If you are doing the books yourself and need some help, find out more about what a professional bookkeeper can do for your business
Are you passionate about your business and the services you offer? Do you need to get your books up to date but dreading the thought? Have you thought about hiring a professional bookkeeper to take the books and financials off your hands? We love working with numbers. They are fun for us! But we understand that you may not feel the same way. A professional bookkeeper can give you peace of mind that your accounts are in order, so you can focus on running your business.
You may also have a friend or relative looking after the book work for you and haven’t had to worry about hiring a bookkeeper. While this may be the cheaper option and you might think that the books are in good hands, if they are not qualified, it may end up costing you more in the long run. A professional bookkeeper should save you money and add value to your business in the long run.
Services provided by professional bookkeepers
If you are wondering what a bookkeeper can do for your business. These are a few of the services we offer:
Data Entry
A professional bookkeeper will ensure that your financial information is recorded accurately and that your receipts are stored securely online. Cloud based programs such as Xero and HubDoc can speed up this process and make data entry more efficient. Bookkeepers use these programs and they can also help you set them up for your business.
Reporting
Once data entry is complete, your bookkeeper is able to prepare financial reports to give you clarity about your business. Accurate monthly or quarterly management reports help you focus on what matters most. At Passion Business Advisors, we focus on providing information to you in an easy to understand format and will customise reporting for your business needs.
BAS Lodgement, Single Touch Payroll & ATO
A registered Tax Agent or BAS Agent can prepare your BAS and take the hassle of dealing with the ATO off your hands. A Registered Tax Agent has an obligation to maintain professional indemnity insurance, undertake continuing professional education, maintain confidentiality and to act honestly and with integrity.
If you need a bookkeeper to look after your obligations with the ATO, you need to make sure they have the right qualifications. You don’t want to end up in a sticky situation later. The Tax Practitioners Board has a register of Tax and BAS agents. You should check this register to make sure your bookkeeper is authorised to lodge documents for you. If you are paying for the service, you want to make sure you get value for money.
Passion Business Advisors have met the criteria to become a Registered Tax Agent and can give you peace of mind that your tax obligations will be handled in accordance with ATO guidelines. We have ethical standards to uphold, but they are also part of our culture.
Cash Flow Management
A bookkeeper can monitor your cash balance and make sure your bills are paid on time. If you are trying to juggle too many things and payments get missed, your credit rating might be affected. A bookkeeper can also make sure that money owed to you is followed up promptly to improve your cash balance and also put procedures in place to make sure your debtors don’t get out of control.
Accounts Receivable Management
If customers are not paying on time, this can have a huge impact on your cash flow. A professional bookkeeper can review your debt collection process and put systems in place to reduce the amount of time it takes for you to get paid. Click Here to read a case study on how Passion Business Advisors was able to help a client reduce their debtors and improve cash flow.
Technology
Technology can be a huge benefit to a small business, however, it’s often difficult to know which program to choose. A professional bookkeeper can help you choose and implement the right technology for your business to make it more efficient. At Passion Business Advisors we specialise in cloud software such as Xero and Hubdoc that allow your business to operate efficiently from anywhere in the world.
Training & review of your business processes
If you are doing bookkeeping yourself and need a bit of help to get things running smoothly, a bookkeeper can provide training on the most efficient way to get things done.
At Passion Business Advisors, we love working with Xero, it’s our jam! We are a partner and regularly attend training sessions to keep up to date with the latest updates. So if you need some help, we can provide you with training. We are also a Quickbooks Pro Advisor and MYOB partner and can help with these programs too.
Reasons why you should hire a professional bookkeeper
Focus on your core business
In order to grow your business, you need to focus on what you are good at. You don’t want to get bogged down in the books if that’s not what you love doing. Your time is much better spent on your strategy, marketing and general operation of your business.
Peace of Mind
At the end of the day, you don’t want to be worrying about whether or not you are allocating transactions correctly, whether your BAS is right or whether you have missed a payment. A professional bookkeeper can help you sleep at night knowing that the books are all under control.
Accountants love us
Your accountant would love nothing more than receiving a fully reconciled file at the end of the financial year. We provide your accountant with all the information they need to prepare your financial statements and income tax returns. At Passion Business Advisors, we have over 20 years experience in the accounting industry and know what accountants love so we are able to communicate with them to give you the best result.
In-depth knowledge of your business
A bookkeeper can be your new best friend. They are in constant contact with you and your business and will know where your money is coming from and where it is going. Having this in-depth knowledge, they are able to give you insight into your business that you might not have had before and you will be able to make better decisions about your financial future. We can also give you a different perspective on how you are going and things you could improve on.
When should I hire a bookkeeper?
In an ideal world, you would hire one as soon as you start your business. If you don’t love numbers, it’s easy to put off the bookkeeping and end up months behind. A bookkeeper can save you time and money and you are able to get back to doing what you love.
Why choose Passion Business Advisors as your Professional Bookkeeper?
I have worked in the accounting industry for over 20 years and have been able to work with small and medium sized businesses in various industries. After I left the accounting industry, I worked as Finance Manager for a real estate business in Newcastle. Since moving to the Albury/Wodonga region I have been working with the family building construction business, so I understand the struggles small business owners face. You have the expertise of a CPA qualified accountant and Tax Agent to give you peace of mind knowing that your accounts are in the right hands.
The Next Step
If you think you are ready to hire a bookkeeper, get in touch and we can provide you with a free consultation and health check on your file. You then just need to think about what you will do with your free time!
If you have let your bookkeeping get behind, don’t worry, we can provide a catch up service to get you up to date. Once you are back up to speed, we can provide a regular ongoing bookkeeping service to make sure you don’t fall behind again.
In addition to bookkeeping services, we also provide business consulting services. So if you also need help preparing a business plan, budgeting and forecasting, we can also help with that. To read more about our consulting services, click here.
We are 100% virtual. However, if you would prefer an onsite visit, we are located in the beautiful Riverina region and service the areas of Albury, Wodonga, Griffith, Leeton and Naranderra.