As a small business owner in Australia, managing your customers and services leaves barely enough time to attend to your paperwork.
It can be quite stressful to manage everything yourself, especially when you’d like to invest yourself more in the business itself, rather than the paperwork. That’s why so often, local bookkeepers are the backbone of local, small businesses in Australia.
And you might ask–why so? Well, they are affordable, convenient and efficient. Yet, their true value comes from the insights they offer, their knowledge of the regulations in your area, and most importantly, they give you peace of mind that comes from having your business in safe hands.
How local bookkeepers become the backbone of your small business
A local bookkeeper is–above all else–convenient. They work similar hours as your small business, which means they are usually more available so you can communicate more easily with them.
Sure, it’s convenient to have a local bookkeeper, but is it efficient? Of course, local bookkeepers have a strong handle on local regulations, which means they can efficiently run your books and keep them in order.
For example, besides the income tax, company tax, GST, and PAYG instalments, each Australian state, territory, and local government may implement specific tax regulations that differ from neighbouring states. So, you should keep a close eye on existing differences in tax regulations in your region, as well as future ones as well.
That’s why a local bookkeeper can truly help small businesses run smoothly. They know the ins and outs of local regulations, and they keep their eyes peeled for any upcoming changes.
Experts in supporting small business owners
Bookkeepers collaborate with multiple small businesses, and can provide valuable insights to help you better run your business. Just the clarity they add when they run your financial bookkeeping efficiently can help you bring better, healthier decisions for the growth of your business.
They care about your business
A bookkeeper who understands and cares for your business can help you make it really flourish. They are more than just someone who handles the paperwork, they can also be the partners you need to succeed.
Recently we got together with small business owner Sharon MacKinney, who made one filing mistake in her bookkeeping, that would have taken her weeks to sort out on her own.
Yet, she extended her trust to a local bookkeeper, and her worries were easily resolved:
“She came in, and we spent hours together. Lysa was looking at my Xero, and she reconciled about 50 invoices right on the spot. That alone would have taken me a week to sort through. And then, just like that, everything was reconciled. It was a huge relief.”
Keeping your small business compliant
Usually, your main concern as a small business owner is to not spend unnecessary money elsewhere and to do as much as you can on your own.
Although it might seem like you are saving some money by not hiring a bookkeeper, you might be exposing your business to risk. Bookkeeping is much more than simple paperwork management–it’s also about keeping your business compliant in more than one way:
1. The key step before you even need an accountant
Accountants can be pricey, and by keeping clean books you can save some money by reducing the hours they’ll need to work through your bookkeeping.
Making even one tiny mistake in your bookkeeping can lead to a mess. A mess that accountants might even choose not to work on.
Sharon, an independent Support Coordinator at SMM Support Coordination recalls:
“I went to see my accountant and he just looked at my Xero and he said, we’ve got big issues here.”
She had hundreds of outstanding reconciliations because she made one mistake. Thanks to a well-paired bookkeeper she got her taxes done on time and found a partner that cared about her and her business.
2. Saving on tax returns
Come the end of the financial year, you don’t want to be left scrambling with a year’s worth of paperwork to sort. There are so many regulations to keep track of, that you can easily miss opportunities to reduce your taxes. Local bookkeepers know the ins and outs of the regulations and can help you apply those solutions.
More time for yourself and less stress
Keeping the business and the paperwork together–it’s just too much work. And it’s also hard on the nerves. At some point, as your business grows, you have to ask yourself, is it worth overworking and stressing yourself when you can easily lessen the load to someone you trust?
By handing off the paperwork to a trusted bookkeeper, you can give yourself some breathing space. Space to grow your business, and time to spend quality time with family and friends.
“Just the fact that I could eliminate that from my responsibilities and totally hand it across to someone I could trust just took such a weight off my shoulders,” says Matt Suckling, owner of Operation Underground Cafe, when he recalls the moment he hired his First Class Accounts bookkeeper.
Investing in good bookkeeping is investing in the backbone of your business
Hiring a local bookkeeper to run the books of your small business can not only relieve a lot of pressure but also help you grow and focus on your business.
Wondering “Where is a bookkeeper near me?” First Class Accounts will help you get the right help for your small business.
