Benefits in investing in third-party bookkeeping

Running a small business isn’t easy. In between generating turnover, purchasing supplies and managing staff, many business owners find that the much vaunted “freedom” of running a business rather than being employed can lead to the exact opposite of freedom. Working days expand, leisure and family time disappears as weekends and evenings are spent keeping on top of the essential tasks.

On top of doing what you need to do to run the business, sometimes something has to give and often that’s looking after the accounting side of your business. But failing to stay on top of your bookkeeping can have severe repercussions. Not only can it affecting your ability to meet your GST and income tax obligations (and let’s face it, nobody wants to get on the wrong side of the ATO), it can also mean that you simply don’t have a firm handle on how well your business is actually performing, which sooner or later can lead to trouble with creditors and banks.

That’s why increasingly small businesses are seeing the benefits in contracting out their bookkeeping to a qualified bookkeeper. The experts at H&R Block have put together the top reasons for outsourcing your bookkeeping:

1. More time. You’ll get valuable time back, which can be spent in doing the things you do best, like making a profit!

2. Expertise. Using an external bookkeeper gives you access to a qualified resource; someone who understands the needs of your business, your reporting obligations and the technological solutions to give you the end-to-end solutions you need.

3. Save money. Because an external bookkeeper isn’t part of your organisation, you save money in having to either employee a resource to do it in-house or alternatively to do the bookkeeping yourself, which is time you could more productively spend on other things.

4. Access to technology. Most small business can’t afford state of the art bookkeeping technology and those that can generally don’t have the expertise to use it. Employ an external bookkeeper and you can get access to the latest cloud based software, guaranteeing easy, quick and reliable reporting. You’ll get real time visibility into your business financial performance and opportunities to improve as well as streamlining the preparation of BAS, tax returns and financial statements.

We offer a free business review along with affordable bookkeeping services Australia wide. Find out if a bookkeeper is right for your business and start gaining the benefits of a third-party bookkeeper today.

Mark Chapman, Tax Communication Director, H&R Block