Unsure why you need a bookkeeper?

These are some of the signs you should look for when deciding to hire a bookkeeper:

• Doing the books is taking you away from working on your business.
• The business transactions have substantially increased since you first started.
• You're not sure that records are being kept correctly.
• Your tax and/or other compliance is getting complicated.
• Your accountant is doing bookkeeping duties and charging accountant fees.

Benefits of using a bookkeeper

Using a bookkeeper should be seen as an investment in your business. There are many benefits to using a bookkeeper and here are some for you to consider.

Saving money

Although many small business owners think this is an unnecessary expense, most small business owners don't have the necessary skills to understand how to prepare meaningful financial reports – and spend more time trying to understand how to keep the financial records.

Think about it this way – you wouldn't attempt to do an electrical job if you weren't qualified – it's the same for keeping good financial records.

Saving time

Time is one of the things that all small business owners need more of. Engaging a bookkeeper frees up valuable time for you to work on other areas of your business.

Accurate record keeping

It's the bookkeeper’s job to keep accurate records – and considering this will be their primary role – it's more likely your records will be kept up-to-date and accurate.

Confidence and compliance

A good bookkeeper will:

• understand the compliance requirements of your business
• ensure compliance requirements are recorded correctly and lodged appropriately
• be up-to- date with the most effective and efficient systems available
• provide improved business reporting to assist in decision making

Read the rest of this article by Business Victoria here.