Business bookkeeping services can save your company money

Keeping accurate, up-to-date financial records is crucial to the success of any small business. The problem is, it's a job that's often done late in the day and at the expense of family time.

The solution? Employ professional business bookkeeping services, which saves you both time and money and ensures you comply with your tax obligations.

Focus on what matters

"We've got a motto - we run your books so you can run your business," says Michael Johnson, Managing Director of Australian Master Bookkeepers. 

"Small to medium sized businesses tend to be owner operated, with owners heavily involved in the day-to-day running," says Michael. "This leaves little time for onerous tasks like maintaining financial records."

Minimise cost impact 

Employing bookkeeping services can help with a range of business aspects, chief among them controlling your costs.

"Initially we can advise on establishing your systems and after that we may only be required for two hours a month, which costs next to nothing," says Michael. 

"We may end up doing a few more hours as you grow, but we can also identify needs as they arise. And by outsourcing your bookkeeping you avoid staff on-costs."

Maximise cost savings

With a complete financial picture you are better able to control costs in the following ways:

• Pending expenses can be identified and planned for.
• Tax compliance means avoiding fines and other penalties from the ATO.
• Financial reporting identifies inefficiencies or bottlenecks in cash flow.
• Streamlining accounts receivable removes obstacles to inward cash flow.
• Supplier terms can be used to benefit your business.
• Proper budgeting allows for business development: for example, employing new staff, planning marketing campaigns.

Ensure compliance

With the way the Australian income tax arrangements are set, many businesses collect tax for the government with their GST. Further, if you employ people the PAYG tax has to be withheld, and you also need to consider issues like fringe benefits tax.

The average small business owner can find these sorts of things quite difficult, says Michael.

"When they do their books mistakes can be made, leading to unwanted attention from the Tax Office," he says. "Employing a bookkeeper removes the unwanted stress from the tax perspective and compliance requirements."

Never enough information

The basic reason why you keep books, apart from compliance, is to know how your business is going. When hard times come you are in a position to plot a path through them. In good times you can plan for the lean times.

"You need profit and loss statements; you need cash flows; you need balance sheets; you need documents for your bankers," says Michael. "So in some respects a good bookkeeper is also a business mentor."

An action plan

Ask one of many professional business bookkeeping services today how they can help you save money, make better business decisions and ensure you comply with your tax obligations.