Hiring a great bookkeeper can help you succeed

Hiring a great bookkeeper should be your main focus when you start a business.

There are a lot of things to get right when you start a business:

  1. Setting up systems for your business
  2. Setting up the Accounting Software
  3. Setting up Invoicing Template
  4. Creating a Chart of Accounts to suit your business
  5. Setting up a system for organising all the invoices & receipts
  6. Paying Suppliers
  7. Sending Remittance to Suppliers
  8. Chasing Debtors
  9. Reconcile the Accounting System regularly
  10. Set up employees, paying them & sending them payslips
  11. Pay Superannuation
  12. Set up budgets, forecasts, cash flow, etc.

A single late lodgement could incur a penatly from the ATO of anywhere between $170 to $1,700. But it does not finish at the fine.

Bookkeeping is one of the single most important function for any organisation. Have you ever tried to do the plumbing yourself? or build a house yourself? or build a computer yourself? Then why bookkeeping? While it is tempting to save some money towards your bookkeeping costs, you are probably not saving any money in the end.

Imagine having no clarity on your targets, imagine paying an Accountant $400/hour for work that a bookkeeper could perform for $80/hour, imagine the extra hours spent on performing bookkeeping that could instead be put towards expanding your business and generate extra revenue, imagine overpaying suppliers in error and not finding out or not receiving payment for your invoices and not having an appropriate follow-up procedures.

Successful business owners learn what their skill sets are and they focus on improving on them and expanding their business. Good business owners focus on building a successful team rather than doing everything themselves. Build a highly focused and interacting team and see what wonders your business can achieve.

Take time in recruiting the right bookkeeping team but when you do hire a good one, clarify and set the targets around your business model. Invest your time in studying reports, analyse the numbers and make changes to make your business fly high.

If you have not got a great bookkeeping system then invest some time in learning about the options – Xero, QuickBooks and MYOB are the preferred software for us if you are a SME. If you are a larger enterprise, you can look at MYOB Exo or SAP.

Talk to our team of Experts to see how you can improve your bookkeeping systems and processes. First 30 mins consultation is FREE!

Have a chat with us.

If you are serious about growing your business, speak with our team to see how we can help.