5 Signs You Need a Bookkeeper

Do you want to spend more time working in your business than on your business?

Did you want to spend more time with you family rather than focusing on the admin and bookkeeping for your business?

Many business owners are becoming increasingly time poor with all the compliance and documentation required to continue to run a business.

Bookkeeper vs Accountant

According to Xero, “Bookkeeping focuses on recording and organising financial data. Accounting is the interpretation and presentation of that data to business owners and investors.”

In most cases, Business Owners take on the role of most administrative tasks within the business, including the day today bookkeeping of their business.

So… When do I need a bookkeeper?

The likelihood is that if you’re asking that question, you probably already do, but here’s 5 signs that you need a bookkeeper.

1. You’re spending too much time doing your bookkeeping

Outsourcing administrative tasks is something all businesses look towards when they become time poor in their day-to-day workflow. It might not be feasible for you to have one dedicated employee in your office looking after your bookkeeping or administrative tasks.

If you’re a small business, you might only need a bookkeeper an hour or two a week. If you are a larger business, maybe you need a few days to manage your bookkeeping.

Having an outsourced bookkeeper means you’re hiring someone that specialises in maintaining the accounts for only the time that is required.

2. You’ve taken on new or more employees

Employing staff means that you are required to meet standards from the ATO, Superannuation Funds and even Workers Compensation.

Our bookkeeper can relieve you of this burden by providing a comprehensive, confidential payroll service that includes:

  • Customised payslips
  • Administration of PAYG, statutory sick pay, annual leave, and long service leave calculations (if applicable).
  • ATO filing
  • Summaries and analysis of staffing costs
  • Administration of incentive schemes, bonuses, and termination payments.

Even if you only have a few employees, you will save yourself time and money by having our bookkeeper administer your payroll.

  • low operating profits or cash flow from the business
  • problems paying trade suppliers and other creditors on time
  • trade suppliers refusing to extend your business further credit
  • problems with meeting loan repayments on time or difficulty keeping within overdraft limits
  • legal action taken, or threatened, by trade suppliers or other creditors over money owed to them.

 

3. You’re struggling with the compliance side of your accounts

Do you know what compliance requirements you need to keep track of? Do you understand your obligations with the Australian Tax Office, Superannuation Funds, or Workers Compensation? Have you kept all your records up to date, including your receipts?

Our bookkeeper loves being kept up to date with all the compliance and regulatory information that you need to run your business. They can also make sure all your receipts are kept safe, and your accounts are maintained and balanced.

4. It can save you money

Having a bookkeeper looking over all your day-to-day finances means that you have someone experienced looking out for any costly mistakes or inaccuracies and correct them quickly and efficiently for you.

In the long run, having a qualified eye reviewing your accounts makes sure that you are making the right decisions based on your immediate needs.

5. Are you losing track of invoices and bills?

Bookkeepers can keep a track of your outstanding jobs and the invoicing for them, when required. A bookkeeper can also follow up outstanding invoices with your clients, freeing up time that you spend chasing up payments.

Our bookkeeper can also keep on top of your creditors, making sure who you owe money to, and when these are due. Inputting the bills that you owe allows you to see a true representation of your profit as well as a great opportunity to manage your cash flow.

At NGR Accounting, we are happy to review, and look after your bookkeeping needs.

We have recently appointed a bookkeeper in our office, and we have several options available to meet your needs:

Option 1:

$100 per hour + GST

Ready to find more hours in your day?

Connect with NGR Accounting to have a quality conversation in relation to what package would suit you and your business.