Do you do your own bookkeeping? Do you really know what you are doing?
Firstly, what is bookkeeping?
Bookkeeping is the process of keeping complete, accurate and up to date financial records. Bookkeeping keeps track of accounts receivable (incoming money) and accounts payable (outgoing money). So many financial transactions can be mind boggling! -_- Here's just a few; invoicing, statements, employees pay rates, payroll, PAYG Withholding, superannuation, GST, AIS, bank reconciliations, fees, transfers, direct debits, supplier reconciliation, aged receivables and payables filing, reports, lodging with ATO....... WOW! there are more!
Every business no matter how small or large must keep up to date financial records. It is an important process for all businesses, but one that is very demanding and time consuming.
Outsourcing your bookkeeping can help in three ways: it saves you money, saves you time and lowers your stress levels.
1. Outsourcing your bookkeeping saves you money
The ATO requires clear documentation to be kept to support your taxation calculations and ongoing reporting obligations. If you fall behind in your reporting you may be issued with financial penalties.
A bookkeeping service can help you to avoid late penalties or fines issued for incorrect reporting. A bookkeeper makes sure that your financial information is current and well organised. This also means that an accountant will not charge you an arm and a leg for extra time to locate and process your business transactions.
A professional bookkeeper will be able to process your financial transactions much more quickly than you or a staff member who really doesn't want be bogged down in paperwork. This will save you money by improving staff productivity and cutting down on your management time.
2. Outsourcing your bookkeeping saves you time
A professional bookkeeper has the skills, resources and experience to handle all of your financial paperwork with the speed and accuracy that neither you or untrained staff are likely to be able to.
Outsourcing your bookkeeper saves you from trying to handle complex and boring tasks yourself or having to re-enter incorrect data at a later date.
A professional bookkeeper knows the accounting software inside out, something that may take you an hour to work out how to preform may only take a professional bookkeeper 10 minutes!
'Spend more time on your business and not your books!'
Your time is best spent on what you do best, developing and growing your business. When you are able to focus your time and energy to what you are passionate about, you are able to deliver a better service to your customers. Your time is precious and should be wasted on tasks that you can delegate to a professional and skilled bookkeeper.
3. Outsourcing your bookkeeping lowers your stress levels
Spending a lot of time and energy on tasks that you do not like doing or are trained to do, not only wastes time and money but increases your stress levels. Do you know if you are processing your bookkeeping correctly? Re- entering data that has been incorrectly processed is frustrating and confusing.
The time you are spending on bookwork is time you are not spending on new business and sales. Are you doing your bookwork afterhours when you should be enjoying your family?
A professional bookkeeping service will accommodate your requirements in a cost-effective and convenient manner. Bookkeeping services like kR Bookkeeping & Office Services are able to offer many solutions to work around you and your business, whether that be on-site, off-site or remotely, managing your bookkeeping on an ongoing basis allowing you to do what you do best!