How Hiring a Bookkeeper Can Strengthen Your Business
As a small business, outgoing costs are always a concern and there is always the thought of whether you can do all your tasks on your own without having to pay to outsource it. In some cases, it does work in your favour however in other cases it is better to bite the bullet and bring in the help of an external person to help you. Bookkeeping is one of these times. You may run a relevantly simple business and the book keeping side of things look simple, but it can become a very time consuming and costly task if not done correctly.
Having a book keeper means you will save time. You will have more time to focus on your business and your customers instead of having your head buried in months of bank statements and receipts. You will be able to focus your time and energy on the important parts of your business and growing it.
Your book keeper should provide you with a balance sheet and income statement each month. This helps you to see where you are spending money, making money and loosing money. These reports are very important to your business and can assist you in seeing the big picture and make necessary changes if needed. The work that your book keeper does for you makes the job of your accountant much easier and efficient. They will have the reports and statements all ready to go and will be able to lodge BAS and tax refunds in a professional and timely manner.
Many business owners who complete their own book keeping do not have proper experience or training in book keeping and this results in costly and timely mistakes. Having a book keeper completing your reconciliations means that they can complete it professionally and accurately. The last thing you want is a fine from the ATO because you incorrectly lodged or declared income and expenses.
Believe it or not, you will save money when you hire a book keeper. You remove the risk of fines for incorrect lodging and fines for being late with lodgement because you ran out of time to get it done by the deadline.
Not only do you save money from potential fines, you also save money in that the book keeper knows what items can be tax deductible (including their own) and can assist in the reminders for paying bills and expenses.
Due to the training and experience book keepers have they understand the regulations and compliance needs that a business must adhere to. Having a book keeper means that your accounts are being reconciled and kept up to date based on these regulations. They can assist with the correct set up of your payroll and superannuation and make sure that you are compliant in all income and expense areas of the business.
Some tasks you can keep in house and it not affect your business and you can make it work. Book keeping is one that you should outsource when possible to ensure correct, compliant and efficient accounts. Contact Vertigan Partners today to discuss your book keeping needs. Let’s get you back into your business where you need to be.