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Regardless of whether you’re a sole trader running a salon or a fast-growing startup with payroll tax, every business needs a bookkeeper. Beyond the convenience of managing day-to-day finances, a good bookkeeper keeps your business on track and gives you visibility over your business’ cash flow. While it’s possible to learn the bookkeeping basics, as a business owner, your time is best spent growing your business. Here are some benefits that comes from hiring a bookkeeper for your business:
When it comes to business, there are many things you can effectively outsource but your passion and vision are your own. Handing over the reins of your accounts to a bookkeeper gives you more time to focus on the things that will grow your business. If you’re bogged down in reconciling records, there’s going to be less time for sales, marketing, strategy, purchasing and execution.
As innocent as they may be, mistakes are costly. Not only could you be recording the wrong information but misreporting any income or expenses could land you a fine from the ATO and leave you paying more than you should. A bookkeeper essentially takes all your numbers, receipts, bills and invoices, and records them correctly into your accounting software. Once your books are up to date, that information is either lodged to the ATO as BAS or sent onto your accountant to lodge on your behalf. The benefit of having a bookkeeper is that your books are up-to-date, organised and most importantly - accurate.
One of the key factors in running a successful business is cash flow. Without visibility over your numbers and profit, you’re mostly guessing whether you can afford to take the next steps to grow your business. While an accountant gives you strategic advice and manages your tax returns, a bookkeeper plays a more hands-on role in keeping your cash flow under control. Financial transparency allows you to be proactive about growing your business and ultimately lets you plan and forecast without risky guesswork.
Depending on the size, scale and nature of your business, outsourcing your bookkeeping is usually more cost-effective than handling it in-house. An external bookkeeper is not distracted by the comings and goings of your business, their sole job is to manage your books and keep your records organised and compliant. Using online accounting software, a bookkeeper can remotely work on your accounts in real-time. As your business scales, your bookkeeper can work with you, taking on more or less as and when you need it.
A good bookkeeper will help your business through all stages of starting and growing. As they are an extension of your business and the keeper of your records, it pays to hire the right one. H&R Block’s experienced bookkeepers can help you with bookkeeping set up and training, invoicing, accounts receivable and payable, payroll processing, superannuation, bank reconciliations, BAS preparation and lodgement, debtor management and much more. With flexible packages to suit businesses of all shapes, sizes and revenues, our bookkeepers are here to get your books in order and give you your weekends back.
For more information, find your nearest H&R Block office or call us at 13 23 25 today.
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