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5 Reasons Why You Need a Bookkeeper

5 Reasons why you need a bookkeeper

Did you know that almost 60% of small business cease operating within their first three years of commencement. ASIC found that a large percentage of this was due to poor strategic management and inadequate cash flow or high cash use.

One of the keys in making decisions which positively influences business growth is having timely and accurate data of your accounts. But how can you keep on top of this AND focus on the demands of your business? Perhaps you plan on doing a business and/or an accounting course. Do you really want to spend all your free (and not so free) time learning about compliance and numbers? Wouldn’t you rather be using your valuable time and valued skills doing what you’re good at and what you get a buzz out of doing?

This is where a registered BAS Agent can be the solution. Why should you choose one to look after your financial data when you want to look after this yourself?

  1. Training and accreditation. A registered BAS Agent means that the Tax Practitioners Board are satisfied that the bookkeeper has the required skills, qualifications and experience to correctly account for GST and prepare your BAS according to legislation.
  2. Experience, cost effectiveness and efficiency. Selecting a bookkeeper based on price is risky. As with most professions the cheaper the bookkeeper, the less experienced and qualified that they probably are. This can end up being more costly than doing the books yourself as you could be paying for more hours worked by the bookkeeper and then paying your Accountant to correct their errors. Therefore, using a Registered BAS Agent will ultimately save you time and money.
  3. You are too busy to keep on top of invoicing and chasing customers for money. As your business grows, available time reduces. Even though your business appears to be thriving you never seem to have enough cash in the bank. A major reason for this could be that you are unable to send out invoices in a timely manner and/or you don’t have the time to chase customers for that precious money that they owe you, money that you’ve worked hard to earn.
  4. You are always late in lodging your BAS. Is the ATO chasing you for that BAS you haven’t lodged again? Did you know they can fine you up to $850 for each late lodgment and this is not tax deductible. The good news is that professional BAS agent’s fees are.
  5. You don’t want your best friend or a family member knowing the ins and outs of your business. Chances are they aren’t qualified. Even if they are, do you really want them to have access to your sensitive financial information of one of your most important assets?

So, what have you got to lose? One thing you won’t lose is control. You will actually have more control by having access to accurate and real time data.