Having a bookkeeper to do your normal bookkeeping is one thing, but having a good bookkeeper can really help improve your financial accounts and provide you with many other benefits.
A good bookkeeper should be able to offer you the following:
- Handle all sales invoicing and debtors’ reconciliation.
- Handle all suppliers’ payments and creditors’ reconciliation.
- Give you timely financial accounts that will be meaningful and useful to you, so you can monitor your cashflow more effectively.
- Your financial records and accounts will always be reconciled on a timely basis to allow for on-time lodgement of government reports like BAS and wages reports to avoid any ATO fines and penalties.
- Ensure your staff superannuation payments are reported and paid on time to ensure that super expenses are deductible (Did you know that if you pay your staff’s super late, you will lose out on the tax deduction as well as bear extra administration fees and costs?).
- Understand the importance of complex transactions and taxation issues and seek help and advice if and when required (after obtaining your approval of course).
- Should be experienced and can work with the bookkeeping software that you use for your business (e.g. Xero or MYOB live).
- Paying staff and maintaining staff entitlements can be very time consuming and complicated at times (i.e. tax withholding, super payment and leave entitlements) – a good bookkeeper should be able to have a good understanding of this area and can help you manage your staff payroll.
- Have a good understanding of basic accounting concepts to ensure that assets purchased and finance transactions can be recorded and allocated correctly in the financial accounts.
- Self-organised and can follow through with all regular tasks and jobs that needs to be done each week, (either monthly or quarterly) to allow you, as the business owner, to have more free time to work on the business.
- Can work with computers and, at a minimum, be able to handle the basic office software such as Word, Excel, PDF and email system.
If your bookkeeper is happy with just reconciling the bank accounts, then he or she is not doing enough. The more the bookkeeper does, the more use we can make of their work when we do year-end and tax planning. You can use the above list to work out what other things your bookkeeper may be able to do for you.
If, after reviewing the above list, you are finding holes in the level of work being done, we may be able to help fill the gaps. At Stanley & Williamson, we have a bookkeeping division called “Measured Success”. Our team of dedicated bookkeepers are trained and developed especially to offer all of the above services to our clients. With regular interaction with our professional team, they are able to provide a finished product which makes our job easy and allows us to have confidence in the source data received. This can keep costs down and ensure year-end and tax planning is done in an efficient and accurate fashion.
Should you have questions in relation to the above list or want to know more about Measured Success, please do not hesitate to contact your client manager.