Whether you’re a sole trader, running a salon or managing a fast growing startup with payroll tax obligations, every business needs a bookkeeper.
Although you can learn the basics of bookkeeping, your time as a business owner is better spent growing your business. With your focus on running and expanding your business, its best to let an expert handle recording your financial transactions and keepin your books in order.
Beyond the convenience of managing day-to-day finances, a skilled bookkeeper keeps your business on track and provides clear visibility over your business cash flow.
Still not sure if you need a bookkeeper? Here are four signs that yous should be hiring one as soon as possible.
Balancing Books takes too much of your Time
As a busy business owner, there are only so many hours in a day. Often, its amatter of juggling too many tasks with too little time. If balancing books is not your passion and your time is better spent on selling your products or services, or focussing on marketing, strategy, purchasing and execution, consider outsourcing your bookkeeping.
With most accounting software accessible from the cloud, handing over your bookkeeping is seamless. Once record-keeping is off your plate, you’ll have more time to focus on what you do best and regain your work-life balance.
Your Books are never up to date
If you have tried doing your own bookkeeping, you know how challenging it can be. Many small business owners pride themselves on being a “jack of all trades”, but finances are often a different story. Even small mistakes can be costly.
Incorrectly recording information or misreporting any income expenses can result in fines from the ATO, leaving you paying more than necessary. A bookkeeper can accurately handle all your numbers, receipts, bills and invoices, entering them correctly into your accounting software. Once your books are up to date, this information can be lodged to the ATO or BAS or sent onto your accountant to lodge on your behalf.
Its not just about avoiding data entry errors; staying on top of compliance is crucial too.. A bookkeeper ensures your records are accurate fom the start, keeps your business compliant, and provides peace of mind that everything is in order.
Your Accountant is doing your Bookkeeping
Having your accountant to handle your bookwork is like asking a lawyer to do your administration. Accountants typically have higher qualifications than bookkeepers, so you are likely paying a premium for services that a bookkeeper could provide at a lower cost. If your accountant is organising your books and getting your records in order, you’re probably overspending. A good bookkeeper can help reduce your accounting costs by preparing clean books to pass on to your accountant.
Outsourcing Is More Cost-Effective
Outsourcing your bookkeeping is usually more cost-effective than handling it iyourself, depending on your business’s size, scale and nature. An external bookkeeper is solely focused on managing your books and keeping your records organised and compliant, without being distracted by the daily operations of your business. Using online accounting software, a bookkeeper can work on your accounts in real time remotely. As your business grows, your bookkeeper can adjust their workload to match your needs.
A good bookkeeper will help your business at every stage, from start-up to expansion. As an extension of your business and the guardian of your records, it is essential to hire the right one.
Need Help with Bookkeeping?
Running a small business isn’t easy. Between making sales, managing suppliers and overseening staff, there’s often little time left for the things you love. If you find yourself working late nights and weekends to get your books in order, its time to seek help from a bookkeeper.
DeBoss Business Solutions can assist with invoicing, accounts receivable and payable, payroll processing, superannuation, bank reconciliations, BAS preparation and lodement, debtor management and more.
With expert set up and support, our bookkeepers will take the time and hassle out of managing your books, giving you more time to focus on growing your business.
For more information or to make a booking contact us today!