Dealing with small businesses for their Bookkeeping for the past 7 years what I have experienced is that most of the Small Businesses looks at their Bookkeeping like a liability to satisfy the Legislative requirements by ATO but it should be the other way round, this has led me to write this blog, you wouldn’t sit in your car without knowing where you are heading, so you make Plans for this, but you can make all the possible plans in the world but if you don’t have a measure of analysing how you are travelling then the chances are you are not going to reach your goals and Bookkeeping is a big part of making you understand how you are travelling in your Business. The following are the only few of the many reasons why you need a Good Bookkeeper.
Yes having a Good Bookkeeper makes sure that your Accounts are upto date and having your Accounts upto date you are always aware about the Health of the Finances of your Business and that leads you to take the right decisions about the Business. Lets consider this situation you have just started a new Business and you are planning to do $120,000 of sales in the first year. Now after two months of operation if you don’t have a proper Bookkeeping System in place how would you know that weather you have achieved your first two months of Goal i.e. achieved $20,000 of sales, now if you have a good Bookkeeper and a proper Bookkeeping System then if you have only achieved $10,000 then you will know in a minute that you need to do something about this otherwise you may not achieve your first year’s Goal of sales,
After doing 10s of Bookkeeping Rescue Jobs left by Bad Bookkeepers, I know that having a Good Bookkeeper and a proper Bookkeeping System definitely saves money and time. Having your Accounts done let say monthly saves you and your Bookkeeper heaps of time thus reduces Cost of Bookkeeping. Just Consider you left the Bookkeeping of your Business till the last minute and it is June (last month of Financial Year) now it is very hard to find the Right Bookkeeper for your Business as all the Great Bookkeepers would be flat out at that time of the year and you will have to settle for not so good Bookkeeper that can cost you fair bit in the long run,
Having a good Bookkeeper who makes sure that you are fully Compliant with your Bookkeeping legal Requirements will reduce the risk of Getting Audited by ATO significantly. I have seen 10’s of Businesses Getting Audited and in Most of the cases these Clients are left by a Bad Bookkeeper with not so good Books or there is no Bookkeeping System in place. When planning for Audits ATO usually looks for most common mistakes done by unqualified Bookkeepers.
A good Bookkeeper would surely know about all the Deductions available to your Business and thus all the available Deductions are claimed that Saves you 000’s in your Tax Returns,
When we start Bookkeeping in Perth for a Client, the first step that we will take is to set up a proper Bookkeeping System for the Client as when you have a good Bookkeeping system in place it leads to time savings. We offer Bookkeeping to small Businesses in Perth and you can get in touch with us if you have any Bookkeeping Requirement,
SB Bookkeeping Services Pty Ltd