A successful bookkeeper adds value to your business by identifying and eliminating any errors that could cost you money. Your bookkeeper or BAS agent should work together with your accountant on the right system, processes and tax strategies. Hire bookkeepers with experience using popular accounting software like Xero, MYOB and QuickBooks, are well-organised and, ideally, qualified as BAS agents.
What is a bookkeeper?
A bookkeeper organises and manages your accounts, financial statements and streamline your financial affairs. Their services help you to focus on the day-to-day running of your business, maximise your tax claims and protect you from administrative errors.
What is the difference between bookkeepers and BAS agents?
All BAS agents are bookkeepers but not all bookkeepers are BAS agents. BAS agents are registered and authorised to do more than general bookkeeping including lodging your BAS and IAS statements, doing payment summaries and giving advice on BAS provisions such as FBT, GST and PAYG instalments.
Which is better, hiring bookkeepers or managing your own books?
Unless your business is tiny, it’s better to hire bookkeepers. They know the latest rules and regulations, saving you money and reducing stress. They keep you out of trouble from the ATO and free up your time to do other things rather than look at invoices, accounts payable and receivables.
Who should use bookkeeping software?
Nowadays, all businesses should be using an accounting and bookkeeping software, together with their bookkeepers. Software such as Xero, MYOB and QuickBooks and Reckon are great at digitising your accounts, reducing paper and saving time. They are connected directly to your banks to show all your transactions and balances.
How to hire the best bookkeeper for your business?
Consider these factors and traits when hiring the best bookkeeper for your business:
- Your needs. Look at the software and system you are using, the services you need and whether you require regular meetings with your bookkeeper.
- Their qualifications. Bookkeepers should have relevant certifications while BAS agents need to be registered.
- Their experience. They should have enough experience handling your type of business and industry.
- Their tech knowledge. Nowadays, all bookkeeping services can be done on the cloud or on software. They should be up to date with the latest technologies.
- Find ones with good reviews and references.
- Geographical location. Hire local bookkeepers not foreign ones. They don’t have to be in the same state as all work and communication can be done virtually.
- Hire well-organised and credible bookkeepers.
- Find good communicators who are transparent and honest.
- Cost. Don’t choose the cheapest bookkeeper but look at the overall value.
- Consider accounting firms. Accounting firms have accountants and bookkeepers under one roof, and it may make your life easier.