What's the time Mr Wolf?

Posted: 4 Aug '22
What's the time Mr Wolf?

What's the time Mr Wolf?

I often get asked “What type of business needs bookkeeping services?” The short answer is all businesses. Bookkeeping is essential for growth. As the owner, you could save money by doing it all yourself, but you are probably already busy running your business. If you do have the time, maybe you find the work a bit of a yawn-burger, so you put it off. In both cases, the result is you wind up not knowing if you are kicking goals or sinking in quicksand. Of course, you could hire an employee to help you out but along with that comes all the extra employee costs of superannuation, training, and leave. Another consideration is that employee won’t necessarily be registered with the TPB or have professional indemnity insurance.

So, what is the alternative? It is outsourcing. If you don’t have up to date financial information at your fingertips to help you manage your business, it’s time to outsource. Find yourself an experienced, registered, professional freelance bookkeeper to help take your business to the next level. The blossoming of cloud accounting applications has enabled virtual bookkeeping to be a viable business alternative. You can get all the advice you need without any employee strings attached. And the benefits are many. You may even get more advantages than you were anticipating. Here are some you may not have thought of.

Save money - It’s less expensive to hire a bookkeeper than to employ a full-time staff member. You’ll only pay for the actual time the bookkeeper works for you and as they aren’t an employee, you also won’t have to provide a workspace or office furniture.

Get better reporting and expert advice – This is what they do every day; provide reports and advice. You won’t need to pay an accountant to get detailed reports, and, let’s face it, the right advice at the right time will save your business money.

Reduce errors – With experience comes accuracy. No more training new employees to get them up to speed

Cash flow improvements - Part of a bookkeeper’s job can be issuing invoices and collecting customer payments fast. Your cash in your bank account faster. Gotta love that. They’ll also make sure bills are paid on time to reduce any late payments.

Scalability – If you grow, they can grow with you. With their finely crafted systems and processes, a professional freelance bookkeeper will have the ability to service your growing business without you having to hire more staff.

Cohesive team – When you choose the right bookkeeper, they play well with your accountant. You’ll have everyone working towards the one goal of supporting you and your business. Think of them like your own team of Avengers.

EOFY is a breeze …. for you – Leave the heavy lifting to the professionals and focus on your business

Free up time – Work – Life balance! That’s the unicorn we all want. Having more time to allocate to build your business could be vital to your stress levels and give you a happy home life

There are always risks but if you choose the right qualified person, check their security risk mitigation, and are engaged with the work they are doing the pros will definitely outweigh the cons.

Reach out if you need help deciding if outsourced bookkeeping is right for your business. Pretty sure I know a good one you can choose.

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