What Do Bookkeepers Do?
For most business owners in Sydney, a bookkeeper is an essential part of the workforce in any small business. There is no way that owners or managers of a growing company can spend a large portion of their days studying receipts and balancing the books. These financial records are vital for accurate reports on profits and losses, so need a professional, dedicated team member to keep on top of them. The best candidate for the job is usually a bookkeeper – somebody to come in now and then to update the records and see how things are going. But, what will this additional team member actually do for you?
At the core, bookkeeping is all about the simple recording of financial transactions.
We need a clear report and data log of all incoming and outgoing money in order to stay in the loop with our finances. This means no nasty surprises at the end of the month when we look at profit and loss statements or consider their taxes. Ideally, this will be a BAS agent that understands ATO requirements in order to successfully handle the following aspects of the job.
Dealing with the invoices, receipts and expenses:
They need to handle all these documents for the business to see where the money came and went. This is essential for keeping track of recent purchases and order – both from customers and to suppliers. They should keep on top of providing these receipts and invoices, taking responsibility out of the hands of owners. They can also track expenses through petty case payments, delayed payments on credit cards and other discrepancies.
This information is all entered into the system with careful data entry. This means regular and accurate monitoring and reporting with clear presentations with the best accounting software. There is the choice here of working together in person in the office or remotely. Some managers prefer the later – out of sight and out of mind.
No business owner wants to handle the payroll if a bookkeeper can do it instead. This is a difficult job with calculations of the hours worked, overtime requirements, taxation and other factors. The more staff there are, and the more complex the rota, the harder it is. This is especially true for smaller companies with around 10 staff on various shift patterns that pay weekly, rather than monthly.
Those that work with online software should have clear links to bank accounts. This makes it much easier to handle bank information and statements to match up with the numbers. It is also one less concern for management.
It is clear that there is every reason to hire a bookkeeper if you are struggling to handle the finances alone.
Bookkeepers bring professionalism and peace of mind to an office, no matter the size of the company or the number of people on the payroll. Business owners that don’t have the time or knowledge to handle the books can rely on the expertise of a professional bookkeeper services in Sydney. The right candidate will handle the data on incoming and outgoing transactions with ease and spell everything out in a clear report. This means more time to grow the business and make those profits for them to record.