Start the New Financial Year with a New Bookkeeper
Category : Services
Business start-ups do almost everything with strong sense of Do-It-Yourself mentality, and they thrive on that. Completing every task yourself from marketing and accounting saves money because you don’t have to pay for any professional service. For the first few years when money is not flowing-in as smoothly as expected, it can indeed be difficult to justify hiring professionals such as a bookkeeper.
When business starts slow and financial transactions never exceed the amount you can handle, all accounting tasks are relatively easy. As the company expands and gets bigger, doing financial bookkeeping on your own will probably lead to more troubles. Many tasks including credit card usage tracking, payroll posting, and account reconciliation can be tricky; when a pile of transactions are waiting to be processed, it is always easy to make rookie mistakes.
Bookkeeper Makes Everything More Organized
Basic accounting is not actually very difficult, especially when you use reputable accounting software on your computer. While you can do this in your own, bookkeeping tasks certainly keeps you away from doing something else for your business. After a couple of years of business, tax planning and accounting become more complicated that you simply cannot afford to take the idea of hiring professional for granted.
Timely Accurate Information
A bookkeeper is not an accountant. The former is the one who does accounting jobs on daily basis for examples paying bills, filing paperwork for payroll, submitting invoices and following up on them, credit card usage tracking, reconciling accounts, and more. Company’s expenses must be tracked and every cost should be entered properly as well. When the time comes for taxation and financial reports, your company is ready.
On the other hand, an accountant helps you see the bigger picture of your financial situation. Based on the files/reports compiled by bookkeeper, the accountant can generate reports concerning profit, loss, and tax. If needs be, an accountant will offer advices to reduce operational cost and increase profitability.
One thing that prevents many small business owners from hiring professional bookkeepers is the invasion of user-friendly accounting software; those applications are good on themselves since they provide an easy way that even someone without any accounting educational background can use them for basic accounting. However, throwing data into the software without good understanding of bookkeeping can lead to disastrous results which will affect tax return. The safer bet is to hire qualified bookkeeping service filled with professionals who know what they’re doing. To get in touch with a 360 Consultant click here or call 1300 360 749