Part-Time Employee: Like any business, small businesses have finances that need to be kept in order. Owners can deal with these duties up to a point; However, small businesses flourish, and hiring an employee dedicated to maintaining the company’s finances is often a necessary next step. Fortunately, many small business owners can hire someone on a part-time basis. This route carries far less overhead in terms of time and money than hiring a full-time employee, but it also comes with its own challenges. So we asked 11 entrepreneurs of the Young Entrepreneurs Council (YEC) the following questions:
What should a small business owner do to hire a part-time employee to manage their company’s finances? How does it differ from hiring someone full time? “
Here’s what the members of the YEC community had to say
1. Start by assessing your needs
“If your monthly budget can only handle so much, then hiring a part-time professional accountant and keeping your fixed costs down may be your best, most cost-effective option. If you own a high-growth startup and can use the help of a strategic financial advisor who can offer more, you may need to reach out to a part-time CFO. “~ Blair Thomas, Recruitment
2. Know how to do it yourself first
“Most small business owners do not require full-time bookkeeping or accountants. Part-time is more than fine. But before you do this, it is important for you to have a complete understanding of how to manage your books, finances and taxes. Once you know how to do it yourself, appoint someone to do it your way so that there are no surprises. “~ Han-gwon lang, tailor ink
3. Make sure you make expectations
“Ensure that there is a clear process of expectations regarding their workload. Often, people who are working full time can do a little more work if needed. This is less so with part-time employees. ”~ Nicole Muñoz, Nicole Muñoz Consulting, Inc.
4. Have clear reporting procedures
“One of the best ways to ensure that a part-time employee who is managing finances is to meet a successful reporting process and deadline. Doing this will allow the employee to know what is required of them on a monthly and quarterly basis, and will also help them to manage their skills efficiently. ”~ Brian David Crane, Caller Smart Inc.
5. Give them encouragement
“Provide incentives for part-time employees to optimize their finances. Many part-time employees do not qualify for health benefits, and thus have to work hard to pay them out-of-pocket. Find other ways to make your office easier, from a welcoming office environment when they identify an opportunity to increase profits. A happier employee is more productive when they have motivation. “~ Duran Incy, Optimum7
6. Make sure they understand your business
“Ensure that the employee still plugs into the company. They have to understand the business only as a full-time employee and feel part of the culture in the same way. Finance is central to the success of the business and despite the commitment of time, is to get the maximum benefit from that person, to ensure that they feel a loop in the business – not just tangential to it. “~ Brit Faro, PB &
7. Consider their experience in your workplace
“After confirming your candidate the basic qualifications are met, the most important consideration is their applied experience in your specific business. If your business is a SaaS startup and you decide to work with an accountant specializing in retail, they will be able to provide basic accounting support rather than just being a strategic, knowledgeable partner for your business. “~ Swapnil Shinde, Zeni Inc.
8. Be Clear in Your Job Description
“Be specific. The process of hiring a good part-time employee is no different from a full-time employee. Want to keep a part-time employee? Then be clear in your job description and delivery. Don’t post job descriptions on platforms that only work full-time. Support. Look for geographical laws where your company is and where your potential hirers are. “~ Samuel Thimothy, OneIMS
9. Ship them properly
“The onboarding process is important to ensure that you can trust new employees with critical processes. Whether it is part time or full time, the same rules apply in which you should be fully and detailed about what should be done. In this way, it is no different than hiring someone full time. “~ Stephanie Wells, Recruitment
10. Shadow when they start
“The best way to ensure your part-time financial assistant is to shadow them when they begin. Spend time early on showing them the right way to do things. Explain procedures and ask for feedback. This is different from full-time employees because with them you can exclude shading sessions and learning experiences. Part-time financial assistants need to be introduced quickly and efficiently. “~ Chris Kristoff, Monster Inites
11. Hire them through a reputed agency
“When hiring someone on a part-time basis, I think it is a good idea to work through a reputable agency or similar organization that offers its members. In this way, there is some accountability and documentation. You can also look for positive reviews and testimonials to help. This will be different from a full time hire where you have to make the decision yourself. “~ Syed Balkhi, WPBeginner.