What Are The Qualities Of A Good Bookkeeper?

Monday, 21 Dec 2020

Bookkeepers are the lifeline of a business who stabilise its financial position with their skills and expertise. They set the momentum of progress into motion through their correct tax filing and cash flow management.

However, you need to find the best bookkeeper in Melbourne so that your organisation is not affected by the inadequate knowledge of anamateur. Thus, whether you are hiring a bookkeeper for the first time or have been looking for a replacement, you must know the qualities that you need to identify.

A professional bookkeeper must have specific talents and capabilities so that he can take charge of the books and assist with financial decision making. With a competent worker on your side, you can stop worrying about the capital and concentrate on the growth of your business in Melbourne. Thus, here is a list of the qualities that a good bookkeeper must possess to help you find the right one.

1. Organisation and Management Skills

Bookkeepers must be adept at orderliness as they have to keep the books arranged and up-to-the-minute at all times. Although most of the work has become automated with the help of accounting software, the professionals need to keep a close watch on the incomings and outgoings.

They must have excellent management aptitude so that they can work with heaps of data without any error and with focus. They must be able to quickly interpret all the reports being generated by the system and draw inferences that can be shared with the board members.

They should be able to identify the weak products that are eating up the capital and offering limited returns in the Melbourne markets. Also, they must be able to recognise the projects that have the capacity to generate maximum revenue. They must be able to finish everything in a timely manner.

2. Industry Experience and Qualification

While looking for the right candidate, you will get a lot of applications from qualified individuals in Melbourne. However, you should not merely get impressed by degrees and certificates.

An ideal bookkeeper must have hands-on industry experience and must have worked in the specific sector to have a deep understanding of the challenges and strengths of the industry.

For instance, if a bookkeeper has experience of working in the food sector, he may not be suited for the banking sector. A person from the same background will be able to give the best insight and advice for financial decision making.

He will be familiar with the tax laws and the tricks of the trade and will require the least training to fit into your Melbourne-based organisation.

3. Credibility and Trustworthiness

You will be putting all the sensitive and classified information about your company into the hands of an employee, so make sure that you have found the right person for the responsibility.

He must transparently provide all the information regarding the bills and taxes to the management and should warn you against impending financial challenges. He should honestly speak about the opportunities that can be leveraged by the business to prosper and find out ways of generating more profits.

The bookkeeping company should not be working in alliance with a competitor or leaking confidential data that can harm your business. You must do a proper background check to ensure that they have a clean record and have worked with known brands in the industry in the past. Contact the references in Melbourne and ask for feedback to be completely sure.

4. Technically Skilled

The current bookkeeping tasks and responsibilities need the utilisation of cloud-based accounting software. The traditional methods of data entry have become obsolete and are no longer in use in Melbourne.

Thus, the candidate must be capable of handling all the latest digital platforms efficiently. The bookkeeper must prepare a good bookkeeping system that makes everything systematic and methodical.

A variety of software are available these days, and he must be aware of using them so that he can be quick and efficient. Also, he must be aware of the latest technical developments which can be implemented in the organisation to keep it on par with the competition and improve productivity.

The professional must be ready to upgrade his skills whenever required and must be aware of all the latest regulations and tax obligations of the industry.

5. Communication and Relationship Management

The ability to communicate and connect effectively with other team members and the top management is essential for a bookkeeper. It is needed to maintain a friendly rapport with other workers, vendors and clients.

The bookkeeper has to be in constant touch with the board members to update them about the financial health of the business. Good communication skills come handy during invoicing and following ups with clients in Melbourne.

A professional can make polite requests to avoid straining the relationship with a loyal customer. It will help in speeding up the payment so that the cash flow is managed perfectly in the company. He will also be communicating with the tax office in Melbourne, and thus should be persuasive and authoritative while being gracious at the same time. 

6. Ability To Handle A Crisis

The bookkeeper must be proficient in working without any inhibitions during distressing periods. Every company goes through ups and downs and the bookkeeping professionals must be prepared to tackle all adversities through acumen.

They must offer invaluable advice and support to the business owner during a financial crisis and go the extra mile to pull the business out of the testing situation. They should have a problem-solving approach towards work and should not procrastinate.

The bookkeeper must promptly jump into action whenever he recognises a potential threat and nips the problem in the bud before it snowballs into a full-blown crisis.

7. Time Management

Every bookkeeper should possess this skill as accounting and management of books is a laborious and time-consuming task. The professional must prioritise highly significant tasks and should be able to finish them on time.

They must be aware of the payment deadlines and make sure the transactions are completed without incurring any late payment penalties. In addition, they must have prepared the reports for submission before the last date provided by the ATO and file taxes in Melbourne before the deadline.

If they have a team of workers under them, then they should be able to delegate efficiently and appreciate their subordinates to boost their morale and make them efficient. If they are working as a third-party bookkeeper, then they should be easily accessible by the company and should be ready with the required information at all times.

Conclusion

If you have been looking for a professional and expert bookkeeper in Melbourne, then you must make sure that you are making the right decision by judging them on all the parameters mentioned above. If they have all these qualities, then you can hire them to get the best financial advice and service. 

 

 

 

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