Bookkeeping services - why do you need them
- Nov 08, 2022
- 8 min read
Bookkeeping can’t be that hard, can it?
It’s just the data entry of your business expenses, and raising the invoices, right?
Well…
It’s a little more than that and requires considerable time, training, skill and know-how to do it right.
And doing it correctly is key.
Accurate records ensure you and your accountant receive the correct and up-to-date information in which to make key business decisions.
We know business environments continually change and evolve, so having the key information on hand, will give you confidence in their accuracy and be pivotal to your decision-making.
And bookkeeping is central to this.
To help you work out if you need a bookkeeper, ask yourself these questions:
1. Do you have the time to spend accounting for the transactions going through your business’ books?
Sure, you can do the bookkeeping at the end of the day when everyone has gone home, but wouldn’t you rather be home with your family or out with your friends?
Or better still, spending this time working and developing your business? Working on sales, purchasing, marketing or focusing on strategy and execution.
It may take you hours to complete the bookkeeping for your business but for a trained and experienced bookkeeper, it doesn’t take very long.
Benefit tip:
Sleek bookkeepers are certified and qualified to set up new ways to speed up the process of entering your business transactions, accurately.
Outsourcing bookkeeping services means you’ll get up-to-date records you can access at any time to make key business decisions.
2. Do you like bookkeeping?
Bookkeeping isn’t for everyone.
First of all, you need to have accurate data entry skills to enter all business transactions.
You also need to be good at numeracy and basic maths skills.
Important: attention to detail is a must – this is essential to prevent calculation errors, duplicate entries and payments and to have a clear oversight of all transactions.
Keep going…
Are you organised with paperwork?
Recording accurate business transactions is one thing, but keeping good records is more than this. It needs planning and organisation to create a system to record, file and retrieve transactions.
And not to mention, the many deadlines that fast approach and need to be attended to.
Yes, you are right, exhausting.
Benefit tip:
Use your time wisely and do the things you like.
For the rest, just get some help from professionals like our team at Sleek. They’ll save you time and headaches.
3. DIY or outsourcing bookkeeping services?
Be honest here, if you know the difference between accounts payable and receivable, you understand trading profitability and cash flow, then yes, you’re up for the bookkeeping task.
If these terms threw you, maybe not so much.
Understanding accounting language and keeping your cash flow under control requires some qualifications and experience.
You will need to record your business transactions – the income and expenses in line with accounting best practices – and account for them properly in your accounting software.
Benefit tip:
Be mindful that mistakes can be costly to your business or ultimately lead to a fine with the ATO (and you already pay enough taxes, don’t you agree?).
Put up your hand if you answered No to these questions. Come on, be honest. Take the plunge and hire a Sleek bookkeeper.
Subscribing to Sleek’s bookkeeping services is a great business decision when you consider the time savings, and the systematic and accurate business records you’ll be able to work with to grow your business.
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