Why bookkeeping is important
Starting and running a small business involves a strong commitment to turning a passion into a viable and thriving source of income. This takes time, energy and enthusiasm, and a clear focus not only on the big-picture, but on the day-to-day tasks needed to sustain the business. These tasks include keeping your books up-to-date, managing your taxes, ensuring consistent cashflow and increasing your turnover. This can be time consuming and often requires specialised expertise. Therefore, small business owners will inevitably find themselves asking if they should outsource their bookkeeping.
There are two key reasons why small business owners should consider working with a qualified bookkeeper:
- A bookkeeper allows a business owner to focus on the “important things”
- Bookkeeping requires specialised expertise.
1. Making Time for the “Important Things”
As a small business owner, your focus should be on growing your dream – developing strategy, marketing and building relationships between suppliers and customers. While there are many day-to-day tasks that are necessary for the successful running of a business, it is also important to remain motivated and passionate about the business, and to have time for family, recuperation and leisure. Unfortunately, juggling all aspects of the business puts the longevity of the business, and your wellbeing at risk.
Small business owners can find that the day-to-day financial tasks involved in running their business are not particularly inspiring! While a bookkeeper may enjoy keeping tax records up-to-date and accurate, managing invoices and cash flow, and conducting accounts reconciliation and payroll, a business owner may recoil at the idea of spending time completing these tasks. In fact, putting off those tasks places a business at risk and can be costly over the long-term. Therefore, it is worth considering whether a bookkeeping service will allow you time for the things that matter.
FC Accounting will do the day-to-day work of ensuring that your bookkeeping is accurate and up-to-date – so that you have the time to focus on what matters.
2. Bookkeeping Requires Expertise
Bookkeeping requires specialised expertise, and a broad knowledge of current taxation law. In fact, a reputable bookkeeper will be qualified and proficient in the use of bookkeeping software. Bookkeepers are methodical, meticulous, technical, and attentive to detail. They also have a keen aptitude for numbers and problem-solving. These skills are well suited to the maintenance of financial records, monitoring of transactions and statements, and collation of data for reports. Bookkeepers also use their skills to prepare complex Business Activity Statements (BAS) and to run payroll systems.
Small business owners do not necessarily have expertise or working knowledge of all aspects of bookkeeping, and may risk making costly mistakes. Neglecting to generate invoices or pay bills on time, making payroll mistakes, keeping incomplete or poor tax records, failing to submit tax documents on-time or not claiming tax deductions or offsets can have significant impacts on your cashflow, and may be extremely costly in the long-term. A skilled bookkeeper can ensure that the financial aspect of your business is running with precision and efficiency.
Don’t risk everything you’ve worked for! Our bookkeepers will work with you to protect your business from financial mistakes.
Importantly, a bookkeeper can offer a unique perspective on the business, and can identify opportunities for growth or increased cash flow that you may not have seen. In other words, a bookkeeper can give you a “big picture” of your business through a careful analysis of your business finances.
Our bookkeepers will keep an eye on your business growth, and offer new perspectives on how to reach your small business goals.
Our bookkeeping services include:
- Accounts receivable and payable
- Bank reconciliations
- Payroll & payroll tax
- Workers compensation
- Tax (BAS/IAS) and GST preparation and lodgement
- Cash flow and budget forecasting
- Financial reporting
- Assets register
- Debt collection
If you are looking for a bookkeeper on the North Shore, then contact FC Accounting today to find out how we can help support your business growth.