Get out of your books & back into your business

How do you feel when you look at your books & financials? At ease or overwhelmed? Are the receipts piling up or invoices not getting paid? Do you only get to reconcile sporadically? Is it a love/hate relationship? You love to know your numbers, but hate having to sit and do the work?!

Hiring a qualified Bookkeeper is an excellent way to save yourself time, money and headaches.

Having accurate and up-to-date bookkeeping is crucial to business success & growth, because it paints a clear picture of how your business spends money and where you make money.

But, if your accounting is never current, you could be missing red flags that you need to address, or missing opportunities for expansion and growth!

So, rather than getting bogged down in your bookwork, you could invest the time to find the right Bookkeeper for your business and outsource to them. They’ll take the stress away, let you focus on what you do best, and enable you to spend your valuable time on marketing, sales and growth.

In this article, I’ll take you through what a Bookkeeper can do for you, my top tips for working together using virtual and cloud-based services, and I’ll dive even deeper into some great examples of when you’ll love the fact you’ve outsourced your Bookkeeping!

So, what exactly can a Bookkeeper take care of?

A qualified Bookkeeper can work with you to set up your financials, streamline your processes, provide training and manage the following tasks:

  • Invoicing
  • Accounts receivable and payable
  • Payroll processing
  • Superannuation and tax obligations
  • Bank reconciliations
  • BAS preparation and lodgement
  • Debtor management
  • And much more!

For a business to constantly stay on top of their bookkeeping and keep their financial records updated accurately can be really demanding and stressful.

Whereas, if you engage the services of a qualified bookkeeper, you’ll feel at ease as they manage your day-to-day financial recording and keep on top of your reporting and statutory obligations.

You need to understand the financial position of your business and by working with a bookkeeper, you can be sure that your accounting records are always current and the information is readily available. This makes it so much easier and so much less stressful to plan, budget and respond to change or opportunity.

Completion of tax and super obligations is also made far easier when bookkeeping tasks are up to date. Plus, it’s your Bookkeeper’s role to know all of the deadlines and remind you in advance of what they need from you – so you never have to worry about missing a deadline again!

Top tips for working with a Bookkeeper virtually

Gone are the days when you needed to have a Bookkeeper come to your premises, or drop off your shoebox of receipts to them with a sheepish look on your face!

In fact, this is another great reason to outsource to a qualified Bookkeeper – you don’t have the additional layers of employing another employee, making it cost-effective and simple to work together. You also don’t have the limitation of having to find someone locally.

Here are my top 3 tips for working together successfully online:

  • Accounting Package: Find the right software solution for you and your business – whether it be Xero, MYOB or Quickbooks. Your Bookkeeper and Accountant can assist you with choosing what will best suit your needs now and into the future.
  • Receipt Management: There is also other software such as Receipt Bank and Hubdoc which makes life so much easier! You can take a photo of your receipt and upload it or email an invoice through, which saves time with data entry and streamlines your record keeping.
  • Cloud based storage: You don’t need to be tied to your desk. Both you and your Bookkeeper can access your current information and files on any device, wherever you are, through online storage options such as Dropbox, Google Drive or One Drive.

Great examples of when you’ll love your Bookkeeper!

Here are some perfect examples of when you’ll love having accurate and up-to-date bookwork, and the flow-on effects that it will create in terms of your business processes and your own confidence and peace of mind!

Cash flow management: your Bookkeeper will implement a systematic approach to generating client/customer invoices, following an accounts receivable plan (i.e. reminder emails and statements), and ensuring timely allocation of payments to your suppliers.

Tax preparation: they will also instigate a process to keep your records up to date, which will mean that when it comes time to complete your tax returns, the information is ready and accurate and can be handed over to your Accountant for completion.

Payroll: outsourcing your bookkeeping ensures that pays are processed accurately and on time, which means happy staff all round and not having to waste time needing to undo or fix any errors!

Bank reconciliations: your Bookkeeper will put systems in place to ensure that your bank reconciliations are always up to date, meaning you can always see your cash position and be able to generate accurate and up-to-date reports the moment you need to. Spot the red flags early or jump on those opportunities!

Meet your Deadlines: The beauty of a Bookkeeper is they will keep you organised & on-time. A good Bookkeeper will guide you and ensure that all of your statutory obligations and third-party obligations are met. They’ll put systems in place to guarantee that accurate records are kept and you remain compliant and on-time with the ATO, superannuation and other third parties.

Are you ready to get outsourcing?

Honestly, the peace of mind and ease you’ll feel from investing the time to find the right Bookkeeper for your business will be so noticeable.

You’ll feel ahead of the game, because they’ll take the stress away from you of having to get so many tasks done, and let you focus your attention where it needs to be. Plus, by having accurate and current information, you can truly focus on growing, strengthening and even scaling your business.

I imagine by now you’d be thinking that yes you should outsource your bookwork! But when is best to do it?

By establishing a strong and cohesive relationship, your bookkeeper becomes a valuable extension of your business and I highly recommend engaging the services of the right one for your business to work with you through all stages - from start-up to growth and beyond.

But if you already have a business, simply start where you are!

As a final note – you will have noticed that I’ve mentioned the words ‘qualified Bookkeeper’ numerous times throughout this article. Make sure when you’re chatting to discover if they’re the right fit for you, that you ask about their experience and qualifications.

And here's my bio

Hi, I’m Belinda from Complete Admin & Bookkeeping & I love to save you time, money & unnecessary headaches! It’s my job to get you out of your books, BAS & admin, so you can get back to what you do best – running and growing your business.

As a registered BAS agent and with over 25 years of experience, I work with clients from a wide variety of industries right across Australia, including tradespeople, sole traders, civil construction, property developers, interior designers, practicing professionals and more.

Whether you need our expertise for a one-off project, support with adhoc tasks or regular assistance, I’m here for you. I’ll listen closely to your needs, work alongside you to streamline your accounts and day-to-day tasks, and ensure your business runs as smoothly & efficiently as possible.