How a Good Bookkeeping Service Benefits Your Business

Your bookkeeper can be instrumental in helping your business manage its finances. This is not only with data entry, but also being able to manage cashflow, forecast expenditure, and provide all sorts of information about the financial health of your business.

These are the top 4 things we recommend you speak with your bookkeeper about. 

1. Setup Bookkeeping Systems

My Great Bookkeeper are specialists in MYOB, Intuit/QuickBooks, and Xero bookkeeping. Cloud based accounting software can be used to manage your accounts from anywhere you have an internet connection.

Additionally, your bookkeeper can connect bank feeds to business bank accounts and automate processes for sales invoices and purchase invoices. This minimises data entry, saving time, expense, and confusion. 

Alternatively, if your business is small and just starting out, a bookkeeper can track business transactions in excel stored in the cloud.  Bookkeeping in the cloud is a good move when moving to a paperless office.

We specialise in Xero , MYOB and QuickBooks Intuit. Providing software setup, training, bookkeeping, BAS + 7 day support.

2. Budget Preparation

A financial budget is a plan of revenue and expenditure. This allows the business to allocate funds in advance for specific known purposes. You may want your bookkeeper to prepare a quarterly or yearly budget.

Your budget helps you get an overview of your financial position and prepare for the future. For Example:

  • How much does the business anticipate earning each month?
  • What are the anticipated costs directly associated with a sale?
  • What will the electricity, rent, telephone, leases, and staff expenses be?
  • After you take your costs and expenses away from your gross income, what is the bottom line?

These key figures help you acknowledge what the business needs in order to stay within its boundaries and not overspend.

As a small business bookkeeper, too often we see businesses run into trouble. They fail to realise that they are not making profits. Some business owners withdraw exceptionally high wages and salaries, or splurge on expensive motor vehicles to look the part before their business is in a position to handle the capital acquisition purchase.

3. Cashflow Forecast

A service that My Great Bookkeeper regularly offers is Cashflow forecasting.

Cashflow forecasting can help a business avoid serious financial problems. It helps them get on top of bills payable and appropriately apportion their income. It is especially useful when seeking finance as it shows potential lenders the capacity a business has to pay them back.

4. Monthly Financial Reports

Financial reporting lets your see all your business bookkeeping data in a structured and logical way.

Whilst there are a wide variety of financial reports your bookkeeper can run, the two  reports to be reviewed monthly are:

Profit and Loss| Income statement

Your profit and loss report is a statement list of revenue earned and expenses incurred. It tells you how much profit or loss you have made in the given period, based on a financial year.  This statement helps businesses charge appropriate sales prices and develop suitable sales targets. It helps compare actual figures with estimated budgets, highlighting possible errors and/or room for improvements.

Balance Sheet| Statement of Financial Position.

Your balance sheet is a statement that lists the business assets, liabilities, and equity.  It shows how the business is traveling as of a particular date. The Balance Sheet helps the business with its working capital (money to fund day-to-day operations), and the liquidity (how quickly you are able to pay your current debts) by providing you with an indication of financial health.

My Great Bookkeeper Services

We specialise in online accounting software such as Xero, MYOB, and Quickbooks. We provide a full range of bookkeeping services, staff training, and BAS Agent services.

For Bookkeeping and BAS related support