While it’s possible to learn the bookkeeping basics, as a business owner, your time is best spent growing your business. By depending on individuals with greater experience in bookkeeping and finance, you reap the benefits of their expertise. Here are some benefits that come from hiring a bookkeeper for your business:
You can focus on your business
If you’re spending all of your time paying invoices, tracking expenses, and processing payroll, when do you have the time to focus on growing your business? A bookkeeping service allows you to concentrate on what you’re good at and frees up your time to work on sales and marketing, client relationships and strategies to grow. You can depend on a bookkeeper to take care the financial components, which may not be your strong suit, while you focus your passion and vision on your business.
They prevent errors
Mistakes in your finances can be costly. Not only could you be recording the wrong information but misreporting any income or expenses could have you paying more tax than you should, and may even land you a fine from the ATO. You don’t want to get into a situation where your hard earned money is going towards paying penalties.
A bookkeeper takes all your numbers, receipts, bills and invoices, and records them correctly into your accounting software. Once your books are up to date, that information is then lodged to the ATO in an activity statement. By working with a bookkeeper, you can be sure that all reports are submitted to the government on time, and that your books are organised and most importantly – accurate.
Your accounts are kept up to date
One of the key factors in running a successful business is cash flow. Without transparency in your numbers and profit, you’re mostly guessing whether you can afford to take the next steps to grow your business. With the help of a bookkeeper, you can learn more about your cash flow. This includes understanding whether you have the money to spend on something that is unbudgeted. When you have access to more frequently updated financial reports, you can make better, more-informed financial decisions.
Bookkeepers are cost efficient and scalable
Depending on the size, scale and nature of your business, outsourcing your bookkeeping is usually more cost-effective than handling it in-house. An external bookkeeper is not distracted by the comings and goings of your business, their sole job is to manage your books and keep your records organised and compliant. Using online accounting software, a bookkeeper can remotely work on your accounts in real-time. As your business scales, your bookkeeper can work with you, taking on more or less as and when you need it.
If you’re unable to create a budget, are always wondering how much money you have available, or you are getting payment reminders from your suppliers, it may be a sign that you are overwhelmed with the bookkeeping practices of your business. If you’re managing your own bookkeeping at the moment, ask yourself if doing so is the best use of your time.
A good bookkeeper is an extension of your own business. They’ll work at keeping you up to date with all of your business transactions so you can make real-time business decisions, as well as free up your time to make your business a success.
Stone Accountants’ experienced bookkeepers can help you with bookkeeping set up and training, invoicing, accounts receivable and payable, payroll processing, superannuation, bank reconciliations, BAS preparation and lodgement, and much more. With flexible packages to suit businesses of all shapes and sizes, our bookkeepers are here to get your books in order.
Check out our bookkeeping services, and contact us to learn more!