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Frequently Asked Questions
What is bookkeeping?
Put simply, bookkeeping is “the process of recording, analyzing and interpreting the financial transactions of a business or individual.”
A good bookkeeper can be a huge asset to your business as they have the knowledge, experience and passion to manage your records accurately. Most importantly, they provide you with an important insight into your business’ operations and profitability.
How will a bookkeeper help my business?
Create time for your business
One of the most common things we encounter with new clients is how time poor they are! During our initial consultations and enquiries, we often hear “I just do not have enough hours in the day” or “accounting is just not my thing”.
Keep you compliant
As a small business owner, you’ve got enough to worry about without having to stay up to date with all the legislative compliance changes. That’s exactly how your bookkeeper can help; it’s our job to know about industry updates and compliance changes so you don’t have to. We bookkeepers stay aware of changing laws, so we can ensure your company is compliant with payroll and tax laws, as well as any other financial rules and regulations that affect your business.
Teach you about your business numbers
A great bookkeeper is someone who doesn’t mind sitting down with you and running through the “ins and outs” of all things bookkeeping. They will take the time to explain your business numbers, show you the insights behind them, provide suggestions, tips of the trade and answer your questions without any accounting jargon.
A bookkeeper also keeps track of your company’s financial health and advises you on decisions that can help you grow your business. They can also warn you if you’re about to make a decision that could hinder your longer-term growth.
In addition, bookkeeping services usually include support for you to ask questions around payroll, software or general bookkeeping.
Bringing a professional on board can seem pricey for a small business owner, but a bookkeeper’s expertise could mean considerable long-term benefits for your company. We can grant you with peace of mind and added time to get back to running and growing your business.
Why do I need a bookkeeper for my small business?
Being a small business owner can be an incredibly rewarding experience. However, running your business can be stressful enough without trying to understand and maintain your books! It is generally an area that small business owners don’t like, but must be responsible for.
One of our key roles as bookkeepers is to take the stress and pressure away from small business bookkeeping, allowing individuals to spend more time on what they are passionate about: their business!
But having a bookkeeper is about more than just saving time. A good bookkeeper is like having a built-in business coach, someone you can build a relationship with. They will take care of all the “boring” stuff while educating you on the picture behind your numbers so you can make better informed business decisions. Bookkeepers can help you to understand the ongoing costs of running your business, what your cash flow situation looks like and if you are really making a profit.
Can bookkeeping be done remotely?
Absolutely! Today’s cloud accounting capabilities were designed to make life easy. Your bookkeeper can manage your books remotely, but you can also access your own real-time data, financial information and reports. You will always have access to the information you need to make business decisions on the go from anywhere, anytime, on any device. This is so valuable for all you busy entrepreneurs!
QuickBooks online allows you to take a photo of a receipt and it will automatically be published to your cloud account for the bookkeeper to sort.
What does this mean? Basically, no more shoeboxes full of receipts!
How much do bookkeeping services cost?
Due to the varying complexities of businesses and their requirements, it is impossible to put a definitive number on the overall cost of bookkeeping services. For example, a sole trader’s bookkeeping needs will differ greatly from a retailer that pays staff!
We offer a complimentary one-hour consultation to discuss your business needs and identify ways we can help you to grow your business. Once we have a strong understanding of your business and expectations, we can discuss a package that suits your specific needs.