9 Ways Your Bookkeeper Can Save You Money
Like many business owners keen to cut costs, you might sometimes try to do too much yourself – including your own bookkeeping!
But what you might not realise is that a professional bookkeeping service could actually save you money in the long run.
Managing your invoices
Invoicing can be a time-consuming task. You not only need to send them out at the right time, you also need to keep track of what’s owing and chase up outstanding/overdue money. If these things are not done properly and at the right time, you risk missing out on income when you need it.
A bookkeeper can take care of these tasks on your behalf, maximising your cashflow.
Paying bills on time
Paying your bills on time helps keep your business running, preventing late fees or your business losing access to essential supplies.
A good bookkeeper will make sure your bills are paid on time, helping you avoid these situations.
Paying credit cards and loans on time
If you use a credit card in your business and/or you have a business loan, you will be well aware of the interest that comes with them!
Your bookkeeper will make sure these are paid on time, so you avoid incurring overdue interest and fees.
Helping you make valid claims
If you are not sure about what you can claim for your business costs, you could end up missing out on valid deductions, refunds and GST credits.
Your bookkeeper will make sure your expenses are recorded correctly so you can claim all the benefits you are entitled to.
Keeping track of inventory
Business owners sometimes lose money by not organising their inventory and supplies well, which can lead to costly problems. An example might be where a business runs out of necessary products and ends up having to pay extra for an urgent delivery.
A professional bookkeeping service can help prevent these sorts of problems by using software to keep on top of inventory management.
Helping you with your cashflow
One of the biggest problems business owners face is with cashflow.
A savvy bookkeeper can suggest ways of better managing your cashflow – such as through purpose bank accounts, saving up for future GST or PAYG, staggering payments and so on.
Helping you make informed decisions
As a business owner you need to know how your business is faring, and to make financial decisions that are well-informed.
A good bookkeeper will not only generate financial reports, but also explain what the numbers mean. This enables you to make better-informed decisions and potentially save money in the process.
Keeping up with compliance
As a business owner, you have certain compliance obligations. This includes ATO lodgements, superannuation remittances and more.
A professional bookkeeping and BAS service can help you avoid ATO fines and penalties by keeping up with compliance on your behalf.
Saving you time
As they say, time is money, and the more you have of it for growing your business the better! By taking over these everyday tasks, your bookkeeper can free up your time, save you money and reduce your stress.
If you would like to learn more about how a professional bookkeeping service could save your business money, don’t hesitate to get in contact with us today.