As a BAS Agent, I completely understand the allure of modern technology and user-friendly accounting systems. It’s easy for some business owners to overlook the importance of working with a bookkeeper or accountant. While it’s true that advanced software is at your disposal, it’s crucial to recognise its limitations. These tools must be more sophisticated to replace the expertise and value provided by a dedicated bookkeeper, accountant, or BAS agent. Just because you can handle your accounts doesn’t always mean it’s the best action. Let me present five scenarios that might convince you to hold on to your bookkeeper.
- Loan Applications: When applying for a loan, such as for a new house, office, or vehicle, the bank requires accurate financial information. Although modern accounting software can generate reports, it may not catch recording errors. A skilled bookkeeper ensures your finances are in order, increasing the chances of loan approval.
- Tax and BAS Returns: A business owner must meet tax obligations. Late lodgements can lead to penalties, and inaccuracies can result in an overpayment. A bookkeeper ensures timely and accurate lodgements, preventing unnecessary costs and penalties.
- Payroll Processing: Incorrectly processing payroll can lead to serious consequences, such as underpaying employees or violating Fair Work regulations. The expertise of a bookkeeper helps avoid mistakes with pay rates, allowances, superannuation, and leave entitlements.
- Financial Viability: Understanding the financial health of your business is crucial. With an experienced bookkeeper or accountant analysing your financials, you may notice cash flow issues or misinterpret profit and loss statements, potentially leading to financial difficulties.
- Accounts Payables Management: Payables can be complex and overwhelming, especially when dealing with suppliers and overdue invoices. A professional bookkeeper can help manage accounts payables effectively, reduce stress, and negotiate timely client payments.
- Accounts Receivable’s Importance on Cash Flow: Their expertise ensures timely invoicing, prompt payment collection, effective credit control, and accurate cash flow forecasting. By maintaining a healthy accounts receivable process, businesses can optimize cash flow, maintain liquidity, and make informed financial decisions.
Your bookkeeper is your valuable ally in navigating these challenges. At Sudoku Bookkeeping, we prioritise helping businesses avoid such issues and provide assistance in resolving them. Contact me today to explore our packages and find out how we can support your business.
Katia Chehade