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In every business, the bottom line comes down to dollars and cents. No matter what industry you are in, at some point, you are going to have to deal with managing finances. Doing this well with proper record-keeping and account management can be a difficult and time-consuming task. This is where the help of a good bookkeeper can take the pressure off. It can allow you to be more efficient, reducing the risk of errors so you can focus on the rest of your business.
All it takes is a quick online search to see that there are multitudes of options available when looking for a bookkeeper. There are freelancers, bookkeeping firms and even overseas options. Finding the right bookkeeper can seem like an overwhelming task. Here are three things to do to start your search:
Advances in technology over the last few decades have brought the whole world closer together. While outsourcing to someone online may seem like a cheap and easy option now, in the long run it is fraught with danger and can turn into a difficult road.
Finding a local bookkeeper means having someone that doesn’t just see the numbers and documents you send them, but they see and understand the environment you are working in. They will know the trends and external business climates that are affecting your operations. They can use this knowledge to help you better than someone hundreds of miles away. A good bookkeeper also knows the correct compliance and legal factors that you need to meet and that affect you, because they too will be working under the same framework.
A local bookkeeper can visit you on site and assist you in person when needed. They can see your business in action, talk to you on location and go through paperwork and forms one on one when necessary. It is more than just being able to put a face to a name; it will make you more efficient and productive in your work.
The relationship between a business owner and a bookkeeper is built on trust. Most people won’t even disclose their financial details, income and outgoings with their closest friends and family. That's why finding a bookkeeper that you can trust is essential. You must be able to be open and honest with your bookkeeper, and comfortable to talk about everything in your business. Your bookkeeper can’t help you efficiently if you aren’t able to be transparent with them. Knowing you are working with someone who is credible, ethical and reliable will give you a peace of mind that is priceless.
When you are finding a new bookkeeper, the only real way to know they are trustworthy is to talk to the people they have worked with before. Getting referrals from people who have had experience will give you the best picture of how the bookkeeper operates. This will give you an indication of whether you will feel comfortable working with them.
Don’t just read what is on someone’s website and the testimonials they have chosen to show you. Talk to trusted business associates and professionals who will give you an unbiased insight into who is good to work with and who is bad news.
Finding the right bookkeeper is critical for your business. Don't rush into it! Take the time to do your due diligence and do the research to know what you are getting into. Don’t be afraid to ask questions to get the information you need.
Remember that cheaper is not always better, which makes doing proper research an important step in finding a bookkeeper. Judging a bookkeeper by their price is not the way to find the best solution. Your decision should instead come back to the research you do in conjunction with the referrals you get. You generally get what you pay for, and the less experienced and less qualified bookkeeper will often be cheaper. When paying by the hour, a more experienced bookkeeper may charge a lot more, but take half the time to do the work. The only way to know you are making the right decision is to do your research.
Choosing the right bookkeeper for your business is a crucial step. Finding a local bookkeeper that you can trust, that comes out on top through referrals from trusted business associates and ticks all the boxes in your research is your number one step on your way to success.
If you want personalised support with bookkeeping, our experienced and certified bookkeepers can help. Give us a call at 1300 728 875 or fill out a contact form to get started.
There are many ways a bookkeeper can help your business. The very first thing a bookkeeper will do is to meet with you and work out your business needs. They will examine your current bookkeeping and payroll systems and, if necessary, can make recommendations on what system is good for your business.
If your business is new, you have already been ploughing through a myriad of regulations just to set it up. You are heavily focused on getting your business off the ground. Most people have no idea about accounting systems, software, or taxation laws. A bookkeeper has the expertise to set up your bookkeeping system right from the start.
If your business is already established, a bookkeeper can improve and streamline existing processes. For example, many small businesses still keep their accounts manually to save costs. But manual data entry is both time-consuming and prone to errors. Using accounting software reduces these inevitable errors and saves you a lot of time because you no longer have to double up on paperwork.
Your bookkeeper can advise you on which accounting software is most suitable for you and your business. If you already use accounting software, they can assess whether your existing software is the best option for your business and make recommendations. For example, QuickBooks is easy to use and may be a good option if you are self-employed. On the other hand, for a business that is growing, Xero or MYOB may suit your business accounting needs better. Your bookkeeper will have a good working knowledge of the various software available, including their strengths and limitations. They are well-placed to advise you. They can set up the software for you and train you on how to use it.
Having the right software will save you a lot of time and money. Invoicing and paying many bills can be done instantly and electronically, even from your phone. You can see in real time what has been paid, what has not, and how much you have in your bank account. Your bookkeeper also has access to the software, so they can also see in real time how your business is doing. They can compile reports directly from the software. This dramatically reduces the amount of time you need to spend face to face with your bookkeeper and so reduces your costs.
A bookkeeper can also do your day to day bookkeeping tasks. They can keep on top of every transaction and will have a clear view of how your business is performing. Even if you only have a jumbled pile of invoices and receipts, your bookkeeper can sort it out and ensure everything is reconciled. If there are any missing invoices or receipts, they will let you know so you can chase them up. Your bookkeeper can also bring you up-to-date if you have fallen behind.
Keeping balanced books is crucial to the success of your business. You will be able to see if you have missed paying any bills which will keep your suppliers happy. You will also see who has not paid you so you can chase up payments if necessary. Your business can lose a surprising amount of money if you are not tracking transactions properly.
You can also learn from your bookkeeper how to manage and store your paperwork efficiently. When your paperwork is organised, your bookkeeper won’t have to spend time sorting things out and you can save yourself some bookkeeping fees.
One of the most valuable contributions a bookkeeper makes to a small business is ensuring your business complies with its legal obligations. A bookkeeper is a qualified professional who is obligated to stay up-to-date with the ever-changing complexity of Australian taxation laws.
Your bookkeeper will ensure that your business is in compliance with ATO laws and you will avoid any fines.
Your bookkeeper can help you keep up-to-date with invoices and bills, and they can see clearly how your business is performing both at any given moment and over a period of time. Because they are checking your finances regularly, they often have a clearer idea of how a business is performing than the owner does. If a downward trend is occurring, they can bring it to your attention and advise you exactly where the problem is. This allows you to deal with any issues early and help to keep your business profitable.
There are so many ways a bookkeeper can help you and your business. You can have peace of mind knowing that your business is under the watchful eye of a qualified professional. Having a bookkeeper takes a lot of pressure off you so you have more time to concentrate on building your business.
Tossing up whether or not to hire a bookkeeper? Not sure if you want someone in-house or remote? It’s a big decision. Learn about the pros and cons with these helpful articles.
