Bookkeeping service for small business is considered as the mandated evil for small business owners. It is a mundane task that may take up to hours of time. This is the basic reason that over one and half of small business owners don’t keep up with their finances up to date on a monthly basis. Small business Bookkeeping is the secret weapon when it’s all about the growth and management of the business. It’s with consistent measurement of the financials of the company financials and some other indicators that we being business owners may efficiently handle and expand our businesses.
- Trends in business cloud software
The businesses have put more interest and trust towards the usage of cloud-software to run their businesses over some years. The report by Business Use of Information Technology in 2016, reported that 60% of the businesses relied on Cloud Computing Services. Only 25% of these reported paid “cloud computing”. However, in 2012 the term “cloud computing” was not found anywhere in such a report.
The small business bookkeeping professionals were not much aware about or were skeptical of putting their data in the cloud.
Xero accounting has been leading the way, in the accounting space. It’s been wonderful for the accounting professionals. Due to Xero we are not only growing virtual bookkeeping practice, but we have also been able to generate income for our families.
- Save on bookkeeping fees
For Bookkeeper in Melbourne, it’s not all roses as we grew up in such a world where business owners cannot dream of doing it themselves or leaving an unqualified person to save few dollars.
With the rise of cloud accounting platforms such as MYOB, Xero, and QuickBooks, we have seen a certain expansion of business owners opting to do it themselves, hiring a family member, or engaging an existing admin to take on their bookkeeping. It implies that the bookkeeping could be completed at a lower cost or for free in certain cases.
And why not? Business entrepreneurs intend to keep the costs low; it doesn’t make any send to keep the cost of a small business bookkeeping low.
- Unqualified Melbourne Bookkeeper cost much
As cloud software continued to gain popularity, a rise in unqualified bookkeepers providing small business bookkeeping services has also been noticed.
The falsified accounting software companies, who claim that bookkeeping is ‘beautiful’, ‘easy’, have noticed a drastic increase in ‘rescue jobs’. When a business owner reaches us just for a quote, we commence by completing a Bookkeeping Health Check on their data file.
We also have a reason to believe this is related directly to the trend towards Cloud Software, the falsely promoted ease of bookkeeping, and the rise of unqualified people pursuing bookkeeping.
- Efficient in record-keeping
To understand where the business stands financially, the Melbourne Bookkeepers must keep a record of where the money goes and how it’s spent. It all relies on how well you maintain your records.
Poor record-keeping is amongst the common mistakes that the business owners make, this mistake often leaves them not knowing where the sales go and a number of debts unpaid. Record Keeping is the crucial task that small business bookkeeping professionals need to do in the long run. Holing receipts and recording these in an organized file system assists you to assess the expenses and keeping the track of the financial status.
This provides the required data needed to make crucial financial decisions. In such events that are required to be audited, you have accurate financial records to present.
- Not leaving your bookkeeping for last minute
Our bookkeepers in Melbourne cannot stress you much, how crucial is that they don’t leave anything for the last possible moment. The tax time could be made easier if your small business bookkeeping expert stays on top of your bookkeeping throughout the year.
You will face a lot of stress when the end of the financial year rolls around and you have a lot of things to do.
- Diagnosing bookkeeping mistakes with a health check
We are diagnosing the data file when we complete a bookkeeping health check. The Melbourne Bookkeepers do this by checking the file completely initiating with the usual suspects these are the areas where the mistakes are found commonly. They also document everything as they go, providing a detailed report on the things that are happening in the file for a client. From here, we work with the clients to prioritize the order in which the errors must be corrected, and discuss the costs involved.
Need assistance fixing bookkeeping mistakes?
As now you have gone through the ways that professional Melbourne Bookkeepers follow, you may also analyze whether these are applicable to your business. It is the perfect time to upgrade your small business bookkeeping towards turning mundane tasks into interesting ones.
If you need any assistance in bank reconciliation or any service related to small business bookkeeping, or assistance in fixing your bookkeeping mistakes, stay in touch with professional Bookkeepers in Melbourne at Reliable Bookkeeping Services.
