Many small business owners start out managing their own bookkeeping requirements often assuming it is one way of avoiding another business expense. More often that not, a point is reached where the burden of maintaining control of these tasks becomes overwhelming, consumes time away from family and other business priorities or worst case, something is missed, or a mistake is made, and the consequences are detrimental. Often the cost of managing your business’ bookkeeping versus calling in the experts is too high and the consequences too serious.
Outsourcing to a bookkeeper comes at a monetary cost however the benefits are certain to outweigh this. Possibly the greatest benefit comes from the time you get back to do with as you wish: more time with your family, personal interests outside the business or the luxury of time to invest in what you do best that led you to start your business in the first place! It ensures you’re always up to date with the financial side, allowing you to make smart decisions and avoid mistakes.
Here we explore the benefits to hiring a professional bookkeeper highlighting how having them on board will cost you less than managing your business’ bookkeeping yourself.
The value of time versus managing your own bookkeeping
Unlike many other factors in managing your own small business, you have the control over how you make time work for you and your business. You can choose to make more time every week by hiring a bookkeeper, so you can prioritise time with your family, personal interests or invest time into creating opportunities to grow your business.
A professional can take control of your financials and be more likely to undertake the requirements in a portion of the time it would have taken you to do it yourself. This will save your business money because you’ll have time to spend on what you do best and working on activities to make your business grow.
The dollars and sense of managing your own bookkeeping
Does hiring a bookkeeping professional make sense both logically and financially? There are many software options for small business bookkeeping that allow you to retain control, however in addition to the time it takes to do it yourself together with the cost to purchase or subscribe to the software package, it all adds up.
At Arabon, our bookkeeping support starts from as little as $330 per month, giving you access to tools such as Xero, Receipt Bank and Fathom in addition to our team of trained accountants and bookkeepers.
Small business operators know all about operating within a small profit margin. A good bookkeeper will have an eagle eye for this detail and be in a position to give timely advice on how to widen this margin and deliver better results.
Navigating tax and regulatory reporting
Tax time can be stressful and overwhelming. A bookkeeper has the knowledge and expertise to navigate these processes efficiently especially when armed with all your business’ financial information. In essence this should make for a positive experience and outcome for your business, making tax time less of a burden.
The benefits of outsourcing versus managing your own bookkeeping
Rather than hiring a new member of staff, you can use the services of a bookkeeper on an as-needed basis or have an ongoing agreement with regular support. You won’t have the worry of the additional costs that come with hiring an employee, sick leave, annual leave, superannuation, workers compensation insurance and PAYG tax.
So, what’s a sensible solution for your business? If you’re not confident in managing your own bookkeeping and wishing for more time back in your week, it’s time to talk to an Arabon accountant who can walk you through the best support options for your business. We will set you up with your own accountant, deliver regular reporting, manage your margins and taxes, and ultimately give you back the time you deserve. Call us today on 1300 ARABON or visit our website for more information.