In a previous blog post I traced the development of the bookkeeping profession over the last 20-30 years. In this post I will continue on with that theme by going into what a bookkeeper can actually do for your business.
Bookkeepers have always been important to the day to day running of a business by quietly keeping things ticking over in the background without a whole lot of fuss. They are the ones that keep the paperwork in order, make sure your bills are paid, customers are invoiced, customers pay you, your accounting system is up to date and your accountant receives a clean set of books at tax time.
In recent times with the advent of cloud technology and the bookkeeping profession becoming more regulated the value a bookkeeper can add to your business has increased substantially.
Bookkeepers are now more educated and knowledgeable than ever before. A requirement of being registered as a BAS Agent with the Tax Practitioners Board is a minimum of a Certificate IV in Bookkeeping (a 12 month course), 1400 hours of relevant experience and an on-going requirement to maintain continuing professional education.
Cloud technology such as Xero accounting software and Receipt Bank has dramatically changed the way bookkeepers work. With the more basic tasks of bookkeeping such as the data entry of invoices being automated, bookkeepers now have more time to provide more value added services such as helping business owners to make sense of their numbers.
With the improved standards in the bookkeeping profession combined with better tools to work with bookkeepers are now adding more value than ever before and this will only improve in the future as the technology further advances.
Some of the new ways that bookkeepers help small business include:
Setting up a paperless office where all receipts and invoices can be stored in the accounting system against the relevant transaction. No more annoying bits of paper lying around to be lost.
Help small business owners make sense of their numbers by providing real insight to enable great decisions to be made. No more laying awake at night worrying about your finances, as you will know exactly where you stand. Bookkeepers are in a unique position to provide this information as they are living and breathing it every day. Many business owners comment that their bookkeeper is the most important person in their business, they are invaluable.
Keeping a close eye on the cash flow of a business to ensure the business is able to meet their financial commitments as and when they become due.
Drive efficiencies by advising on and setting up systems that make your life easier and save you valuable time.
What does your bookkeeper do for you? Are you taking advantage of the increased skill set and technology available?