And why you need one for your business
Most business owners use the services of an accountant. And many believe they don’t need a bookkeeper because they have an accountant. But this is simply not true.
Working with a skilled bookkeeper will save you time, money, and your sanity.
And your bookkeeper and accountant will work together to make sure you’re in the best financial state possible.
What kinds of businesses need a bookkeeper?
No matter what kind of business you’re in, whether you’re a florist, a mechanic, a jeweller, or a furniture store, you will benefit greatly from working with a bookkeeper.
We hear stories over and over again of businesses that are struggling to keep accurate financial records and who are drowning in a sea of receipts.
They struggle through bravely without the training or experience they need to handle this part of their business.
There is a better way.
Let’s look at the ways a bookkeeper can help you.
They keep your records in ship-shape condition
Imagine you run a takeaway store.
You deal with a multitude of customers a day and that means you have a mountain of transactions to record.
You also have to keep account of your costs, such as shop rent, food supplies, staff pay, superannuation payments, insurances, and advertising costs.
Recording all incoming and outgoing costs is extremely time-consuming. So time-consuming that many business owners put it off for months and then run around in a mad rush trying to pull it all together because their BAS is due. Sound familiar?
And when your financial records are kept like this, mistakes are bound to occur. And the ATO isn’t particularly tolerant of mistakes.
A bookkeeper can:
- Complete all your data entry of your incomings and outgoings
- Reconcile accounts against payments
- Generate reports so you know when you have debts to chase
- Generate reports so you know how well the business is performing from a profit point of view
- Set up and look after your payroll needs
- Use accounting software with ease, while you might find it to be completely bamboozling
- Train you in using accounting software the right way if you’d like to retain some financial tasks for your business
- Find any discrepancies in your accounting files and records
- Alert you to any cash flow problems
- Help you to create a business budget
- Untangle any financial records that aren’t accurate
- Ensure your accountant has accurate and tidy files to work from when tax time rolls around (because messy and inaccurate files will cost you dearly if an accountant has to fix them)
- And much more
In other words, bookkeepers take day-to-day care of your financial records. They make sure they are correct and accurate so that you comply with all your legal obligations and keep account of how well your business is performing.
What about my BAS?
For a start, having excellent and precise financial records is the first step towards a stress-free and accurate BAS return being prepared.
Secondly, many bookkeepers, like Debbie at MJCC are also certified BAS agents.
This means that they can prepare your BAS for you.
And gaining certification as a BAS agent isn’t a simple thing. They don’t certify just anyone.
To be a BAS Agent you have to prove that you’re:
- Highly professional
- Extremely skilled and qualified
- A seasoned professional with plenty of experience
And it doesn’t stop there.
Once you become a BAS Agent, you are required to undertake ongoing training and professional development to ensure you keep up with any changes in tax obligations, reporting methods, or any other adjustments to BAS regulations.
BAS Agents are required to comply with an industry Code of Conduct.
And for your peace of mind, BAS Agents must carry sufficient professional indemnity insurance.
What does this mean?
It means that if your bookkeeper makes an error, you’re covered under their insurance.
Imagine a world where financial records didn’t exist
Sounds like bliss, doesn’t it?
Well, the good news is, this dream is entirely within your reach.
You don’t have to hire a full-time bookkeeper, which would cost you a whole lot of money.
You don’t have to pay an accountant who is going to charge higher fees to do all the things a bookkeeper can do.
You can outsource to a bookkeeping business like MJCC Business Services. The cost of doing this is much more reasonable and tax deductible (brilliant right?).
You can free up time to do the things you love instead of spending hours every day wrangling your books.
You can reduce your stress levels, which will have a positive impact on your physical and mental health.
You can stop having nightmares of the tax man coming and taking everything you own because you made a massive error.
You can concentrate on the parts of the business you are trained and qualified to do so that your business becomes more profitable.
And all you have to do to gain all these benefits is contact Debbie at MJCC Business Services.
What are you waiting for?