small business financial advisor
15 Nov 2021

The Benefits of Outsourcing Bookkeeping

Bookkeeping is a critical function for any growing business. As a Managing Director or Owner, there just isn’t enough left in a day to perform data entry, reconciliation and document filing.

Ideally for a growing business, you should be receiving a monthly or fortnightly update from your bookkeeper on the health of your business. If your aim is to scale and expand, then your business should look at hiring a professional who can provide you with the bookkeeping accounting services you need.

The Top 5 Benefits of Outsourcing Bookkeeping

  1. Save on the Operational Cost: The cost per hour to recruit an internal bookkeeper can average AUD $55 an hour. The cost per hour of your time instead can be far more costly, as it can hold you back from performing other critical tasks required to sustain your business growth. The cost to outsource bookkeeping services in Melbourne can potentially be half or even less with all other associated costs such as recruitment and facilities costs eliminated.
  2. Eliminate the Training Gap: Tax legislation, accounting software and cloud platforms keep changing and evolving on a regular basis. It requires regular effort and investment in updating your processes and infrastructure to keep up with these changes. When you get assistance from a bookkeeper and BAS accountant, you can let the experts deal with such changes on a day to day basis.
  3. Make Smarter Decisions: Good business decisions are often backed by instincts, but it’s important to also be informed by numbers and insights. Having skilled numbers specialists and business advisors on your side will make your decision making proactive rather than reactive.
  4. Capability for your Business to Scale: As you double your annual sales, you may find that your current bookkeeping facility or environment just isn’t appropriate. By upgrading, you can give your business additional capabilities with tailored bookkeeping services that can take your business to the next level.
  5. Tap on their Expertise: Bookkeepers are trained in BAS, GST accounting and payroll compliance. When you outsource your bookkeeping, you can enjoy simplified tax preparation and compliance to help reduce the administrative burden on your business operations.

How to Choose a Good Bookkeeper

  • Define your business requirements. If you require additional finance and accounting support, find a competent Accounting Practice such as a CA or CPA firm which will be able to provide you with all-around services.
  • Is your business likely to grow? If so, consider finding an accountant who is also proficient in Business Advisory so that you can get support and validation on your finance strategy and decision making.

How We Can Help You

At Alexander Bright, we’re committed to helping your business grow. Our industry-leading bookkeeping packages offer all the benefits of outsourcing bookkeeping and take care of the entire process for you. Learn how you can save time and money in your business by arranging a consultation now.

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