Do you hate keeping your books upto date? You know you need to, but you don’t want to? Enter (drum roll): a bookkeeper. A professional bookkeeper can work wonders for your efficiency and productivity levels.
Have a read of what they can do for YOU (and how you can help them!):
1/ Provide a wealth of research and knowledge (from their other clients and resources)
2/ Make sure they have knowledge of various accounting systems (both online (Xero/Saasu) and offline (MYOB/Quickbooks). No good to find a great bookkeeper who only uses particular software – and it’s not the one you have!
3/ Track your payables and ensure you take advantage of any discounts/early payment qualifications
4/ Make you aware of your debtors once passed certain agreed upon benchmarks/terms and conditions of the particular client
5/ Keep you on time with reporting to the ATO, whether monthly or quarterly.
6/ Explain the software you are running and which reports you need for your purposes (and not just leave you hanging and waiting for end of year Return to show your bottom line results (+ show your results against budgets))
7/ Set standards and timeframes for the paperwork you need (ie. certain reports within 1 week of end of month) so you are always on top of your books and aware of what’s going on with your business.
8/ Perform backups of your file and send you a copy regularly
9/ Suggest ways to improve business processes and procedures
10/ Remember that a bookkeeper’s work can be done onsite and offsite (virtually).
11/ Set a monthly plan or ad hoc rates, so there are no surprises in regard to fees. Some bookkeepers package up software costs within their monthly charge (one less expense you pay direct! And some may be able to get you a better deal!)
12/ Very Important >>> Allow and introduce communication lines between bookkeeper and accountant. This ensures questions are answered promptly and your books are reflected correctly.
As with any professional – set terms of engagement between yourselves. ie methods of communication, document drop off points, interaction with accountants etc.
Has a bookkeeper helped you in your business? Any further tips and tricks that were not mentioned above?
As of 1st January 2010, pleasure ensure your bookkeeper is a BAS Service Provider/BAS Agent. This ensures your bookkeeper has the relevant (and minimum) qualifications to look after you.