Even the wealthiest people in the world have the same amount of time in their day as the rest of us. So how do those successful individuals who we all look up to manage to get so much done in a 24 hour period?
The answer is that they have figured out how to stop doing it all themselves. Whether they have outsourced their diary management, their housework or their marketing, the highest-earning business owners have realised the value of investing in help.
A bookkeeper falls into this category of must-have helpers. Nobody ever managed to amass a 7-figure fortune without having a financial expert (or three or four) working alongside them.
Consider how much you can ‘earn’ in an hour when you are truly focused on your business. Now take a look at how many hours you spend dealing with receipts, trying to estimate your BAS and getting things in order ahead of tax time. Could you be earning more by handing responsibility to someone who is organised, efficient and qualified?
Yes, having a bookkeeper will add to your expenses but take a look at what they give back, particularly if they are a specialist Xero bookkeeper:
Bookkeeping is very easy to mess up if you don’t know what you are doing.
Some business owners actually overpay tax for years because they fail to keep their books in the right order.
On the other hand, if you make mistakes and don’t pay enough tax, you will face a potentially expensive cleanup job. Trying to save a few dollars by doing your own bookkeeping can end up costing you more in the long run.
Better decision making
If your bookkeeping is inaccurate you may find yourself making wrong decisions about the direction to head in.
For example, you may have failed to identify a key revenue stream in your business because you’re not itemising the different ways your venture earns money. As a result, you could miss out on a major opportunity to capitalise on your success in this area.
One way to be clear on where your money is coming from is to use a cloud-based, intuitive platform like Xero. A Xero specialist bookkeeper will help you to make the most of this service so you can see a clear picture of your key revenue streams.
Compliance with regulations
As mentioned, it is important to uphold your legal responsibilities as a business owner. This includes filing your quarterly BAS and annual tax statement in the correct way.
Leave this to an expert and give yourself better peace of mind that your tax and GST are being lodged correctly.
Improved employee experience
Have you ever had a boss who was always late to pay? It’s a frustrating experience and does nothing to promote employee engagement.
Growing your team is one of the most exciting parts of being a business owner but, like dealing with your BAS and tax, there are a lot of rules.
PAYG tax, superannuation, sick pay, bonuses, shift loading… the list goes on. An experienced bookkeeper will make sure all these are taken care of and paid at the right time. This not only keeps your employees happy, it prevents anyone from taking justifiable legal action against you.
Single touch payroll can be arranged through platforms like Xero. It is now mandatory to pay your team this way if you have a business that’s a certain size. Your bookkeeper can help you ensure you’re on track in this area.
Bookkeepers are closely involved in your business and are in a position to see first hand how well it is run.
Your bookkeeper will bring an informed outsider perspective that will help you identify ways to improve efficiency and revenue. If they specialise in working with small business, they can introduce you to systems and processes that will save you time and money, including Xero or other online platforms.
When you have a trusted bookkeeper, they will pay for themselves several times over by explaining what your business numbers are telling you and helping you find ways to grow.
Stop wasting your precious time on your books and hand the responsibility to an expert. This is your first step to achieving your financial goals and growing your business.
Straight Forward Accounting is a specialist Xero bookkeeper. We support small businesses to improve their financial administration and get real clarity around their numbers. Book a free consultation to find out more today.