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10 Great Reasons why your business needs a Bookkeeper

10 Good reasons why you should have a bookkeeper

For many business owners the thought of managing their own bookkeeping and account keeping needs is either daunting or not a personal priority.

For these reasons the day to day bookkeeping of a business often gets ignored until the BAS is due or the accountant is on the phone looking for your accounts to lodge your tax return.  Often there is a mad panic and scramble to get the bookkeeping up to date.

If you are thinking…”mmm”…this sounds like me then, here are 10 great reasons why you may need a bookkeeper for your business.

1. Good bookkeepers will manage all your paperwork and accounts in a timely and efficient manner.  This will allow you to do what you do best and concentrate on your business and achieving your business goals.

2. For Bookkeepers, account keeping is their profession.  Good bookkeepers remain up to date with all the requirements of the Australian Taxation Office and other legal entities which your business is required to comply with.  You will no longer need to be concerned that your accounts are up to date with the ever changing requirements.

3. Bookkeepers can partner with your business and assist you in meeting your financial goals.  By keeping your bookkeeping up to date, this will allow you to clearly see how well your business is performing and where improvements may need to be made.

4. By having a bookkeeper keeping your accounts up to date,  you will have the required information about your business on hand , if you need a business loan from a financial institution.

5. A bookkeeper can provide you at any time with a snapshot of your business for decision making.  You can look at your Profit and Loss Statements and Balance Sheets in a timely manner to help you capitalise with new opportunities.

6. By having your accounts up to date a bookkeeper can assist you in managing your cashflow.  At a glance you will know which of your customers are not paying you within trading terms, and it also ensures that you are paying your accounts on time which will maintain your good credit reputation with your suppliers.

7. A good bookkeeper is able to assist you in analysing your financial statements and recommend areas which may need attention.  Perhaps these are items you may never have previously considered and now you can see the benefit for your business.

8. You may need a bookkeeper to manage all your payroll requirements.  For many businesses the ever changing laws regarding employees may become too difficult to manage.  A bookkeeper with payroll experience can alleviate this pressure for you and ensure your business is meeting its legal requirements.

9. If you are looking to sell your business, having a bookkeeper keep your accounts up to date will ensure that if a potential buyer is looming you are able to offer financial information quickly.

10. The final reason you may need a bookkeeper is simple…you hate paperwork and would much rather be doing something else!

2009-08-20 13:39:40