At FirmChecker we aim to curate advice from Australia’s best professional services firms to help you make the best decisions for your legal, accounting and financial matters. Below is an article written by the bookkeeping business Go Global Bookkeeping. You can also subscribe to the FirmChecker blog below.
When you’re running a business, it’s sometimes hard to see the wood from the trees in terms of what’s working and what isn’t. We get into routines that make us feel like everything is running smoothly, but often, a routine that’s good for us might not necessarily be good for our business. We all have strengths and areas for improvement. When you are running a business, you cannot afford to push weaknesses aside. The success of your business requires that you face your them head-on.
An area that hurts businesses all over the world is the inability to keep on top of small business budgeting. While improving your own bookkeeping skills is an option, not many business owners have time for that. Hiring an external bookkeeper instead, can help the business owner to maximise their strengths while letting a qualified bookkeeper support them in areas of weakness. Seeking out a good bookkeeper is one of the wisest things business owners can do to help their business remain stable and prosperous.
Before you plug “bookkeeper Melbourne” into Google, it’s important to know just what an external bookkeeper will do for you. The answer to this question also holds the key to you growing your business.
How can a Bookkeeper help grow my business?
- Keep your house in order. A steady bookkeeping system is the bedrock for any successful small business. A bookkeeper will start by organising all your accounts, your ins and outs, and track them all seamlessly – small business budgeting at its finest. They will organise payments and receipts – and will make sure your books are accurate, up to date and timely.
- A sounding board. If you are doing some research on bookkeepers, you are also likely to be found seeking advice that will impact your business decisions from information found on the internet. A bookkeeper will give you solid advice that is relevant to YOUR business, not someone else’s. They will help you to make financial process improvements, to get paid faster by your clients and to clarify which tax credits you could be eligible for. They can be your own sounding board for financial matters.
- Bring down the costs. When you get a bookkeeper on board, they will familiarise themselves with your financial and business models. With this information in their back pocket, they can then make recommendations on ways to reduce or replace costs. This is money you can then use for future growth!
- Make you more money and access free money. For any business to succeed, expenses must be covered Savvy bookkeepers will be able to advise you on when and how you should increase prices on your products to make additional income as well as when to make purchases and payments. Bookkeepers are also always up to speed on grants that are available from the government or other funding mechanisms that can help grow your business and give you access to free money.
- Looking ahead. Many small business owners struggle to look ahead in terms of the financial side of the business. Or they only look ahead (often with rose coloured glasses!) and avoid looking at their financials right now. A bookkeeper will help with prudent reporting that leaves no question of your situation now and helps to forecast for the future. This will then help you make fact-based decisions for growth prospects.
About the Author
Scott Trevethan – CEO
At Go Global Bookkeeping, we are passionate about making sure your books and records are accurate & timely, and that they reflect what is actually going on in your business so you have the power to make sound decisions.
Contact us today for your free 30-minute consultation so we can help you get your books back on track!
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