If you’re not a numbers person and find bookkeeping complicated, time-consuming and a stressful process, it may be time to delegate this task to someone who truly enjoys it. Here are 8 reasons from our experts on why you should outsource your bookkeeping services.
Books are never up to date
When you fall behind on your bookkeeping, your books stop reflecting the current state of your finances. This makes it hard to understand your cash flow and the overall health of your business. If balancing books is not your passion and you’d rather spend your time thinking about how to better sell your products or services, consider outsourcing your bookkeeping. A bookkeeper can not only help with your books but can also be on top of debt collection and put in place systems that help you get paid faster.
Overwhelmed with paperwork
If you end your work day wishing there were more hours in the day, it’s probably time to start thinking about using a bookkeeping service. A bookkeeper can help manage your massive to-do list and give you your time back. There’s no reason for you to feel overwhelmed with paperwork when there’s so much support out there. Your bookkeeper can integrate more efficient business systems so that things run smoother. At Carbon, we like to use a lot of automation tools to get the job done. This will reduce your workload and allow you to spend your time focusing on more important things.
Behind on lodgments or need help with payroll
Reduce your stress from trying to manage your business activity statements (BAS) on your own. While most of us don’t enjoy preparing or lodging BAS, it’s something that is a requirement for all businesses. Working with a registered BAS Agent ensures that your BAS lodgments are being prepared and lodged on time. Also, with a registered BAS Agent, you get a one-month extension on your lodgment due date which is great for cash flow.
Are you paying your staff correctly and on time? Payroll is a very complex area that confuses a lot of business owners. If you don’t pay your staff the correct rates, it can lead to hefty fines. A payroll specialist or bookkeeper can help you with end-to-end payroll management and keep you compliant with PAYG, superannuation requirements and STP.
Losing money and don’t know how
When you aren’t seeing the gains you’d like, it’s tempting to either focus on working harder or moving on to a new project. Hiring a bookkeeper can help you look at things from a fresh perspective and offer an objective opinion. Bookkeepers also look at cash flow management and are a great resource when it comes to learning how to improve your cash flow. Whether you want to improve your accounts receivable, review stock levels or look at boosting cash flow through financing activities, our bookkeepers can help you.
No free time for yourself
A rare luxury that most business owners don’t have is time. Time to completely switch off and do something for yourself. Outsourcing tedious and basic bookkeeping tasks such as payroll, invoicing, debt collection and BAS lodgments will give you back your time so you can enjoy your weekends. Whether that be by catching up on much-needed sleep or attending the footy on a Friday night, an experienced bookkeeper can give you peace of mind that these tasks will run smoothly, even without you.
Want to grow your business and focus on creating revenue
A bookkeeper can take your admin tasks off your hands so you can focus more on bringing in more money. By understanding customer spending patterns, delegating time-consuming tasks and proving accurate invoicing, you’ll have more time to focus on other areas of your business. Our Bookkeeping & CFO Services team can also help you understand how your business data and insights can help you produce more revenue.
Your accountant is also doing your bookkeeping
You may be paying more than you should be for bookkeeping services if your accountant is doing it. A good bookkeeper can help reduce your accounting costs by preparing clean books to hand over to your accountant. There are benefits to working with a bookkeeper such as more in-depth reporting, month-to-month financial records and flexible contracts.
Can’t afford someone in-house or full time
If you’re not sure whether you can afford a full-time in-house bookkeeper, outsourcing may be for you. Get the benefits of working with a bookkeeping expert for a fraction of the price. By teaming up with a bookkeeper, you’re allowing yourself to make better, more informed business decisions that will support your business growth.
How to choose the right bookkeeper
A good bookkeeper is someone that understands your industry, your vision and your needs as a business owner. You want someone who can implement systems and processes that improve the overall productivity and efficiency of your business and comes to the table with insights into how you can grow your business.
At Carbon, our Bookkeeping & CFO Services team are the best in their field. As registered BAS Agents, Xero Platinum Partners and MYOB Diamond Partners, our bookkeepers are at the top of their game when it comes to cloud-based bookkeeping and offers a full suite of bookkeeping services for all types of business owners. Our bookkeepers can also help if your old bookkeeper left you with a big mess to fix. When it comes to your books, we promise we’ve seen it all and have helped all sorts of business owners. Let us help you get back on track by getting in touch with our team today.