What Do Bookkeepers Actually Do, and How Can They Help My Small Business?
When a survey by a popular software interviewed 3500 members from the US, UK, Australia and New Zealand came back that many were perplexed as to what a Bookkeeper actually does for business, it didn’t surprise me. Given this fact, it is time I lifted the veil to share with you, what duties, roles and benefits a highly skilled BAS Agent (registered bookkeeper) can contribute to your Small Business team.
What duties does a BAS Agent (Registered Bookkeeper) perform?
- Accounts receivable or customer invoicing and receipting
- Accounts payable or supplier payments and expenses
- General Administration and reception duties (if required)
- Debt Collection and cash flow control
- Payroll processing
- Reconciliation of financial statements – Bank Accounts, Credit Cards, Loans, Lease Payments
- Budgets and Financial Statements
- Data Management
- Monthly / Quarterly or Annual Business Activity Statement
- Forensic or Rescue Bookkeeping
- Cloud Integration
- Prepare Payment summaries for FBT and employer superannuation contributions
- Registering or providing advise on registration for GST or PAYG withholding
- Superannuation Clearing house applications
- Send a TFN declaration to the commissioner on behalf of a client
Visit the Tax Practitioners Board for more details.
Specialised roles of a BAS Agent (Registered Bookkeeper)
Did you know that apart from all the very sensitive financial data and reporting that a BAS Agent can perform, they can have other essential roles within your business? In fact, one role can add substantial financial creditability. A bookkeeper can perform the role of a Chief Financial Officer or Virtual CFO and take over key duties such as:
- Management reporting and dashboard reporting
- Cash flow modelling, reporting and management
- Budget and forecasting preparation, analysis and tracking
- Finance process reviews
- Cloud accounting advice
- Assist you to focus on your financial goals and grow your business
What are the benefits for your business?
Unlike an Accountant, a Bookkeeper looks after your day to day duties within your business to a high standard of detail and accuracy. They have a more intimate knowledge of how your cash flow is managed and can alert you to potential issues before they occur. The unbiased opinion from your bookkeeper could be the breakthrough your business needs to push it upward to the next level.
They free up valuable time so that you can focus on your business growth, rather than working in the business doing your own books. Contract bookkeeping services offer you the flexibility to increase or decrease their time depending on the financial constraints. Added to that advantage, a bookkeeper will cost considerably less than an accountant and will have a more vested interest in your company’s success since they play a more intimate role.
A highly skilled BAS Agent is an incredible asset and may be your catalyst for growth. I hope that this article has now educated you on the value that an experienced bookkeeper can offer both you and your business.
“The opinions expressed by Smallville Contributors are their own, not those of www.smallville.com.au"
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