Starting, running and growing a business is definitely more challenging than being an employee without all the stress. As the business owner, you wear many hats at the same time: complying with ATO, sales and marketing, responding to suppliers and clients, handling and paying employees, and analysing financial information, among many others.
No matter how skilled and hardworking you are, there will come a time when the most important aspect of your business, your bookkeeping will suffer—worst, not done at all.
Here are five reasons to help you consider your options
Reason 1 - Bookkeeping in the cloud.
Cloud bookkeeping is the growing trend among small and medium businesses because of its many benefits. Once your books are on the cloud, you can access your data anytime and anywhere, make them available for anyone using permissions, keep them safe and updated real-time, and analyse them easier using built-in computing codes. Integrating systems and removing data entry will also go a long way to reducing your costs and the time you require to manage your accounts.
Reason 2 - On-time bookkeeping all the time.
When you outsource, there is a dedicated team to handle your bookkeeping—no need to worry about employees getting sick or resigning. Because your accounts are kept up-to-date, errors are detected early, your BAS/IAS are lodged on time, and your financial reports are made ready for your monthly review. Now that time has never been more valuable, it is counter-productive for you to be doing your own books when you can be out building the business or spending more time with your family.
Reason 3 - More time to focus on the business.
Designating the crucial and big accounting and bookkeeping tasks to experts means that you not only rid your mind of stress, but you also get back time to focus on other aspects of your growing business. With bookkeeping struck from your task list, you have more time to deal with clients, manage your employees, be with your family, and rejuvenate when needed.
Reason 4 - Experts handling the books.
Keeping up-to-date with the changing ATO compliance requirements means that you need to read reports or releases from time to time. You can have someone do that for you by outsourcing. Your outsourced team will ensure that your business remains compliant with regulations so you do not get penalised. Plus, because they are experts in the field, they can train your people, provide comprehensive reports, and inform you of important business trends.
Reason 5 - Reduce business costs.
It’s more important than ever to reduce costs where you can or reinvest in areas that will help you grow. You can replace the time-consuming and expensive old accounting methods with a more efficient one by outsourcing, which requires you only pay for the service and not for employees that are looking to fill in their time. Plus using the right company it will be comparably faster, more efficient and best practice.