What a good Bookkeeper should provide!
Does your Bookkeeper:
- Prepare a Management Report that clearly shows the Key Financial Indicators of your business, therby saving you the time and effort of going through Profit & Loss and Balance Sheets.
- Review your Chart of Accounts with you, your Accountant and your Advisor/Coach to make sure that it is tracking Key Drivers effectively.
- Discuss Bookkeeping requirements with your Accountant so that your Accounts are in line with what the Accountant needs. Thereby, streamlining the Tax Reporting process and saving you money.
Or do they just do your books?
If your Bookkeeper just comes in and inputs your Invoices etc into your existing Accounting Package ready for BAS, then you are missing out on other benefits. Most Bookkeepers appear to be a necessary evil and are used by the Business Owner purely to update their Accounts so that they can compile their BAS Statements. Other than Tax Owed and maybe Revenue and Profit, the Business Owner has no clearer idea on how his Business is trading.
At PROBITY PARTNERS we believe that your Bookkeeper should be doing more for you than just record keeping for Tax purposes. Your paying for them, so you should be getting benefit from them as well as the Tax Office. A PROBITY PARTNERS Bookkeeper will:
- Set up your Chart of Accounts so that it is reflective of what your Business does and what you need to measure.
- Complete a Management Report for you after updating your Accounts, that will track the Key Financial Indicators (eg. Gross Profit %, Debtor Days etc) you both feel are important to running your Business. This will give you the power to react to a concern before it becomes a problem.
- Keep in contact with your Accountant so that your Accounts are being kept correctly. This negates the need for the Accountant spending time every year changing things and writing up Journal entries, thereby costing you more money.
- Offer an Online Bookkeeping Solution so that they can update your books more regularly with a minimum of cost to you.
Contact us, if you are in Brisbane and would like to learn more or discuss further what a PROBITY PARTNERS Bookkeeper can do for you.