Your books reflect your business. In order to grow your business not only in the short term but also in the long haul, proper maintenance of the business’ books is as significant as any other process of your company. An in-house bookkeeper is not recommended for a number of reasons. It is recommended you get an experienced outsourced bookkeeper to help you with the bookkeeping requirements of your company. Let’s see how outsourced bookkeepers can help in the growth of an organisation.
An outsourced bookkeeping service can help enhance the scalability of your business. As you grow your business, your bookkeeping team can also grow with you. So, you will be able to add new members with specific skills, create redundancies when required and grow your company by hiring new full-time employees without pausing for a moment.
An efficient outsourced team can help you with the following tasks as you scale your business:
A business has several areas that need to be administered and prioritised. As a business owner, you should not keep yourself engaged in handling your company finances when there are other things to focus upon. That’s where an outsourced bookkeeper can help you with sorting your finances and improve the productivity of the business.
Your role should always be to delegate various responsibilities to people who are experts in specific areas, outline the goals and stay away from micromanaging your employees. That’s how you can ensure more success for your business and improve its growth.
An in-house bookkeeper needs to be kept on your company payroll, so it costs you unnecessary money even when the bookkeeper does not have any work to do for a significant amount of time. The payroll should be reserved for the employees who are regularly bringing in money and adding value to your business, like the marketing team and the sales executives.
When you outsource a bookkeeper, you only pay for the specific task and nothing else. Your bookkeeper does the job when you send him/her the company’s financial data at the end of a week or month, and you are charged only for the work done in that time period. It saves you a significant amount of money which you can invest in other important things.
Often business owners have the notion that outsourced bookkeeping services can weaken their account security as the data will be moved offsite. However, it is not correct. In many companies, the bookkeeping is handled by a single in-house bookkeeper, and if that person does not have sufficient knowledge in IT, he/she may not know how to identify the security vulnerabilities or whether the bookkeeping software is up-to-date or not.
On the other hand, an outsourced bookkeeper will keep your data secure in a cloud-based system which you will always have access to in a very secure and sophisticated way. Bookkeeping firms usually keep IT experts to frequently monitor whether your company data is totally secure and up-to-date.
A bookkeeper is typically responsible for preparing three primary financial statements for your business – the balance sheet, the profit and loss statement and the cash flow statement. Having a dedicated bookkeeper will help you maintain updated statements every month and again at the year-end.
The balance sheet shows the balance of liabilities and assets of your business. Your business’s operating expenses and bottom line are reflected in the profit and loss statement. And, the cash flow statement includes the cash flowing in and out of the company. These data show the overall health and position of your company and help you make informed and calculated decisions. Properly organised data also benefits you during tax season.
Outsourced bookkeeping professionals help you stay compliant at all times and ensure your business does not face any difficulties from the concerned authorities. When reporting to the Australian Securities and Investments Commission (ASIC) or the Australian Taxation Office (ATO), you will not have to worry about breaking any rule with an expert bookkeeper who promotes good practices.
Your external bookkeeper also helps you stay on top of your BAS (Business Activity Statement) schedule. Staying up-to-date on your everyday data entry and maintaining well-organised books becomes a lot easier when you have an efficient finance team. Get in touch with the reputed bookkeeping firms to know about the bookkeeping services they provide.
Outsourcing your bookkeeping requirements relieves the burden on the management team of your business. Your employees won’t have to leave their dedicated work to process payroll or assist your tax accountants. The leadership team can focus on the innovation and growth of the business. Your financial data is recorded accurately by an outsourced bookkeeper while freeing your management from the tiresome day-to-day reporting that can slow down the growth in the long haul.
With so much competition in the market, you do not want to waste even the smallest amount of time going through the disorganised financial data of your business. As the outsourced bookkeeping experts are well-versed with government compliance, the latest regulations and tax laws, they ensure you make better and quick decisions for your company. They keep all your company’s books in order at your disposal for you to refer to from anywhere at any time.
If you’re a business owner who runs an organisation in Perth, contact one of the most reputed firms of bookkeeping Perth, the Bookkeeping Perth WA, for your bookkeeping requirements.