Why should I hire a bookkeeper? This is one of the main concerns to consider when you’re managing a business and juggling dozens of responsibilities at work. Yet still, many businesses fail to implement this integral process. But the truth is, you probably don’t need a traditional bookkeeper at all!
If you have a business or you manage a business with staff and an admin team, you would likely have all tasks covered by now. The real thing here is the things you would do if you could free up time and resources to work on business growth instead of business administration. But let us know first what is a bookkeeper.
What is a Bookkeeper?
First, you need to understand that a bookkeeper is not the same thing as a traditional accountant. Bookkeeping responsibilities include:
Maintaining the general ledger
Creating invoices
Balancing subsidiaries
Completing payroll
The bookkeeper was a new role that really became popular after the GST was introduced in 2001. Everyone was confused about the GST (including the ATO on many aspects of its application) and the bookkeeper made sense of it all. This basically means that a Bookkeeper has an integral role in any business. Without bookkeeping or accounting, you are blindly driving your business.
What does a traditional bookkeeper do and why it is just not enough anymore
Your traditional bookkeeper had to be awesome at GST and BAS and PAYG and also so many other admin jobs for your business. However today, the compliance burden on businesses is now even more complicated and the penalties have actually increased in value of the last nearly 20 years.
Unfortunately, traditional bookkeeper is not enough to get the job done. Every small business now needs a bookkeeper who understands accounting and IT troubleshooting and cloud integration and software integration. We do this for all our clients because there are simple ways to connect everything online and cut out manual labor if you know how. We know that the cost of administration is too much for Australian businesses. As a business owner, you need to manage so many regulations and the penalties for non-compliance are expensive.
The Age of Robots
There are no more random checks on your compliance. At ATO, a computer algorithm now decides whether you are compliant or not and issues you notices of infringement or alerts auditors whether to investigate you. It is your data from both your personal life and your business that is constantly being calculated to look for an audit trigger.
Why you need a Cloud Bookkeeping Specialist
Think you are safe if you only deal in cash. You would be wrong! Trading in cash or “off the books” creates a dark space in records. The ATO knows what it is financially required for an individual to live in Australia and that figure is being reviewed for each Australian. When there is “missing money” from your circumstances, the computer algorithms can calculate the discrepancies.
As cloud specialists, we help our clients not only remain compliant in the new age of digital administration but also improve your bottom line. We help you understand benchmarking for your business and gather the evidence to make any ATO inquiry easier to manage. We also find ways to reduce time-consuming administration while delivering accurate information to small businesses.
How cloud bookkeeping can help you free up your time
It's easy to find software to help your business, but unfortunately there is not a single software to do everything. A cloud bookkeeping specialist helps you get your business automated and compliant at the same time. But have you ever thought of how technology can DIFY (do it for you) and free up your valuable time? Here are some:
Improve job management
Track staff progress on jobs
Invoice on the spot
Get paid immediately
Follow up overdue customers automatically and so much more
When do you need a cloud bookkeeping specialist?
So, whether you need the flexibility to run your business or you need to focus on running your business rather than running an office, you need to increase your earning potential or just simply making it simple for your customers to transact means excellent customer service, you better have one now! You can BOOK A FREE CONSULTATION with us.
This consultation is completely free. No obligations, no contract terms. We are here to help you make better business decisions.