When it comes to bookkeeping, small business owners don’t always have time for it, forget to do it and, let’s be honest, don’t really want to either. When searching for a bookkeeper there are a few important questions to ask yourself:
- What’s covered by bookkeeping services?
- Why shouldn’t I just do my own books?
- Can we do this remotely and how secure is my data?
- How much is it going to cost?
Bookkeeping services for small business
You want a bookkeeper that doesn’t just take care of all the paperwork that comes with running a small business. You want someone who’s got your back, in one of the most important areas of your business – your finances.
Bookkeeping services ensure that your financial records are maintained regularly, that payments and receipts are on time, and that submissions are up to date. They should also provide you with a monthly report and explain to you what it means for your business. This service shouldn’t require much of your time.
What’s included in bookkeeping services?
Some of the bookkeeping and accounting services we provide to small businesses in Melbourne include:
- Day-to-day bookkeeping entries
- Invoicing and statements
- Automated debtor follow-ups
- Payroll
- Bank and other recons
- Budgeting
- Cash flow management
- Management reporting
- On-time BAS submissions
- Confidentiality
- Tax services
- Accounting services
- Online / cloud access
- Preparation of financial statements
- GST returns
- Monthly/quarterly business performance reports
- Annual company reviews
What are the benefits of outsourcing bookkeeping services?
Chasing debtors, filing receipts, making BAS submissions and other admin is often the last thing on a small business owner’s weekly checklist – and usually ends up getting pushed into family or personal time.
The obvious benefits of outsourcing your bookkeeping are not having to worry about it and having more time to put into profit generating activities.
But a good bookkeeper can also save you money by ensuring:
- there are no mistakes in your records
- you don’t miss deadlines and incur penalties
- invoices are going out on time
- someone is checking that they are paid
- creditors are being paid on time and you’re not incurring any interest expense.
You also save money (and stress) by not having to employ a full or part time bookkeeper or handle all the admin that comes with payroll.
Bookkeeping services help small businesses owners to run their businesses better by ensuring that a critical part of your operations is in order and compliant. Your bookkeeper remains constantly up to date with the latest regulations and changes from the ATO. They should also provide you with the important financial information that you need to make good business decisions.
BENEFITS OF USING TWA BOOKKEEPING SERVICES
- Less errors than doing it yourself
- Up to date records
- On time submissions
- Better cash flow management especially with providing for GST and tax payments
- Save time
- Save money
- Get key financial information
- Less staff fees
- Convenience of cloud bookkeeping
Small business bookkeeping and the cloud
Small business owners are often on the go and working remotely. It may be important to you to consider looking for a bookkeeping service that you can interact with virtually – from Zoom meetings to electronic submissions.
Cloud based accounting and bookkeeping software allows you to share important data easily and conveniently with your bookkeeper. At Teamwork Accounting we use a system called Xero.
Realtime information gives you a better understanding of how your business is actually performing, versus relying on your gut. This can make a big difference to how you manage your cash flow.
To keep costs down we recommend that clients keep their business bank and credit card account separate from their personal account. This avoids processing numerous personal expenses which take time and add to your bookkeeping costs.
With the rise in cyber threats, it’s definitely worth asking your bookkeeper how your data is secured.
What skills and credentials does a bookkeeping service provider need?
Any bookkeeper lodging BAS or tax return information with the ATO should be a Registered BAS or Tax Agent.
They should keep up to date with the latest GST, Payroll, Fringe Benefits Tax and Income Tax changes. Part of this involves attending Continuing Professional Development courses/webinars.
Attention to detail is critical. This can save you lots of time and cost. With this comes the ability to segregate different parts of your business if you have different income streams. In this way you can see which parts are profitable.
Your bookkeeper should be using a cloud based accounting program which is capable of downloading your bank and credit card transactions directly into the system. This increases the efficiency thereby saving you costs.
Bookkeeping, tax and accounting services for small businesses
Bookkeeping is only one piece of managing the finances of your small business well. An expert tax and accounting service can really help your small business to properly budget, plan for tax, save on tax, improve cash flow and your bottom line. For more information on these tax services, take a look here.
What’s the average cost of bookkeeping services for small business
Bookkeeping services range in price, from as little as $150 per month which includes the lodgement of the quarterly BAS returns to as high as $3,000 per month which would include payroll, preparation of invoices, processing bills, following up on debtor payments etc. The cost is usually based on the complexity of your business, the level of service you want and the experience and expertise the bookkeeper has.
At Teamwork Accounting we have been providing bookkeeping services to small businesses in Point Cook, Werribee, Hoppers Crossing and surrounding areas for over 20 years. You’ll have access to our team of highly skilled bookkeeping professionals, our cloud based software and the opportunity to have your tax and accounting affairs taken care of. Our bookkeeping fees start at $150 per month. Get in touch with us to discuss your business needs.