Are numbers just not your thing? Does your brain freeze when people talk P&Ls? Is your cash flow more like a trickle and then a flood rather than a steady stream? You are not alone. Many business owners start their business out of a passion they have but end up stressing when it comes to the numbers and accounting side of their business. Juggling multiple roles in your business can be overwhelming, which is why understanding the benefits of hiring a bookkeeper can be a game-changer.

Keep Your Business Financial Data Up to Date

Your business financial data is important, and it is imperative that it is up to date. Yes, accounting software programs like Xero are helping business owners stay on top of the money coming in and out of their business, but the numbers need to be updated regularly so business decisions can be made.

Why Outsourcing Tasks Can Boost Your Business

I love numbers, they are my passion. That’s why I started my own accounting and bookkeeping business, Profit First Accounting. I am, however, not a skilled marketer. I outsource this part of my business to experts. By doing so I have freed up my time and headspace to be able to concentrate on the aspects of my business that I enjoy doing, and what I am good at!

Bookkeeping vs. Accounting: How They Work Together

Bookkeeping tasks can include, keeping track of daily transactions, managing accounts receivable and payable, reconciling bank statements, preparing financial statements and even wages. Accountants then analyse this data to help make business decisions and offer strategic advice, as well as generate tax returns. The two roles are intertwined, both sharing the same goal of helping businesses to thrive, it is why we offer both as a service at Profit First Accounting.

Simplify BAS and Tax Compliance with Expert Help

Compliance with BAS and Tax can also be a mind-bender (for some), and errors are easily made, especially if you are not up to date with any changes to regulations. We can help eliminate these pressure points. As a registered Company Tax Agent, we are not only authorised and skilled to provide these services, but our streamlined processes and accurate reporting enable you to know your exact financial position.

Benefits of Hiring A Bookkeeper

Of course, there are many benefits to hiring a bookkeeper, below I have highlighted my top 3 reasons:

Save yourself time and money

According to CSI Payroll and Accounting on average a business would spend 10-15 hours a month on bookkeeping administrative tasks (this does not include errors that need to be fixed). Should you engage someone skilled in this area you could save yourself approximately 30% less time! This means you can focus on the parts of your business that you can actually generate money in.

Financial Accuracy

In order to make sound business decisions, you must have accurate information in front of you. Inaccurate financial data can also lead to compliance issues, as well as bad investments across your business.

Improved Cash Flow

When keeping track of outstanding invoices, and bills payable you can understand your financial position more clearly. This can then allow you to make better decisions for your business. Take it one step further and implement Profit First into your business and you will wonder why you didn’t do this sooner!

We are strong believers in empowering our clients with financial literacy. It’s not as scary as you think, and we can walk you through what you need to know. We want to help you unlock your business’s financial potential, and we can do this with our personalised approach. We understand that each business is different, and can help identify potential opportunities that can help you and your business soar to new heights.

Tailored Packages to Improve Cash Flow and Simplify Bookkeeping

We have seen that many business owners are struggling more and more with their cash flow. Inflation and increasing overhead costs are not helping anyone’s bottom line. Because of this, we have come up with a range of new packages to suit any business. We advocate for cash flow education, and it should be available to every business owner. We have created a range of packages to suit your needs. Perhaps you want to learn the basics of bookkeeping so you can do this more efficiently moving forward or maybe this is a part of the business that you are happy to outsource, simply book a call with us.