Is it at the start of the year? Or before filing your taxes?
Partnering with a qualified bookkeeper is not a new approach. While it provides many benefits, not all businesses have been successful and left frustrated. Either they haven’t found a good bookkeeper or the timing is not right for them.
This article focuses on the circumstances when you need help from a qualified bookkeeper. We break down the common situations when a bookkeeping services provider is the best solution for you.
#1 Need support in managing your tax obligations
A lot of work is involved in managing tax obligations. One of these is allocating all transactions correctly in your system and keeping them up-to-date.
This is when a bookkeeper provides convenience for you as a business owner. They can work closely with you and your tax agent, to help you fulfil tax obligations and meet ATO deadlines.
#2 Hard time tracking AR/AP
Tracking your accounts receivable and payables can be difficult especially when your business is growing fast (see #4). There are many ways to manage your AR/AP effectively as discussed in our previous post. However, more time is needed if you are planning to grow or expand your business. Managing your AR/AP can be one of those tasks you can entrust to a bookkeeper to focus on core functions.
#3 Managing staff is challenging
Managing a bigger team can be overwhelming for businesses that are growing rapidly. For example, new staff need training on the ins and outs of the businesses. Staff management also involves doing payroll, STP, and superannuation. These are overwhelming if you have to do it alone.
Getting bookkeeping services lessens the burden of managing staff. The benefits of having a qualified bookkeeper are, but are not limited to, the following:
- Years of experience in managing bookkeeping tasks for various businesses
- In-depth understanding of the bookkeeping workflow
- Expertise in bookkeeping tools and software
- They invest heavily in updating skills to provide the best services to their clients
#4 Business is going through rapid expansion
Even if you have a solid background in bookkeeping, rapid business expansion is time-consuming and requires more effort on your part as a business owner.
Be realistic with your deadline if your business expansion has time constraints. You need to consider other options to offload some tasks on your plate and focus more on the most important tasks to do. Trying to balance everything out during your business expansion can be exhausting and may cause delays.
#5 Start of the financial year
The start of the financial year is usually the time when many businesses add new systems or replace the old ones that no longer work. This season can be the most convenient time to partner with a qualified bookkeeper as you are starting with a clean slate.
Transitioning and delegating are easier if you start with a new general ledger than halfway through the financial year.
Looking for a qualified bookkeeper?
Focus Bookkeeping provides quality bookkeeping and BAS services for many businesses. We offer solid business advice to ensure you understand the financial and obligatory perspective of your business.