For most business owners, bookkeeping means tossing all your dockets, invoices, receipts and what not into a box or a folder in your filing cabinet. Traditionally bookkeeping meant keeping all your books in one place and letting the accountant sort through everything when the time comes.
This, however, is far from ideal. Accountants don’t usually come cheap and paying them to sort through your books could cost you a significant sum. If you fail to keep your books updated, you may also face stiff fines from the taxation office. If the costs don’t worry you, think about all the time you need to spend doing bookwork in order to get your records in order.
These are just a few reasons you need a good bookkeeping system for your business. Setting up that system is easier said than done. Fortunately, professional bookkeepers (like us) can do the job for you. Still not convinced? Here are a few benefits of hiring a bookkeeper.
We can save you time
If you don’t know much about bookkeeping, you can waste a lot of time fumbling and groping in the dark, trying to get what resembles a bookkeeping system in place. What should take a few hours a week could end up taking a whole day, maybe two – and there’s no guarantee you’ll be done.
Now think of everything you can do in those two days, or even those few hours. Bookkeeping can take time away from the core of your business and it can give you less time to spend with your loved ones. A bookkeeper gives you that time back.
Again, we can save you time
When your financial records are in order, everything is easier to find. Want to know if you have any outstanding bills or if some of your clients have overdue accounts? Maybe you need to have an item repaired that’s still under warranty. There’s no need to dig through a box anymore – we can have everything filed and sorted for you.
We can keep you out of trouble
Part of our job as bookkeepers is to ensure that you always have accurate and updated financial information available. With all your payables and receivables clearly laid out in front of you, you can avoid missed or late payments, as well as the associated fees and penalties. As an added benefit, should the taxation department decide to audit your business, your updated books may facilitate a painless, in-and-out audit.
When we keep your books updated, we can help you identify trends and patterns in your financials. This allows you to adjust your business tactics and strategies if necessary, while it’s still early. Over time, as patterns emerge, you can also start planning ahead for seasonal ups and downs. Most business owners go months, even years before seeing their accountants, and by then, it’s usually too late to make the necessary changes.
Related to this is the ability to make sound, well-informed financial decisions. When you don’t have a clear picture of your financial affairs, making business decisions becomes a hit-and-miss affair, because, put simply, you’re shooting blind. Our job is to shed light on your financial situation and let you see where you’re shooting.
We save you money
Making sound business decisions saves you money, but that’s not what we’re talking about here. We’re not talking about claiming your warranty for a necessary repair either. We’re talking about keeping your payroll streamlined. Confused? Read on.
We charge by the hour, so you don’t have to pay for down time. You pay us only when we’re hard at work. You don’t have to worry about us the rest of the time. That’s not exactly possible with somebody on your staff. This means we can help keep your overheads low too. You don’t have to worry about PAYG tax, holiday and sick leaves, and other employee-related expenses.
You also save money on training, because we’re already experts in our field. You’re also spared the potential headache of training a staff member to manage your books, only to watch them move on before you reap the benefits of their training.
You learn (a little bit) about bookkeeping too
To do our jobs effectively, we need to ensure that you can digest the information we share with you. One way we do this is by installing software, such as MYOB, on your computer. MYOB bookkeeping software helps professionals and regular joes manage their finances and even offers cloud based accounting features that let you manage your finances wherever you have in Internet connection.
If you’re worried about learning how to use MYOB, don’t fret. We’re MYOB professional partners and we can put you through a short training course on MYOB.
We’ve only listed down a few benefits of hiring a professional bookkeeper and believe us when we say we can keep discussing this topic. We won’t do that though instead we will let you do something more productive. For one thing, you can give us a call. If you’re looking for a bookkeeper on the Gold Coast, contact us at firstname.lastname@example.org.
Let us handle your bookkeeping, and save you the time, money, hassle and the stress of managing your own books. Give us a call and then go spend more time doing the things you love.