Is it important to know how much money you have in your business bank account? Does your software or spreadsheets allow you to monitor the financial health of your Business?
Over the course of a month how long do you spend doing your bank rec?
Have you ever sent an invoice to someone that owes you money and they’ve turned around and said ‘I didn’t get your invoice.’
Has your accountant or bookkeeper ever asked you to provide them with your receipts, invoices or memorandums?
How long does it take you to process your super payments?
These are all relevant questions any business should be asking themselves, especially if you have a bookkeeper who is helping you take care of the financials for your business. Not all bookkeepers are created equally. Just like many other service providers – your GP, hairdresser or mechanic, bookkeepers are not a ‘one size fits all’. They are a specialist field and therefore you need to feel comfortable & safe knowing that they are meeting your needs and the needs of your business. You need to be able to trust that they have your back, at least when it comes to your businesses bookkeeping and you need to feel that you can be completely honest and transparent with them.
If you don’t feel like this about your bookkeeper or you can’t answer some of the above questions effectively, perhaps it’s time to start thinking about a new bookkeeper. Someone you can rely on and trust. Ever wondered what you should look for?
- Look for someone with formal bookkeeper or accounting training and preferably be a registered BAS Agent. A registered BAS agent means that the Tax Practitioners Board are satisfied that the bookkeeper has the required skills, qualifications and experience to correctly account for GST and prepare your BAS according to
- Look for someone who understands your businesses process. That way they can help to streamline your business, making sure nothing is missed or duplicated and the financial process is as simple and efficient as possible.
- Look for someone who asks questions. You may find this annoying but in order to fully understand your business and what is needed and necessary, and to ensure transactions are correctly allocated, a bookkeeper needs to ask lots of questions, not
- Look for someone who knows what they don’t know. They know what is legally in their scope but also aren’t afraid to say ‘I don’t know’ and then find out the information from someone who does.
- Look for someone who does their homework and keeps up to date with bookkeeping, accounting and technology industries.
- Look for someone you can trust. As previously stated, someone you feel comfortable sharing your financial business details with is worth their weight in gold!
Don’t put it off. If you aren’t really happy with your bookkeeper or you aren’t 100 percent sure they are taking care of your business financial needs properly, it might be time to start looking for someone who will. Sometimes a fresh approach to your Business finances can be refreshing!
Sign up with Balance Books and receive your first BAS lodgement free and see for yourself what great bookkeeping looks like!
Disclaimer: The advice contained in Balance Books blogs and newsletters is of a general nature only and may not apply to your individual business circumstances. For specific advice relating to your situation, please contact your Accountant or other professional adviser to discuss further.