Having your own business is an exciting time. You are doing what you love and making the most of your talents. If you are not already at a profitable point in your business, it may be on its way soon. All your hard work is paying off. There may be times when you look at your business and everything you are doing and start to wonder if there is any tasks that you can outsource. Not only to make your life a bit easier but also to ensure that they are being done correctly.
Bookkeeping is one of these tasks. It is a task that needs to be done correctly, regularly and with patience. This is why you should definitely consider having a bookkeeper assist you with this side of your business. It is always hard to decide whether or not to pay someone else to help out in your business, especially if you are not yet making a lot of money – however using a bookkeeper can actually save you a lot of money in the long run. We have put together a few reasons why you should have a bookkeeper assist you.
Sticking to what you know
As much as you want to be across everything in your business – it is your business after all, there are times when it is best to leave it to those who know what they are doing. A qualified bookkeeper has gone through training and courses in bookkeeping and accounts. They also make sure that they are fully up to date with the requirements of the Australian Taxation Department. Many people starting up a business do not have a background in accounting or finance and can find themselves in a lot of trouble if they are not accurately recording everything.
Getting a different perspective
When you look at your accounts, chances are you are looking mainly at the amount of money that you are bringing it. Your bookkeeper will look at all the money that is not only coming in, but that is going out as well. The bookkeeper can help give you a different perspective on your accounts, show you where money may be draining and help with ideas on how to change the spending habits.
Keeping to due dates
Having your accounts maintained and updated by a qualified bookkeeper means that you know exactly what is due to be paid and when it needs to be paid by. You also will have a record of invoices you have sent out and payment dates recorded. We have all had one of those moments when we send out an overdue invoice reminder, only to find that the payment had already been made but not offset in the bank reconciliation. Your bookkeeper will also help to ensure that you are aware of the due dates of your next BAS (Business Activity Statement) payments and that they are all made on time.
Due to the training and experience the bookkeepers go through, it means that you are less likely to have errors in your accounts. In many cases where a business owner has been doing their own accounts, everything may look right and correctly recorded however down the track it is found that there were a lot of errors that then need to be fixed. These errors can be costly and can result in needing to relodge BAS and tax Returns.
If you are able to outsource your bookkeeping to a bookkeeper it means that you have extra time on your hands and you are able to focus on the important parts of the business. You are able to focus on the core business and the sales and money making side of the business without the stress of whether you have updated the accounts. It means that you are able to get back to what you love and do best.
If you do not already have a bookkeeper for your business, now is the time to start thinking about it. It is a great time to start as the busy tax season has not yet started. It may be scary thinking about letting someone else in on that side of your business and sharing the accounts side of your business with someone. Take the time to choose a bookkeeper that you trust, one that will show you their qualifications and that you feel aligns with you and your vision. A great bookkeeper is the perfect addition to any business.