Buying Time for your Business

What is the one thing that a Small Business owner needs more of? – You might think Money! However, more often the answer is Time.
Time to work on the business, time to enjoy the things that money can buy, maybe even time to just stop and think about where the business and life is taking them.

So how do you buy time? One way is to outsource some of the existing roles you’re performing in the business, typically one of the first ones to go is “the bookwork”.

What do you look for when finding a professional bookkeeper? The nature of bookkeeping is growing as a profession, with over 100,000 people involved in the industry in Australia. The government has recently announced proposed changes to the industry which would require all bookkeepers conducting BAS services to be registered. They would need minimum education qualifications of Certificate IV in financial services and proposed legislation changes to who is eligible to prepare a BAS for a business.

Most small businesses are unaware that it is unlawful for a Bookkeeper to compile a BAS unless they are a member of a registered accounting body or working under the direction of a registered tax agent, with severe penalties for each offence.
So what should you look for when choosing a Bookkeeper

• Ability to work with your Accountant
• Skills including technical and personal
• Relevant Qualifications
• Previous Experience
• Defined list of tasks to be performed for your business
• Schedule of fees
• BAS Preparation or No BAS Preparation

A good bookkeeper is a valuable resource, however make sure that they are complimentary to (and working with) your accountant and never engage a bookkeeper to be a replacement for your accountant. Ideally they should work together to further the growth of your business.

If you have a good bookkeeper your records can provide you with vital information that can lead onto valuable services conducted by your accountant and advisers in areas such as management accounting, business planning, benchmarking, budgeting, cash flow analysis and forecasting, succession planning and even wealth creation. – more ways of helping you Buy Time in your business.

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