibly rental income Accounting.
2. Challenges You May Face
Skill Set Matching: Finding a candidate with the right combination of bookkeeping skills and real estate knowledge can be challenging. You may need to decide whether to prioritize bookkeeping skills and train on real estate specifics, or vice versa.
Training and Onboarding: If you’re willing to train someone, this opens up your candidate pool significantly. However, it requires a solid training program and ongoing support, which you seem prepared for with documented processes.
Workload and Scaling: As you scale your client base, ensure that your staffing levels can keep up with increased demand without sacrificing quality.
3. Strategies for Hiring
Leverage Networks: Use your connections in both the real estate and finance industries. Personal recommendations can lead you to reliable candidates who come pre-vetted by someone you trust.
Online Job Platforms: Consider using job platforms such as Indeed, LinkedIn, or specialized financial recruitment websites. These platforms allow you to reach a broad audience and filter candidates by skills and experience.
Consider Freelancers: For flexibility, consider hiring freelance bookkeepers. This can be particularly beneficial if your workload is variable. Websites like Upwork or Freelancer can connect you with professionals seeking freelance opportunities.
Recruiting Agencies: Specialized recruiting agencies for finance and bookkeeping can help you find qualified candidates. They handle much of the vetting process, which can save you time and