In this week’s edition we discuss the importance of bookkeeping and why outsourcing this service can assist in saving you valuable time and more money than you think. With this new edition we also present to you Steven Wong Bookkeepers which is a new arm designed to focus entirely on business’ books, employee obligations and the day-to-day business activities.
Have you always wondered why you present your accountant a full set of organised financial numbers for the year and still find yourself with high accounting fees? Despite other factors such as the complexity and the application of different accounting methods, we find more time is spent fixing the numbers provided than on analysing how we can maximise the business overall performance. In a perfect world, if we could get our hands on the financials early or better yet, be the ones that manage the bookkeeping from the start we can focus more time and energy on how to maximise your financial and tax positions.
By creating this outsourced approach, it gives you more opportunity to spend time working ON your business instead of working IN it. If you can’t allocate more time on your top line items like sales, you’re wasting more opportunity in the income you could make than you in hiring a bookkeeping service.
As a specialist of small to medium sized businesses I have found a common tendency for business owners to manage their business bookkeeping themselves or hand it off to a receptionist, family member or other staff in a bid to save themselves costs. Financial reports are only as good as the information we are provided with. If we are given information that does not reflect the true nature and performance on the business, we can only go as far as to communicate this back with the business.
Here are some quick steps in ensuring you stay ahead with your business and offload unnecessary work:
Ability to recognise that your business is at a stage where the bookkeeping work can be outsourced to specialists who ensure that all data entries and information is kept up-to-date and is reliable.
Ensure you find the right accountant who you trust. Forming a great relationship with a bookkeeper and accountant closes the gap for any missed information and also allows you to have a better understanding of your business
Don’t be afraid to ask your accountant if you need assistance with bookkeeping. It might have been years of turning your accountant down for this type of service, but a great accountant will handle the transition and guide you through the process smoothly.
Invest time to understand what is going on within the business. This means scheduling time for discussion with your accounting team and making sure that your set targets are met. This helps you set greater goals and allows you understand where the business is under/over performing.
Steven Wong Bookkeepers
Accounting for Growth