Why an accountant and bookkeeper can help you and your business.
Keeping on top of your finances can be stressful and confusing, plus take a lot of your time away from your actual business. If you have made it a goal in 2022 to make more free time to focus on strategy and sales, then you may need to look at hiring an accountant and bookkeeper. Having an accountant and bookkeeper is going to help make your business better in many ways. Well-run businesses will generally utilise both a bookkeeper and an accountant, but what’s the difference?
Bookkeepers
Bookkeepers are involved in the day-to-day activities of the business. They are responsible for recording and reporting all financial transactions including keeping track of daily transactions, sending out invoices, managing accounts receivable and/or payable, payroll and preparing the books for the accountant.
Accountants
Accountants oversee the financial integrity of a business. They prepare and lodge tax returns and ensure that the business is operating within all the government rules and regulations. They collect, analyse, record and report on financial data which helps to make data backed business decisions.
Here is what having an accountant and bookkeeper can help with:
Look after costs
Bookkeepers and accountants will keep a close eye on your business costs ensuring that you aren’t spending too much for no good reason. They can also look at the data and suggest areas where you can cut down and look at alternative options to save money.
Save you time
No business owner wants to be spending their days crunching numbers and running sums, when you don’t really know what you’re looking at. Having a bookkeeper and accountant means that they can look after the finances, and you can go back to doing what you want to do in your business.
Get an honest overview of your business finances and projections
You may look at your finances and think that you are in a good position, having someone external to look at your finances means that you are more likely to get an honest overview and someone to tell you how well the business is performing and what the future looks like for the business.
Can help you to better structure your business
After analysing your finances, accountants and bookkeepers can help you work towards creating a better business structure, if its needed. Any business will need to grow and restructure at some point in its lifecycle, therefore having a team that can help to devise a plan and set achievable goals is going to be beneficial.
Help you establish and set reasonable and achievable business goals
Having an overarching understanding of your finances, bookkeepers and accountants can help you to set achievable business goals that are cost effective and won’t put you into debt.
Make sure your business is operating correctly within the rules of the ATO
As a business owner, you know there are key dates each year that you must pay. For example, GST, PAYG, BAS and IAS, a bookkeeper is going to ensure that all your financial information is correct, and accountants can lodge payments on your behalf.
Helps you to maintain a healthy budget and manage debt
You don’t want to get yourself into debt that you can’t manage and if there isn’t a set budget it can be detrimental to the business. Bookkeepers and accountants can help you set and understand a budget plus manage any debt that you have.
The team at Whitson Dawson are your local accountants. Our team is professional, experienced, and friendly. We want you to get the most out of your business and help reduce stress or any financial worry that you may have.
Our team works with small and medium size businesses, plus we specialise in rural accounting in the sugar and cattle industries. We can provide you with a full bookkeeping service, including maintenance and bookkeeping training – services can be on a weekly, fortnightly, or monthly basis, covering all aspects of business management, payroll, ATO and super obligations. Our accountants can provide a comprehensive range of taxation and accounting services to suit your needs.
Get your business finances into shape in 2022 and trust the friendly team at Whitson Dawson to look after your accounting and bookkeeping needs.
Simply phone the office on (07) 4957 2985 or email business@whitsondawson.com.au
Remember, managing your finances doesn’t have to be stressful! We’re here to help.
Until next time,
Whitson Dawson – Your local accounting experts
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