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I'm new to business, where do I start with my bookkeeping?

If you have asked yourself this question recently, the first place to start is with a bookkeeper so you can understand what you need to set your business up correctly for future growth. It does not take long for any new business owner to understand that accurate and updated financial records go hand in hand with the success of a business.



More often than not though, the daily tasks required to maintain these records fall to the bottom of the to-do list and priorities.


Does this ring a bell?


To save your time and energy, outsourcing your bookkeeping tasks is the best way to go. If you are taking a step in this direction for the first time, we are here to help.


Are you wondering what you need to think about as a new business owner when it comes to your bookkeeping tasks?


If you can relate to any of the following, whether being new to business, or entering a new stage of your business, you need a qualified and trusted bookkeeping and accounting solution:

  • New to owning a business;

  • Nearing $1 million in revenue;

  • Having more than 10 employees;

  • Accepting a new investor’s capital;

  • Entering the accelerated growth stage of the business lifecycle;

  • CEO can no longer be involved in every aspect of the business;

  • Requiring more sophisticated financial reports for data-based decision-making.


These are the tasks a bookkeeper can typically take off your hands:

  • Record financial transactions;

  • Reconcile bank accounts;

  • Take on some payroll and human resource functions;

  • Assist with tax compliance;

  • Prepare financial statements;

  • Manage bank feeds;

  • Handle accounts.


What program should you use for accounting?

When an accounting system and processes are in place, it becomes a lot easier to track, understand and analyse your financial records. Bookkeeping technology today has taken it up a notch with cloud accounting systems.


While many business owners readily opt for cloud-based accounting systems, some are more apprehensive about going in this direction for many reasons. Excel sheets and desktop softwares are now long gone, it is high time for you to join the bandwagon! For starters, these are the top accounting systems you should get familiar with, if you are not already – Xero and MYOB are two of the well-known platforms.


How can you find an expert bookkeeper?

Bookkeepers can help grow your business, show you your expenses and income, give you ideas to save and help to get your books ready for the accountant when it is time to file your taxes.


Finding, hiring and retaining the right bookkeeper with the perfect skill set for the right money is certainly a feat, but the benefits of this is that you will always have up-to-date books and know exactly where you stand.


Take this into consideration when you are looking for an expert bookkeeper:

  • Qualifications of the bookkeeper – they must have at least a Certification IV in Bookkeeping from a registered training organisation;

  • All bookkeepers need to be registered with the Tax Practitioner’s Board and abide by all of their regulations;

  • Must be professionally insured;

  • Factor in reliability, credibility and safety;

  • Someone who understands your business and needs.


What makes a good bookkeeper?

Bookkeepers ensure that all of a company’s expenses, income and transactions are recorded in the company’s books typically on a weekly and monthly basis, and also help with preparing financial statements and reports. A good bookkeeper will wear different hats depending on the business needs, they will:

  • Pay attention to details and respond to situations quickly;

  • Understand the industry and your company’s bigger picture and goals;

  • Be willing to follow through projects to completion;

  • Be committed to your business;

  • Stay up-to-date with the developments and changes in accounting.


If you are a small business and you need a new bookkeeper, need some training or need to get your books and accounts back into a working order so you can grow your business with new clients and more sales, please get in touch today and let us help you.


For more information, please contact Judy on 0431 103 257 or email at judy@balancewell.com.au to arrange an appointment.


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