5 ways bookkeepers add value to your business
Bookkeeping is a vital role in any business – it helps your business run smoothly, and without this function, your accountant won't have a clear picture of your company's finances and you won’t be in a position to make appropriate strategic business decisions.
Additionally, your business has a legal obligation to accurately record its accounts, file company reports and make lodgments to the tax office.
If your business is small, you might take care of your own bookkeeping, but once your business reaches a certain size, it makes sense to have someone do the bookkeeping for you.
How we add value to your business:
1. Give you more time
Bookkeeping involves tracking and recording financial transactions and information in an accounting system such as an online software program. A bookkeeper will keep on top of all the numbers, regulations and compliance requirements, giving you valuable hours in your day or week to work on your business strategy, operations or to allow you more time with family and friends.
2. Reduce your costs
Having an external bookkeeper means you don’t have to budget for annual or sick leave, superannuation and IT equipment for an individual employee. Our combined bookkeeping and payroll services can save you the wages you might pay for multiple employees covering these tasks.
Additionally, a qualified, professional bookkeeper should be able to deliver flawless books to your accountant on your behalf, reducing errors and additional costs for the accountant to correct them.
3. Quick access to critical information
Your bookkeeper prepares a balance sheet and profit and loss statement and, depending on your needs, a cash flow statement. These financial reports give you the essential info you need to run your business and to keep up with your tax obligations.
When a qualified bookkeeper is on the job, financial statements are prepared properly and according to accounting standards—so your accountant can quickly and easily prepare your tax work.
4. Be an extra pair of eyes watching your cash flow
It is important for any business to keep an eye on cashflow. Having someone else checking the numbers is a good back-up to keep your cash flowing and avoid running out of money suddenly.
5. Easier compliance with relevant regulations
A good bookkeeper will always comply with the latest regulations and will make sure your accounts and books are up to date with any recent changes. Because the bookkeeper holds themselves accountable for any work that they do, you can rely on them to clear any mistakes. This saves time and effort for the accountant, which in turn saves money for the company.
For more information or to find our how our team can help your business, contact us today.