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What is a Bookkeeper

– and why do I need one?

A bookkeeper is the first step in a great business accounting setup. They keep track of a business’ day-to-day finances, ensuring all transactions are recorded accurately and well-organised.

Put simply, employing a bookkeeper for your business will save you time, money and leave you to focus on what matters most – your business.

So why do I need a bookkeeper?

Better analysis and management of finances

A bookkeeper can create a system for invoicing, follow-ups and payments, meaning nothing is missed and you can focus on your business.

Stress-free tax time

End of financial year doesn’t need to be a stressful time. A bookkeeper will save you time by having all of your books balanced and reconciled so that all you need to do is give access of your file to your Accountant and they will commence work on your Tax return.  We’ll keep copies of your Asset Purchases liase directly with your Accountant and just sort it for you.

Your business, planned

A business plan is crucial in today’s economic climate. Your bookkeeper will provide you with an up-to-date Balance Sheet and Profit & Loss Statement, so you will always know where you are, and where you’re going.

Simple Reporting

Your bookkeeper can provide you with all the information you need to give your investors confidence and a clear understanding of their place in your business.

But I have an accountant, why do I need a bookkeeper?

Because they are across day-to-day financial dealings of your business, a bookkeeper can operate as a direct link between you and your Accountant. A bookkeeper can ensure that everything is organised and balanced before it gets to your accountant saving you money when it comes to tax return time.

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Five signs that you need a bookkeeper

1. Doing the books is taking you away from working on your business

Once you find yourself spending a large portion of your day or week keeping the financial records of the business and following up on other financial transactions, then it is time for you to employ a bookkeeper. A bookkeeper can take on duties such as chasing customers for money, ordering stock, reviewing supplier invoices and checking the bank account balances and transactions so you can focus on other aspects of the business.

2. You’re not keeping up to date with all the business transactions

As your business grows, so does the paperwork and record keeping. Every small business owner is time-poor — well most that I know of — and they often leave the important task of updating the records until they have to do it (usually for BAS or tax time). If you don’t keep your records up to date and there are financial issues that have not been identified early, you can be headed for trouble without even knowing it. Falling behind on record keeping is definitely a sign you need a bookkeeper.

3. You are not sure you are keeping the records correctly

You can’t be an expert at everything, so if you are spending time looking at your books and wondering if they are accurate or correct, it’s time to bring in the expert — a bookkeeper. Bookkeepers have knowledge and experience that will save a lot of hassle and give you more time to improve other areas of your business.

4. Your tax and/or other compliance is getting complicated

It’s very important that your business complies with regulations and other requirements (such as accreditation) that are necessary in your business, but adhering to these obligations can become very time consuming. You’ll need to keep up to date with changes — such as the continuing changes in superannuation law — and update your business processes and records to meet your responsibilities. A qualified bookkeeper who attends regular training can save you all this time and ensure your business remains compliant.

5. Your accountant is performing bookkeeping duties — but charging accountant fees

An accountant is more specially qualified than a bookkeeper and therefore will charge higher fees for their services. If you are using your accountant to update your financial records or prepare your BAS or other compliance requirements, you may be paying more than you have to. A good bookkeeper will be able to do all of these tasks at a lower price. It is always difficult to identify the right time to bring in help for your business. At the first sign of an issue, do yourself a favour and seek out a good bookkeeper.
Source: MYOB

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