As a small business owner you know that your business records are a critical part of your success. Having up to date and accurate accounts helps you understand the health of your business, as well as keeping on top of your ATO and ASIC obligations.
Contrary to popular opinion, bookkeeping for your business is about so much more than data entry and receipt processing. Here are some of the (many) ways a badass bookkeeper can add real value to your business.
Time is Money - Bookkeepers Create Space So You Can Generate Revenue
This is never more true than in the world of small business. Especially in the beginning. Many small business owners start off managing the majority of their administrative tasks including tracking income and expenses in order to save money. Whilst this provides great freedom in the short term, eventually a time will come when your business has grown to the point that these tasks will stop you working on the bigger picture. A professional bookkeeper will be more time efficient and free you up to devote your time to strategy, marketing and business development (aka the things you live for!).
Payroll is Not for the Faint Hearted - Local Bookkeepers Are Brave Bunch
Employer obligations surrounding payroll can be complex to navigate. You have industry awards, minimum wage requirements, PAYG withholding, super obligations, payslips, bonuses, leave entitlements, workcover and annual reporting due to the ATO - just to scratch the surface.
Employing a bookkeeper to keep on top of these obligations for you will enable you to focus on the people side of your employees; internal policies, mentoring and training them, ensuring they are fully entrenched as a part of your business.
If Cash is King then Cashflow is Queen - And Bookkeepers Are Aces?
More businesses fail for lack of cash flow than lack of profit. Why? Business owners can be unrealistic about predicting their cash flow (underestimating expenses and overestimating income are the main culprits). Many also fail to plan for a cash shortage and simply run out of money. There are many ways a bookkeeper worth their salt can assist small business with cash flow management such as: Managing and reporting on invoices owed and bills to be paid in real time, setting invoice reminders, helping you separate business and personal finances, ensuring you are putting cash aside to meet your ATO obligations, and providing reporting on your business financials allowing you to make informed about cash flow forecasting.