So you think you can do your bookkeeping yourself? Let me tell you a story:
Being in business is tough especially in the current climate, so it makes sense to reduce your costs and maximise your profits. But be careful you don’t end up costing yourself more in the long run!
Many business owners try to save money by doing their own bookkeeping, or have a partner do the work for them. Sure this may save you money in the short term, however having an efficient, professional bookkeeper on your side can save you a significant amount of money in the long term.
This has recently come to light with the necessity to have quickly accessible up to date and accurate bookkeeping for reporting to the ATO.
From Mess to Success
At BalanceWell Bookkeeping, we specialise in ‘rescue work’ for clients that have put their bookkeeping on the back burner due to other pressing issues (like working, buying, working, selling, working, customer relations, marketing, working and everything else). What we have often found is as sincere as people are in trying to do it themselves, they simply don’t know what they don’t know. The most common things that we have discovered are wages input incorrectly, superannuation not paid on time, double payments to suppliers and workers, bank accounts not reconciled, accounts payables and accounts receivables not reconciled, overdue invoices that have turned into bad debts. And not keeping the tax man happy. No business wants to be on the wrong end of that radar!
This has actually cost them a fortune – not only to fix, but in lost time, opportunities, fines, and interest. It has ended up costing them more than getting a bookkeeper to do their bookkeeping correctly.
And this is, unfortunately, not an uncommon story.
Understanding the Importance of Bookkeeping
The decisions you make around your bookkeeping can have a significant impact on the profitability, cash flow, and future health of your business. Thorough bookkeeping enables you to see the bigger picture of the trends of your business, patterns, growth potential. Having up to date and accurate bookkeeping gives you an outline of the trends of your business, helps you to identify patterns before they become problems, gives you data to assess your growth potential and potential risks. Even the smallest issue now can have a ripple effect and cause serious problems in the long term. Keeping regular and consistent track of your money efficiently is an essential foundation and planning tool for a successful business.
Quality Reviews with your Accountant cost you less
Tax Planning, risk assessment, and financial management are virtually impossible without great bookkeeping. These also enable you to have intelligent and more efficient conversations with your Accountant as the books they are reviewing are current and accurate – and this saves you money. We recommend each business review their books and planning with their Accountant on a regular basis, particularly before the end of financial year closes (ideally April/May) for review of profits, superannuation, deductions, and tax.
How can BalanceWell Bookkeeping save me money?
We are trained, compliant and efficient in helping you with:-
Looking at income and expenses and help smooth and improve your cashflow to avoid cashflow problems;
Correctly reconciling bank accounts, BAS calculations, debtors, credits, wages, superannuation, and loans;
Correctly entering in manual journals and efficiently liaising with your Accountant for specific entries required;
Correctly preparing and reconciling wages, superannuation and PAYG reporting;
Correctly code and check all business financials (meaning your Accountant doesn’t have to ‘double-handle’ your entries (ie = a smaller bill);
Processing your BAS reports quickly and efficiently as we are registered BAS agents;
Avoiding fines, as we stay compliant with the ATO and remain on top of changing legislation;
Unless you understand all the rules and regulations surrounding our complex tax system, you could miss out on huge tax savings;
Identifying systems and new technology available in the marketplace to make running your business more efficiently.
We are industry certified and connected, so we keep ahead of the game, so you are not sifting through complicated obligations to meet.
The Bottom Line
Having a bookkeeping mess is one of the worst things that can happen to your business. It causes a lot of stress and potentially can lead to a severe financial loss. The bottom line is bookkeeping can make the difference between your business bottom line being in the red or black.
Proper bookkeeping is essential for the success of any business, and particularly challenging for busy small business operators. Even if you think that your books are squeaky clean, there are likely some hidden savings opportunities or items you may have missed while busy concentrating on your business.
So if you hear of someone saying they are ‘under the pump’ with their bookkeeping, or ‘I can’t believe it’s BAS time AGAIN!’, give them our number to have an obligation-free chat.
We’ll share with them how to turn stress into success!
BalanceWell Bookkeeping specialises in rescue work (also known as clean up work) and bring your bookkeeping and compliance matters up to date. If you would like a confidential discussion, or free data health check, please get in touch today and let us help you.
For more information, please contact Judy on 0431 103 257 or email at firstname.lastname@example.org to arrange an appointment.
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