Why Hire A Bookkeeper For Your Book keeping

Benefits of engaging an independant bookkeeper include:

• By paying hourly, you only pay for what you use, so you’re not paying for downtime.
• You reduce overheads by not having to pay PAYG tax, holiday and leave loading, Superannuation, Workcover, sick pay and meal breaks.
• In quiet times you’re not paying for another staff member that you don’t need.
• You can claim all expenses involved in engaging an independent bookkeeper.
• You’re not having to pay to train a staff member to do your bookkeeping, and then find that your staff member has moved on before you see any benefit.
• By engaging an independant bookkeeper you are paying a fully trained expert in their field, saving you time and money
• No training necessary

Book keeping fees will be less than if you use an accountant to complete these regular tasks.

Bookkeepers should be expected to:

• Record receipts/payments and complete bank reconciliation
• File records
• Work out instalments for PAYG
• Complete the Business Activity Statement (BAS)
• They may also be able to:
• Offer training in the use of software
• Collect debts
• Write cheques (ready for your signature)
• Assist with quotes

Correct Book Keeping

Most mistakes with the BAS and general accounting procedures is made because of the wrong installation of software and the wrong accounting codes used.

The bookkeeper should make contact with your accountant to ensure the Chart of Accounts is set up as the accountant requires. To ensure that software is set up correctly, you require someone who understands the specific software you are using as well as accounting procedures.

The more you know about your business, the better informed your decision

Accountant

As well as assist you with your income tax (which will now have to correspond with your BAS returns), an accountant should be able to give you assistance with the development of your business, by offering:

• To prepare Cash flow projections
• Cash Flow Management
• Budgeting
• Financial analysis
• Assistance costing/pricing
• Referrals to a network or professionals to advise with financial advice, superannuation, workplace agreements, succession planning, venture capital, marketing, IT, e-commerce, mentoring, marketing etc.

Contact us today and let us become a bridge between you and your accountant

Free Consultation

• Poor record keeping can destroy your business .... More
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