If you’re unsure whether to hire a professional bookkeeper, here are the 5 signs you need to look out for:

1. your business is growing

Every business owner dreams of expanding and increasing their revenue. But while making more money and growing the business is great, it also means hiring more staff, serving more clients, partnering with additional suppliers, and purchasing more equipment and inventory. All this translates into a lot more numbers to juggle, which can quickly overload your plate.

As you take on more staff and sub-contractors, your business also becomes subject to additional regulations. Working with a bookkeeper ensures that your business stays compliant with current laws. Professional bookkeepers stay up-to-date with regulations affecting businesses and can keep you informed of your obligations.

2. your customers are behind on paying invoices

Many small businesses face this struggle: chasing down customers who are late paying off their invoices.

You simply don’t have the time to run around and keep tabs on who’s paid and who hasn’t. It’s also a good idea to separate customer relations and debt collection. Not only does this help save you time and effort, but it also helps keep your relationship with your clients on a positive note while you leave the collections to a separate department.

A bookkeeper will make sure you have systems and software in place to ensure your clients are paying on time and making use of online payment options.

3. you’re unsure about business taxes

Having a bookkeeper on hand can help you understand your tax obligations and ensure that you comply with GST regulations. They can educate you on all things BAS and allowable deductions applicable to your business, which can help put cash back in your pocket at the end of the day.

4. shareholders expect detailed, accurate + regular financial reports

If you have shareholders and investors associated with your business, they’ll likely expect regular financial reports from you to ensure their investments are being handled well.

Bookkeepers can create in-depth, accurate financial reports directly from your accounting system that will keep your shareholders satisfied while allowing you to stick to the business at hand. These reports are also useful if you are looking to obtain a loan.

5. you don’t see an increase in profits, despite increased sales

Just because your business is selling more than ever doesn’t automatically mean your profits will necessarily increase. If this is the case, perhaps your overhead costs are through the roof and need to be reduced.

An experienced bookkeeper can look at your business in-depth, identify areas where you’re spending more than necessary and make recommendations about where you can cut costs without reducing profits. A great bookkeeper will also help you identify your key profit drivers to ensure you are working on the things that count and yield you the maximum return.

we’re here to help!

The bookkeeping team at businessDEPOT offers a free consultation with no strings attached. To learn about you and your business requirements, we provide tailored services that allows you to get better results in your area of expertise with fixed fee packages for start-up to enterprise.

Give our team a buzz on 1300BDEPOT or get in touch at oneplace@businessdepot.com.au!