As a business owner or as an entrepreneur (which are really the same), you will need to document all your income and expenses for tax purposes. Also, it serves as a good way to track your finances and make sure that you are not losing money. If you are an online business owner, you may want to outsource keeping the books for your online business.
There are quite a lot of reasons why you should outsource bookkeeping services. The first reason is that you will be able to decrease your work load. Instead of doing it yourself, you can have someone do it for you through outsourcing. As Brett McFall, online marketing guru from the Gold Coast Australia say, “Ge the General of the Army, not the soldier in the trenches”. You can’t do it all. Quality will suffer if you try.
Another great advantage in outsourcing account keeping tasks for your online business is that it is much more cost effective than having your own bookkeeper in the office. This means that you will be able to save more money for your business and minimize your overhead cost. Many people starting an online business have a day job and run their business in their spare time. Imagine the expense having to have an employee do your accounting for you. All those additional employee costs can be avoided by outsourcing your account keeping.
Basically, bookkeeping involves handling every financial aspect of your business. Consider the extra work load you will not have at tax time, because your bookkeeper has everything up to date, reconciled and in its right place to hand to your accountant. This time saved can be put to productive use on the tasks you excel at and want to do.
Also, a professional bookkeeper, with the correct qualifications and experience should eliminate any mistakes you might make in recording transactions, simply because you don’t know any better. In Australia bookkeepers who submit Business Activity Statements for their customers, must be professionally qualified and registered with the Tax Practitioners Board. This virtually assures you that your financial records are correct. Your outsourced bookkeeper should have as a minimum a Certificate IV in Bookkeeping. Here at Small Business Know How Pty Ltd we employ only qualified accountants with a Degree in Accounting. Most also have CPA qualifications. So you know you are in safe hands when you have your bookkeeping done by us. We have full service offerings including bookkeeping, strategic planning, tax advice, income tax returns, business improvement and corporate registry.
Today there are many bookkeeping businesses, specializing in different industry sectors and small business. The additional information you have from your professionally produced accounting reports will help you to make better and timely decisions about your business. Waiting till the end of the year to receive your Financial Statements and Income Tax Return from your accountant to see how you did is not an effective way to run your online business.
Your outsourced bookkeeper will not only save you money, but give you back time to be more productive in your marketing and sales for your business. If you are not adept at entering data and reconciling bank statements, then it can take you a long time to do something that a professionally training bookkeeper will do in a fraction of the time. That’s money well spent.
So, if you want to save money and run your business more efficiently, you might want to try outsourcing bookkeeping for your online business.
To your success
Dianne Kennedy, CPA Director of Small Business Know How, firstname.lastname@example.org www.smbknowhow.com.au