The Benefits Of Using A Qualified Bookkeeper

Payroll can be a challenge for small businesses to manage – particularly if they do not know the ins and outs of things like sick leave, superannuation and holiday pay.

Real Case: Recently, we consulted with a client who’s business was running at a profit, but who did not have the correct payroll process in place to ensure his staff were receiving their required benefits.

This caused significant problems as a few staff member made a complaint to the ATO. It is a legal requirement that all staff are paid correctly, on time and all Fair Work Australia process are followed as the owners of the company can be personally liable.

Solution: We were able to show this client the correct processes to ensure that from a legal standpoint, he had covered all his bases and that his staff were receiving all the correct benefits. AGI Bookkeeping was able to talk to the Fair Work Australia representative and sort out all outstanding issues.

By outsourcing his payroll tasks to us, the client saved more than 2 hours a week in bookkeeping – time that was put to better use. Now, he has taken back over 100 hours during the year and used then to work on the business, instead of in it.

The benefits of using a qualified bookkeeper

Any organization, whether a multinational corporation or a small local business, is required to maintain sound financial records. Apart from needing to abide by local regulations, a business can benefit in several ways from hiring a bookkeeper. While accounting software can handle many of your basic financial queries, the benefits of using a qualified bookkeeper to keep a track of your company’s finances are undeniable.

What Does A Bookkeeper Actually Do?

Primarily, having a bookkeeper means having a single source of information regarding your company’s financial position – working capital, tax-deductible expenses, cash flow, and much more. How often have you found yourself rethinking your own daily expenses, tallying up your expenditures at the end of the month, or wondering when your next bill is due? Now, imagine all those transactions at the scale of a business. Keeping track of all these numbers while simultaneously running a business can be a monumental task, so why not take advantage of all the help you can get?

Is It Worth Engaging A Qualified Bookkeeper To Help Run My Finances?

Hiring a qualified bookkeeper makes the day-to-day running of your business so much easier. A bookkeeper can keep a track of existing debt obligations, help identify your various sources of income, and ensure that both bills receivable and payable are executed on time. Better organization of your company’s finances can be beneficial in case of requirements like audits and reviews.

Add to the complexity of day-to-day financial management the constantly evolving regulatory framework within which businesses operate. Having a qualified financial expert at hand means having someone who understands the macroeconomic conditions that could impact your business and how to navigate through them.

What Are The Inherent Risks Of NOT Using A Qualified Bookkeeper?

Apart from this, hiring a qualified bookkeeper for your organization adds a level of security that is difficult to ignore. Small accounting errors, duplicate transactions, or in the worst case, fraud, can be hard to detect unless you have someone poring over every minute detail of your finances. Having someone in control of this, ensures that business is run ethically and accurately, avoiding costly risks.

Being an entrepreneur or the head of a large business, can get overwhelming, you would not have time to pay attention to the detail. Delegating to an expert, to manage the day-to-day financials of your business gives you the freedom to focus on the bigger picture, while ensuring that your finances remain in good hands, Anatole