Xero Certified Partner | Bookkeeping Services

What You Need to Know about Hiring a Bookkeeper?

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Do you know that bookkeeping services could drastically change the financial outlook for your company? It is common knowledge that small business owners need to keep up with financial tracking and strategy. But, too often these tasks fall to the bottom of the priority list.

If you own a small business, then it is essential that you consider the benefits of hiring a bookkeeper. You have a lot of responsibility to deal with many aspects of business management, and outsourcing the bookkeeping tasks can reduce your stress levels so that you can focus on other important daily tasks.

How Can a Bookkeeper Help Your Business?

To put it simply, a bookkeeper is a financial professional who can help with managing the money that flows through your company. Outsourced bookkeeping services are focused on tracking revenue and paying the bills, to be sure that financial responsibilities are met throughout the year.

Not only do bookkeepers track the numbers on a daily, weekly, monthly, and annual basis, but they can also offer financial advice to help with the future success of your company. The goal of these services is to ensure that your business runs smoothly. By tracking cash flow and setting expectations for the future, you can make decisions right now that will positively impact the outlook for your company.

Employee or Outsourced Bookkeeper?

It is easy to see why bookkeeping services are vital for your business. Once you’ve decided that you need someone to help with bookkeeping, how do you get started? A common misunderstanding is that an employee needs to be hired to take care of these tasks. But, you don’t have to bring someone else onto the payroll. Instead, you might consider the benefits of hiring an outsourced bookkeeper.

Outsourcing the bookkeeping tasks can be beneficial to protect the financial interests of your company. You will have a third party checking the numbers to detect potential fraud that might be happening among your employees. Additionally, the overall costs of these bookkeeping services are often cheaper compared to hiring an employee. When you choose an outsources, you don’t need to worry about paying for payroll costs or benefits.

Bookkeeping Services for Your Company

These bookkeeping services can be catered to your individual needs. Here are a few things that you might want the bookkeeper to help with:

• Payroll management

• Creating and sending invoices

• Paying the bills

• Documenting sales that come through

• Verifying vendor costs

• Sending payroll taxes

• Running financial reports

• Handling sales tax tracking and payments

• Reconciliation of bank accounts

Your bookkeeper can help with these financial tasks, and also make recommendations about things that need to be implemented in your company.

The top reason why should avoid bookkeeping yourself

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Trying to save money by doing the bookkeeping yourself can be very costly. We’ve identified 10 danger items to be aware of.

Simple bookkeeping mistakes can become very costly, not only by incorrect allocations, but also in the time that’s spent tracking down the source of the errors.

Bookkeeping is a task that many business owners hate doing, and is often rushed, left to the last minute, or carried out late at night after a hard day at the office or on site. It’s time like that when the mistakes are made, and incorrect bookkeeping can expose owners to substantial fines if discovered by a Tax Office audit.

Here’s a list of ten common mistakes made by small business owners in DIY bookkeeping:

This is still an area of confusion particularly for start-up businessess. We often see sole traders charging GST without being GST registered.

2. Claiming GST credits without realising that your supplier is not registered fo GST

3. Claiming GST without valid tax invoices

4. Not understanding the accounting software package

As accounting software packages are simplified by programmers, they seem to get more complicated for the end user. Many of the functions are confusing for the business owner who may have no understanding of double entry bookkeeping. This can lead to business owners doubling their work in an effort to create the desired reports, and therefore producing inaccurate bookkeeping records.

5. Incorrectly allocating the data entry can result in missing valid tax deductions that should rightfully be claimed. Your accountant will generally not have time to go through each item, and may not fully understand your business. So if you’ve allocated data incorrectly, you r accountant may also miss those claimable items

Read More : Dangers Of Doing Your Own Bookkeeping

More importantly we’ll review your financials, and show you how to manage your cash flow, increase your income / revenue, and reduce your taxes.

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