- Compliance and Accurate Record Keeping
It is the BAS agents job to keep your business records up to date and accurate. They will understand and comply with the lodgement requirements for your BAS and/or PAYG. In addition, they will be able to recommend and implement the most efficient systems available, which will help provide accurate reporting to assist in the decision making by the management/business owner.
- Saving of Time and Money
Lack of time is one of the biggest problems for a small business owner. By using a bookkeeper this will free up the business owners valuable time to work on things like marketing and growing the business.
Cash flow is another problem for small business owners. Many business owners think that employing a bookkeeper is an unnecessary expense, however, most small business owners do not have the necessary skills do their own bookkeeping. It takes them longer, and in some cases cost them money because they didn’t correctly understand the lodgement requirements of their BAS. In addition, many small business owners don’t understand how to prepare and read financial reports and will spend unnecessary time trying to do this. The best way to think of this is, that you would not attempt to do a plumbing or electrical work if you weren’t qualified, it is the same for keeping your financial records.
- Taking care of your Staff
Any business owner will know that having their staff paid on time, and their super remitted to their super funds by the due date, is not only important, but also a legal requirement. A good qualified bookkeeper will take care of this for the business owner. They would prepare the weekly or fortnightly wages, email pay slips on time, make super payments by the due date via a SuperStream compliant means, and prepare the end of year payment summaries by the due date including lodging the file online with the ATO.
- Keeping Debtors Up To Date
According to surveys one of the most important issues for a small business is being able to manage their cash flow. Timely invoicing of your clients and getting them to pay on time is critical to cash flow. Bad debts eat into a business’s profits, and slow paying clients are a drain on your business. A good bookkeeper will be able to put methods in place to get payment from your most difficult clients, therefore easing the burden on your cash flow.