When you’re running a small or medium business, saving money on overheads is always a priority. When it comes to financial administration, ensuring employees are paid accurately and that the correct deductions are applied can be a challenge.
Often, outsourcing is the most cost-effective way of getting this work completed. For business owners, finding a suitable professional to complete the work, but one who won’t cost more than necessary, is essential. Luckily, a bookkeeper offers the perfect solution.
Read on to discover the services that bookkeepers provide, as well as some reasons why using a professional bookkeeping service to keep your financial records in good order has a number of advantages.
What Services Do Bookkeepers Provide?
A good bookkeeper will almost certainly provide a payroll service, which will include the management of super. This will include processing new starters, altering entitlements in line with changes in circumstances (such as maternity leave or a change in salary, for example) and processing leavers.
If you want to ensure your organisation is fully compliant with one-touch payroll requirements, a bookkeeper is the professional to use.
Financial Systems & Processes
In addition to providing a comprehensive suite of payroll services, you can also depend on bookkeepers to set up and administer your financial systems and processes.
In addition to preparing your financial records to ensure completing tax returns can be done accurately, bookkeepers can also prepare financial statements, reconcile bank statements, provide financial projections and complete BAS, GST and IAS documentation as required.
Maintain Financial Records Correctly
Importantly, bookkeepers can also train up your workforce to maintain records correctly. If you’ve got well-trained staff working on your financial records, it’s likely that your customers will see the benefit.
Well-maintained records also make it easier to identify areas where savings can be made, keep an eye on profits and ensure that any decisions that are made about the company are informed by accurate, timely financial reports and projections.
Why use a bookkeeper for your payroll and other financial recordkeeping and processes?
Probably the main reason to use a professional bookkeeper is that you can be confident of enjoying robust financial systems and processes that optimise the chances of accurate, up-to-date financial information. Correctly kept financial information makes annual tax returns simple to complete and also reduces the risk of errors.
If you opt for a bookkeeping service, you can hire professional expertise for just a few hours a month and still get all your essential financial work completed. The flexibility of a professional bookkeeping service makes it both customisable and cost-effective – smaller businesses may only need a few hours of support, which can then be easily increased as the business grows.
For small and medium business owners, knowing that your financial record keeping is in good hands can be an enormous relief. For a relatively small sum, you can be confident that you’re complying with all relevant financial requirements and that your staff are being correctly paid.