When you own a small business, it can be challenging to stay up to date with the administrative demands of your company. This is especially true if your team doesn’t have the specialist skills needed for some tasks. One area where this might be an issue is bookkeeping.
Bookkeeping is an essential part of running a business and getting it wrong can have a negative impact on your company finances. When you don’t have the necessary knowledge and experience, choosing professional bookkeeping services is the ideal solution. This blog answers the question “what do bookkeeping services include?”.
What do bookkeeping services include?
The bookkeeping services you need depend on the nature of your business and your requirements. Professional bookkeepers work closely with their clients to understand their needs and suggest the services that would be most beneficial for them. Bookkeepers take on a range of tasks including:
- Running payroll
- Business set-up and administration processes
- Software assistance and training
- Accounts payable, receivable, and debtor management
- Reconciliations of bank accounts, loans and credit cards
- BAS, IAS, & GST preparation
- Cashflow management
- Monthly management financial reports
- Single touch payroll compliance
- Statutory reporting
How regularly does bookkeeping need to take place?
Much like which services you need from a bookkeeper, how regular your bookkeeping needs to be done depends on the organisation. Busier and larger organisations typically need to take extra care to understand their position. This means bookkeeping might be needed every day. For smaller businesses, monthly bookkeeping is often sufficient.
It’s worthwhile to stay on top of bookkeeping because there are associated legal requirements. In Australia, the legal requirement is that business owners must retain bank statements, invoices, and receipts for five years. If your company has employees, this rises to seven years.
Benefits of using bookkeeping services
Professional bookkeeping services give you the confidence that your bookkeeping is accurate. It takes the pressure to do the work off you and ensures that your bookkeeping processes are well-managed. You’ll have more time to devote to other aspects of running and growing your business. Bookkeeping also helps you to get a realistic idea of your business’s financial position.
How do I know if I need bookkeeping services?
The first thing to consider when deciding whether you need bookkeeping services is whether it’s worthwhile to outsource the work. If your business currently handles only small volumes of work it might not be worth investing in bookkeeping services immediately. However, if you have larger volumes and your time could be better used in other ways, choosing professional bookkeepers like Whitson Dawson might make sense.
Contact Whitson Dawson
If your business needs reliable bookkeeping services from experienced specialists in Mackay, Whitson Dawson can help. We provide a wide range of financial services, including bookkeeping, to clients in Mackay and nearby. We’re proud to be the city’s longest-running accounting firm and we specialise in services for small and medium-sized businesses. If your organisation could benefit from our dependable bookkeeping please contact us to arrange a consultation.