Hire a bookkeeper shortly after launching your business, or as early as possible!

Delaying this essential step often results in a multitude of issues; cashflow issues, with a backlog of receipts and invoices, and ATO Late Lodgement Penalty fines which are not tax deductible. Late lodged superannuation is not only not tax deductible but fines are incurred. Creating a time-consuming and challenging situation. Managing your bookkeeping might seem manageable initially. The true value of professional bookkeeping services becomes increasingly evident over time.

Be careful engaging the bookkeeper. Too many sets of books come to us in a mess, and your poor-quality accountant may not check your bank balances before filing BAS or Annual Tax return on wrong figures. See mess.

Here are key indicators its time to Hire A Bookkeeper Now

1. Overwhelmed by Invoicing Demands:

If the demands of your business leave you too busy to issue invoices promptly or result in neglecting them altogether. It will impact your cash flow. Falling behind may lead to overlooking invoices, upsetting customers with late invoices, and complicating the financial management of your business.

2. Lax Debt Collection Efforts:

If your customers aren’t paying by the due date, and you do have not time to chase payment or are uncomfortable asking for money, engage a bookkeeper to do this for you. This separation allows for a professional approach to debt collection. Preserving the integrity of your business relationships. Everyone deserves to be paid in the payment terms provided. If you aren’t strict with this, some customers will walk all over you. You are not in control of how your customer manages their money. So who is to say when you submit that late invoice they haven’t spent it, forgetting all about your bill to come! Why do this to yourself?

3. Navigating Complexity with New Hires:

The addition of new employees or contractors introduces additional paperwork and administrative complexities. Qualified bookkeepers stay abreast of relevant legislation, offering valuable advice on legal obligations associated with hiring, and ensuring smooth operations for your business.

4. Falling Behind on Bookkeeping Tasks:

Lagging in bookkeeping activities can lead to decisions based on incomplete or inaccurate financial data. This hampers your ability to make informed decisions for the future of your business, and delays may jeopardize your ability to meet financial commitments.

5. Failure to Lodge on Time Penalty: Frequent late lodgements can result in substantial fines imposed by the ATO, reaching the thousands per occurrence. When you hire a bookkeeper not only helps avoid these penalties, but the bookkeeper’s fees are tax-deductible, unlike fines and penalties.

Recognising the pivotal role of accounting in your business, it serves as the engine room propelling all other operations forward. A proficient bookkeeper ensures a well-structured and accurate back-office process, from precise invoicing to effective debt collection and timely payments to suppliers.

Bookkeepers handle day-to-day tasks, bringing the accounts up to a high standard of detail and accuracy. They also provide valuable advice on potential issues affecting your business, such as cash flow problems or late invoice payments.

Embrace the advantages of remote bookkeeping, integrating it into your core business strategy. The freedom gained from this support enables you to focus on advancing your business rather than getting bogged down by past invoices.

For more information on how our services can benefit you, feel free to contact us, schedule an appointment, or reach out to us at info@mygreatbookkeeper.com.au and hire a bookkeeper today: call 0475 131 232.