What does a Bookkeeper
do and Should I Hire One?
Are you starting up your own business or are you a business owner drowning in receipts & paperwork? Have you ever wondered if you should be using a bookkeeping service to get that paperwork under control?
You’re probably torn between keeping your business running, focusing on generating income, keeping your customers happy and looking after the financial information……juggling all those tasks at once can be a daunting prospect. So, keeping track of income & expenses and looking after the financial information is where a bookkeeper can help.
A bookkeeper can manage a lot of different responsibilities within a small business however their main focus is the organisation, recording and reporting of financial transactions as part of the operation of a small business
If you are a small business you might be undertaking the bookkeeping yourself until you can afford to hire someone to help. Here are some ways though that a Bookkeeper can help your business:
- It will allow you to concentrate on your business strategy – working with the numbers every day can sometimes make it hard for you to see the overall picture
- Reduce your accounting costs – bookkeepers usually charge a lesser hourly rate than your Accountant so you could save a lot of money by having a bookkeeper manage your payroll and daily transaction reconciliations
- Having another person watching your cash flow and ensuring you don’t unexpectantly run out of funds on a day to day basis
- Get quick access to all financial reports & figures – having your books up to date at all times means that the financial information you may require can be produced immediately without having to wait for your next appointment with the Accountant
- Keeping control of your financial data
Bookkeeping is a vital part of any business, whether you do it yourself or hire someone to help. Without proper bookkeeping your accounts may not be accurate and your Accountant will not necessarily get a clear picture of your business’ finances making it harder to assist you with making strategic business decisions. And remember…..you also have a legal obligation to get the financial records that you report to the Australia Taxation Office right! You don’t want to find out that your bookkeeping skills just aren’t up to scratch during an ATO audit!
Hiring a bookkeeper to get the day to day financials right can free up your time to do the things that you are the most passionate about within your business. It will allow you to use your expertise to focus on your core business needs and grow your business into an even bigger, more successful one.
Feel free to give Dean a call on 0418 566 635 to discuss how we might be able to help with your bookkeeping needs.