A qualified and professional bookkeeper can do a lot for your business. They can help you keep track of your cashflow for example, and meet your ATO compliance.
Let’s look at what you can expect from a good bookkeeper – and how you can help them do their job!
Willingness to learn and listen
Every business is different, and it’s important your bookkeeper has at least a basic understanding of how your industry works. This comes from a willingness to listen and learn, and to take the time to understand your business’s goals and needs.
Good grasp of accounting
While your bookkeeper may not be a qualified accountant, they should be expected to know the basic concepts of accounting and how these apply in your business. They should be able to get your books up-to-date, accurate and ‘accountant-ready’ by the end of the financial year.
They can explain what the numbers mean
Bookkeepers are more than data entry operators. A professional and experienced bookkeeper will be able to explain what all those numbers mean – what your profit & loss and balance sheet can show you about your business for example.
That said, it’s important to remember that bookkeepers are not tax accountants or financial advisers. They may be able to explain what expenses you can claim and how the GST works, but they can’t act as financial or tax consultants.
Commitment to compliance
All businesses must meet their compliance obligations. Depending on the business, this includes lodging BAS and other statements to the ATO, remitting payroll figures through Single Touch Payroll, and paying superannuation on time.
Failing to complete these actions can lead to fines and penalties, so a good bookkeeper will ensure that these processes happen when they should.
Good communication skills
Without good communication between you and your bookkeeper, your accounts could end up being inaccurate. So your bookkeeper should be a good communicator who asks questions or seeks more information if they’re not sure about something.
It’s important to remember that communication is a two-way street, so make sure you provide the information they need when asked. After all, a great bookkeeper will have your best interests at heart!
The days of entering numbers into giant physical journals are long gone. These days, bookkeepers are expected to be able to understand multiple types of accounting and other software programs and put them to good use.
A solid commitment to you as their client
It’s not enough to have a bookkeeper that just fits you in when they have a spare moment in their busy life. You need one that demonstrates a through commitment to your bookkeeping needs all year round.
This is where partnering with a professional bookkeeping firm can really help. At Bookit we are committed to our clients 52 weeks of the year. To find out how we could help your business, get in contact with us today.