Essential Qualities of a Good Bookkeeper

 


Every business needs a great bookkeeper! Bookkeeping is one of the universal realities of being in business.

Along with marketing, networking and website maintenance, keeping the books is one of those universal jobs that if left to get frazzled can really cause great harm to a business. So it makes sense to engage assistance to do basic bookkeeping. But exactly what services can you expect them to provide?

We look at the 5 core roles of a good bookkeeper that will benefit you greatly.

Keep Your Day to Day Finances Organised

Knowing your cash flow requires knowing what is coming into to your business and what is going out on a regular basis. This means keeping track of your company’s daily accounting matters and this can be time consuming, frustrating or downright impossible depending on how little you understand about the process. Outsourcing to a bookkeeper means you get someone who is always looking after this aspect of your business so that you can focus on others.

Implement Systems that Make Your Accounting Easier

A good bookkeeper will assess your current accounting system and what improvements can be implemented that will allow things to flow more smoothly within the business. Plus, it ensures that you are able to share the information your bookkeeper needs in a more efficient manner.

Sound Budgeting Facts

You need a firm understanding of what can be considered investments, what are expenses, which invoices have not been collected, which bills to pay as well as which ones can be delayed, among other things. Having a bookkeeper means having someone on your side who has this knowledge. It also means having someone who can help you understand what proper budgeting means and how to implement it.

Generate Reports as Needed (Using Live Company Data)

Financial reports will be important from time to time. These may be needed at the end of an accounting period, for tax purposes, when seeking a loan or when approaching a possible investor. Part of a bookkeeper’s role is to generate such reports from the company data you would have already provided. Also, he or she would also save you the hassle of updating said data if that needed to be done before running the report.

Help Save Money

The advice, increased efficiency and overall expertise that come from using a bookkeeper will almost certainly save you money. In addition to this, you will spend less on an outsourced bookkeeper than you would spend on a permanent accounting employee. A bookkeeper therefore helps you save by showing you how to spend less and by costing you less overall.

These are not the only roles a bookkeeper plays. In fact, being a good bookkeeper can encompass many aspects. Here at iKeep we provide a complete service and are keen to assist you solve your bookkeeping problems. 

Comments

Post a Comment

Popular posts from this blog

It’s 2024 fringe benefits tax (FBT) time!

  As the 2024 fringe benefits tax (FBT) period approaches, it’s essential to note key dates and obligations. Employers who have provided fringe benefits to their employees or their associates between April 1, 2023, and March 31, 2024, are required to lodge and pay their 2024 FBT returns promptly.  Notable dates to remember include: The conclusion of the 2024 FBT year on March 31, 2024. The deadline for lodging FBT returns and settling any outstanding liabilities to avoid penalties and interest is May 21. For electronic lodgments through tax practitioners, the due date for lodging and payment is June 25. Employers new to lodging with a tax practitioner must ensure inclusion on their FBT client list by May 21 to be eligible for the June lodgment and payment timeline. Even if no FBT return is necessary, registered employers must inform the Australian Taxation crucial, the ATO recognizes exceptional circumstances and encourages proactive communication for those experie...
Read more

Managing Cashflow for Small Business

  Any business owner will tell you that managing business cashflow can be a real juggling act. Cashflow is one of the most common problems that cause business owners to lose sleep. Gaining control of your small business’ cashflow will go a long way to improving your peace of mind and reducing stress. So  how Can a Business Improve its Cashflow ? Identify Identifying certain triggers in particular sales and payments will make a significant difference to cashflow management. Analysing outgoing payments and noting when they regularly occur will go a long way to ensure strong cashflow. Some of the key areas to consider are: Payroll for staff Supplier payment terms and conditions Australian Tax Office Utilities Finance including bank fees and loans Rent Payment to suppliers Customer payments including refund policies There are number of business costs that must be accounted for to help create better cashflow management for your small business. Becoming aw...
Read more

Federal Court Decision on Employer’s Failure to Pay Annual Leave Entitlements

  The Federal Court of Australia recently ruled on a case involving an employer’s failure to pay a worker’s accrued annual leave entitlements upon termination, underscoring the importance of compliance with the Fair Work Act 2009 (Cth) and the severe repercussions of non-compliance. Case Background The case focused on the worker’s claims that the employer had dismissed him for exercising his “workplace rights,” imposed unreasonable working hours, and failed to pay his accrued entitlements upon termination. The court found the employer in breach of section 90(2) of the Fair Work Act for not paying the worker the amount equivalent to his accrued but untaken annual leave when his employment ended on December 9, 2021. The owed amount of $8,022.82 was paid only on March 30, 2022, nearly three months after the termination. Seriousness of Breaching the NES The court emphasized the seriousness of breaching the National Employment Standards (NES), stating that “any breach of the NES...
Read more