5 reasons to outsource your bookkeeping – Addworks Bookkeeping Services

One of the most common questions I am asked by small businesses and start ups is ‘Why should I hire a bookkeeper?’
It is a common misconception within small business that to get ahead you need to do the work yourself. Here are just a few reasons why outsourcing your bookkeeping can be extremely beneficial to your business:

Time is money
You may think that you are saving money by spending hours trying to balance your books, however your time is worth money too. Time is a valuable resource, therefore its best to get things done as quickly as possible. Outsource your bookkeeping leaving you more billable hours to generate income, or free up more time to spend at home with your family. Do what you do best!

Knowledge is key
Generally speaking, a qualified bookkeeper has the resources and knowledge that the small business owner does not have. A bookkeeper can help your business navigate through the murky waters of GST, PAYG, BAS and IAS, payroll tax, reconcilitations and the general management of the day to day accounts. Bookkeeping professionals are up to date with the latest information and legislation on tax, payroll and software. You’ll also find that a bookkeeper can be a wealth of knowledge when it comes to small business.

Bridge the gap with your accountant
Dealing with a CPA (accountant) can be a very costly exercise, especially if your books aren’t in order. Minimise the too and fro with an accountant by hiring a bookkeeper to get your books under control and keep them under control. Apart form cost saving, a bookkeeper speaks the accountants language an can liaise directly with them on your behalf. This comes in handy particularly at tax time and EOFY.

See where you’re at
Having your books balanced and kept up to date, gives you the added advantage of being able to see your business is travelling financially at any time. A bookkeeper can make sure everything is entered, balanced and reconciled, then forward you reports on profit and loss, account receivable, accounts payable, outstanding debts etc. The real time information they can collect can offer new insight into your business.

Tidy books – tidy mind!
Minimise some of the stress of running your small business by handing over the books to someone who knows what they are doing. Having clean books, with no errors, can greatly decrease the amount of time and stress at tax time, not to mention the money you will save with your accountant if your books are ready to go. If you are already in a mess, a bookkeeper can help you by back tracking and fixing old errors, entering old data and getting you up to speed.