Many businesses put off hiring a bookkeeper as they think it’s just another expense and believe that they can do their books themselves, however a decent bookkeeper will actually save you money. They can help ensure your business finances are in order, identify last payments, manage your creditor payments smoothing your cashflow and by ensuring all your records are correct and up-to-date your accountant does not need to spend as long checking and finalsing your accounts, and at 2/3 times the hourly rate of a bookkeeper this in itself is a huge saving.
So whether your business is large or small there are numerious benefits to hiring a bookkeeper sooner rather than later.
Here are five ways that a bookkeeper can help:
1. Concentrate on your business strategy
Bookkeeping involves tracking the fine detail and recording it in accounts software. Working with these numbers can sometimes make it hard to see the big picture. So it’s often better to have someone else do this work.
2. Reduce your accounting costs
Are you using an accountant to manage your daily transactions and run your monthly payroll? If so, you could save a lot of money by having a bookkeeper do this work instead.
3. Be an extra pair of eyes watching your cashflow
If you want to avoid running out of money suddenly, you need to keep an eye on your cashflow. We’ve discussed this in our guide to managing cashflow. It helps to have someone else checking the numbers here, making sure your cash keeps flowing. A bookkeeper can do that.
4. Get quick access to vital figures
Having an accountant manage your monthly business reconciliation and reporting is important. But what if you need some financial information part-way through the month? Bookkeepers can give you the information you need quickly, without you having to wait for your accountant to respond.
5. Keep control of your financial data
Few small businesses can afford to hire their own accountant, so most accountants work on a part-time basis for their clients. If they use quality online accounting software to manage your financials, it makes collaboration much easier. Quality software means that your bookkeeper can work on the same set of data as the accountant. They can both work together to give you the best outcome and help your business grow.
Bookkeeping helps your business run smoothly
Bookkeeping is a vital job in any business. This is true whether you do the work yourself or hire someone to do it for you.
Without proper bookkeeping, your accounts will not be accurate. That means your accountant won’t get a clear picture of your company’s finances and you can’t make strategic business decisions.
Just as importantly, your business has a legal obligation to accurately record its accounts and file company reports to the tax office. So it pays to get this right.
Bookkeeping will help you do all of this – and will also provide you with useful insights into the financial health of your business.
A good bookkeeper will also be able to assist you implement software that helps you to streamline your business processes where your finances and business monitoring are concerned. This again can save you time and money.
Why not call us today on 9380 3555 for a free no obligation meeting with our bookkeeping team. They can take a look at your business and come back to you with a proposal highlighting how much they could actually save you verses the cost of hiring them. For more information visit our bookkeeping page