Bookkeepers handle finances. We all know that much!
But, some of our clients are surprised to find out just how many of their financial tasks we can help them with as bookkeepers.
More than just sending a few invoices, the right bookkeeper can save you some real time in your business.
That frees you up to focus on other core business tasks (that’s code for the ones that make you money!)
Want to know exactly what you can outsource to a bookkeeper?
Then, read on to find out 8 ways a bookkeeper can save your business time.
Accounts Payable
Accounts payable involves all of the bills your business has to pay. These could be bills to suppliers or other expenses that you might have incurred.
If you don’t properly plan for upcoming expenses, then it can really impact your cashflow negatively. Missing payments can lead to penalties or late fees. But, if you outsource this job to your bookkeeper, they can keep on top of your bills, ensuring nothing is missed. They’ll also make sure everything is correctly paid on time.
Accounts Receivable
Accounts Receivable is the part of your business that brings in the money - it’s what you get paid by clients or suppliers. Keeping on top of your receivables can help you to maintain good business cashflow.
A bookkeeper can help by sending your invoices in a timely fashion to ensure you always have a steady flow of money coming into the business. They can also check that the correct amounts are being paid, and whether those amounts are being paid on time so you are never left short.
Got some funds outstanding? No problem. Your bookkeeper can send friendly, professional and timely reminders to get the money flowing in.
Payroll
Payroll is not something that you want to get wrong! But, it can be quite complicated to ensure everyone’s hours are recorded correctly, along with juggling leave entitlements, deductions, sick pay, and public holidays.
By outsourcing this job to the right bookkeeper, you can ensure it is done right every time. You can breathe easy knowing that your staff will be paid on time and that all of your payroll records will be kept up to date throughout the year.
GST Returns
Any business that is registered for GST with the IRD will have to submit a GST return and pay the funds that they owe on a regular basis.
The best bookkeepers (like the team here at Biz Support) will ensure they are up to date on the latest IRD practices and filing dates so that you don’t have to be. This is one job you can confidently hand over to save yourself time and stress. Your bookkeeper will ensure all of your records are correct so that you pay the right GST amount on time and avoid any penalties.
We can also discuss any issues with the IRD on your behalf, saving you even more time and ensuring you meet your legal obligations.
Bank Reconciliations
Reconciling your bank account is when you match the transactions in your accounting system to the actual dollar figures coming in and out of your business bank accounts. Keeping on top of this task means that you know exactly how much is in your account at any given time.
Using a bookkeeper to do this task means you can manage your cashflow effectively. Your bookkeeper will ensure all of your records are correct so that you can establish the financial health of your business at a glance. Plus, if you keep your accounts reconciled on a regular basis, all the records are ready and waiting come year end.
Monthly Management Reports
Management reports let you know what is happening in your business. They help you to understand whether your business is making a profit or a loss and whether you are on track with your budget or not. They also ensure your end of year records are neatly presented for your accountant.
But, it can be challenging to know which reports you need to run and how to compile the data for them. If you outsource this task to your bookkeeper, they can run the reports on your behalf, meaning you don’t have to.
Debt Collection
When running a business, you want to do everything you can to create good cashflow. That means, getting the money in for the work you do in a timely fashion.
Having outstanding funds can make it hard to meet your financial obligations. So, staying on top of your debt collection is vital. However, it can be awkward to have conversations about money with your valued clients. By having your experienced bookkeeper take on the task, you can professionally recover those debts without worrying about damaging client relationships.
End Of Financial Year
As tax time approaches, your accountant will need accurate and up to date records for the financial year that has just been. For some business owners, it can be a scramble to pull all that information together.
However, if you work with a bookkeeper throughout the year, they will be able to lay their hands on this information almost immediately. Even better, it will be accurate and up to date! They will simply need to run the necessary checks and reports your Accountant will require.
Choose The Right Bookkeeper
The key thing in making sure a bookkeeper can save you time, stress and energy is to choose the right one! It is obviously a huge thing to trust someone with your finances, so you need to ensure the bookkeeper you choose is reliable and trustworthy.
Here at Biz Support, we embrace a set of core values that include integrity, professionalism, reliability, and congruency. We are passionate about helping businesses like yours master their finances without the stress. We are here to make things easier for you.
If this sounds like the kind of bookkeeper you need on your team, then get in touch with us here.
