Business Guides
Benefits of bookkeeping for small businesses
Professional bookkeeping allows small business owners to concentrate on what they do best – running their own businesses! Read on to learn more.
Staff Writer
Mar 22, 2011
Professional bookkeeping allows small business owners to concentrate on what they do best – running their own businesses!
“Professional bookkeeping allows small businesses to get on with producing money instead of wasting valuable time and energy trying to make sense of their books,” says Chara.
The time constraints on business owners and their employees vary so much from week-to-week. There will be some weeks or even months that a business owner will simply not have time to get to their books – especially if there is nothing demanding them to get them done (or even if there is!), and they can slip further and further behind. This deprives a small business of very valuable information about how their business is progressing.
Bookkeepers are speedy workers. A job that would typically take a small business owner 3 hours takes a bookkeeper just one hour – leaving more hours for small business owners to spend time working and hunting up new clients.
“As professional bookkeepers deal with a variety of small businesses, their bookkeeping is more accurate than the small business owner,” Neil explains. “A trained service will pick up errors early and correct them, so that when the books are sent to the accountant, there will be fewer mistakes, and therefore less accountant expenses.”
A bookkeeper is also up-to-date on the latest legislation affecting bookkeeping. They generate current and accurate bookkeeping data, which can be an invaluable tool in the decision-making process.
As an added bonus, hiring a professional bookkeeper will actually save you costs in the long run – especially if you enlist them on an “as needs basis” only. But perhaps most importantly:
“A professional bookkeeper will ensure you are compliant with the latest legislation to save yourself the stress and worry of DIY BAS lodgement resulting in late fines and/or overpayments,” Lesley from Miss Busybooks concludes.
Neil from A-Plus Tax Solutions, Lesley from Miss Busybooks and Chara Pollard are all registered accountants on ServiceSeeking.com.au.