When speaking to new clients we always get a consistent question; I am unsure if I need a bookkeeper for my business? In many cases we have found if a client is questioning whether there is a need, more than likely they should investigate getting one.
There are two important things every small business owner wants – and needs – to keep things running successfully: time and money. Choosing a bookkeeper for your business is one way to give you everything you want (and need).
There is sometimes false economies that a bookkeeper will cost your business money but what many business owners forget to do is cost themselves doing the work themselves. How many of us are guilty of spending countless weeknights and weekends catching up on paperwork or even doing the work during the day when we could be using this critical time to build our business, make sales and actually do what we’re trained to do (and outsource the rest).
There are numerous reasons your business could benefit from a bookkeeper but I’ve narrowed it down to the top six for you:
- Keeping a good and up to date set of accounts is essential for business understanding. On many occasions we have found business owners do not know how much they are owed, how much they owe or upcoming statutory obligations. Avoiding the “surprise” factor goes a long way towards reducing financial stress. Not having up -to-date accounts does not allow them to report on cashflow and profitability correctly and this could have more serious ramifications.
- Focus on running your core business and not accounting for it. We have lost count of how many business owners spend their nights and weekends catching up on paperwork. Do you what you do best and run your business. The right bookkeeper will give you your time back.
- Save money by ensuring it is done right the first time. This is critical when considering the number of statutory obligations small businesses are asked to track monthly, quarterly and annually. Many business owners are not familiar with all the different tax codes, government regulations and payroll set ups like STP. In some instances we have known of businesses being penalised for lodging incorrect information
- Get unbiased, professional advice. We all know we love what we do, and believe our business is the best, but sometimes it is great to have another pair of ears which can provide an unbiased view of the world. It never hurts to ask the question don’t you think…?
- Keep up to date with the latest trends, accounting requirements and applications. It would seem there is a change at every corner, whether it is introduction of new legislative processes or changes to the way we lodge, we are never at a standstill. Partnering with a bookkeeper who is across these things will give you peace of mind and allow you to get on with your business.
- Get advice on how to streamline your business. With the ever-changing digital landscape, there are new applications being released daily to streamline and automate your business world. Bookkeepers like ourselves are across all of these latest trends.
If you have come to the realisation that your business may benefit from having someone help with your bookkeeping, make sure you partner with the right firm.
There are many providers of bookkeeping services out there but it essential to ask the right questions before selecting one for your business.
Here are some tips to keep in mind when choosing a bookkeeper for your business:
- Make sure they are a registered BAS agent and listed on the tax practitioner’s board
- Ask for referrals from other business owners or check out client testimonials. Do not hesitate to ask them if they have experience in your industry
- Be direct, ask them how they can add value to your business
- Are they local and available or is the processing being completed overseas?
Like many industries, you need to remember you get what you pay for and your bookkeeping partner should be aligned to your business.
At Galaxi Bookkeeping we pride ourselves in the level of service we provide to all our clients and are always available to answer and add value. We have a resident CPA member who oversees all the work and ensures books are kept up to date. Furthermore, our experience across many industries allows us ensure that you, as the client, gets the right information the first time around.
If you believe you would benefit from partnering with us, contact us or visit us on Facebook and lets see how we can add value to your business.