10 Things a Bookkeeper Can Do for Small Businesses Today
Updated: May 24
Most small business owners are hesitant to hire a bookkeeper because they think it’s still too early for their business to do so. However, bookkeepers are crucial to your business, regardless of its size, because they can help sort out your finances. Finances are often the first thing that goes down the drain in small companies, often due to poor management.
As a business owner, you already have a lot on your plate and sitting down to work on your business finances isn’t really the best way to stay productive and find opportunities to grow your brand. Here are some of the things a bookkeeper can do for you:
Daily Account Management
Your bookkeeper will make sure to stay on top of your business’ accounts daily for all types of transactions. By doing so, it’ll be easier to keep an eye on your cash flow and it will save a lot of data entry time.
Keep Records Up-to-Date and Accurate
With a bookkeeper, you can be assured that all your business records are up-to-date. Moreover, your bookkeeper will be the one responsible for flagging up any inconsistencies between your books and business accounts to ensure all problems will be resolved quickly.
Proper Law Alignment
Tax is a sensitive part of your business, and this is where bookkeepers can help you a lot. Your bookkeeper will ensure your business is aligned with the relevant laws.
Can you imagine doing your taxes all by yourself along with a business to run? That will be nerve-wracking! With a bookkeeper, you can leave the books to him to ensure that tax deadlines are met, and all necessary documents are ready.
Bank Feeds Management
Bank fees that link software with your business bank accounts will let you see each transaction in real-time, which is a convenient way to keep track of your finances. A bookkeeper can manage this to ensure maximum transparency.
Accounts Payable Management
Bookkeepers are usually the ones who make payments on behalf of your business, from supplier payment to petty cash and expenses.
Accounts Receivable Management
A huge responsibility of bookkeepers is to prepare invoices and send them to clients to ensure that you receive payment on time. Additionally, a bookkeeper may also manage accounts receivable ledger and chase late payments to ensure your records remain accurate.
Financial Statement Preparation
Your bookkeeper will also be responsible for preparing important financial statements for your business, such as profit and loss statements, balance sheets and cash flow statements.
Some bookkeepers can help fulfil payroll and other HR functions. Usually, this involves assisting businesses with the processing of paychecks and tax payments to employees.
Cash Flow Tracking
One of the most important tasks of a bookkeeper, especially for small businesses, is to ensure that the business doesn’t run out of money daily. Your bookkeeper will be responsible for tracking the balance of revenues to expenses; he may also provide you with advice if your company needs more available cash to run.
Get a Bookkeeper Today
Having a bookkeeper for your small business will also make you have a business partner who can help you make sensible business decisions. Regardless of the size of your business, having a bookkeeper will go a long way.
Get reliable bookkeeping in Gold Coast, QLD at New Wave Accounting. We provide end-to-end accounting and bookkeeping services to scale and grow businesses. Contact us today to learn more about what we can do for your business.