When Is it Time to Engage a Bookkeeping Partner?
As a business grows and develops, the bookkeeping can become more complex and time-consuming.
Here are six signs it’s time to consider engaging a professional bookkeeping partner, leaving you free to concentrate on building your business!
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Your books are never fully up-to-date
If you struggle with keeping your accounts updated, you will never really know how your business is faring, or how much money you have available to invest in it.
A bookkeeper will keep your books current, so you have an accurate picture of your business at any moment in time.
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Your DIY bookkeeping is taking too much time
Being jack-of-all-trades is all very well, but it can mean not having enough time or energy to focus on building your business.
When you partner with a reputable bookkeeper, you’ll find yourself heaving a sigh of relief that you can leave this important task to them!
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You’re procrastinating
Bookkeeping must be done – you can never wish it away! The longer you put it off, the bigger the job gets.
So if you find yourself procrastinating, it’s time to get professional help with the burden.
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You keep suffering from bill shock
If you haven’t put money aside for a big bill, it can really put a dent in any plans you had for the week when it arrives. This tends to happen with things like GST or PAYG instalments, which can be substantial.
Engaging a bookkeeping partner can be very beneficial for avoiding bill shock. A professional bookkeeper will help you manage your cashflow, keep track of your liabilities and advise you on how much to put aside for coming bills – all well ahead of time.
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There are errors in your accounts
This is never a good look for a business! Not only does it mean you won’t have an accurate picture of your business’s financial health, it can lead to you paying too much tax or fines and penalties from the tax office.
Accuracy is at the heart of professional high-value bookkeeping, and can save you money.
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Your accountant is cranky with you
Have you been going to your accountant at the end of the year with messy books, leaving them frowning at you over the top of their glasses, so to speak? If so, it could be time to make some improvements.
Partnering with a bookkeeper ensures your books will be “accountant-ready” by EOFY – which should help keep them happy!
Accountants also generally charge more than bookkeepers, so if they’re spending time doing bookkeeping tasks or fixing mistakes, it’s going to cost you a lot more money.
Engaging a bookkeeping partner
Engaging a bookkeeping partner can save you time, money and stress. If some (or all) of the above indicators apply to you, get in touch with our team to discuss partnering with Bookit for professional bookkeeping and payroll services.