Busy running your business? There are so many things to do during business hours that many sole traders leave their bookkeeping till it’s overdue.
When you first start trading, completing your own bookkeeping might seem cost effective and manageable. However, if you want to grow your business, you need to spend the time working on your business – not your books. Let’s consider the benefits of outsourcing your bookkeeping.
1. Increase efficiency, reduce operating costs
As a sole trader business owner, you’re aware of the wide range of tasks that need to be completed for your business to operate. Allocating time to what you do well (and receive a higher return for your time spent) and outsourcing your bookkeeping reduces your operating costs in the long run. Remember, your time is a more precious resource than money. There are situations where you can borrow money if needed, but you can’t borrow time. Failing to allocate enough time to completing tasks, or trying to perform tasks on the run will negatively impact your business in the long-term. One of the tasks which IMT Accountants & Advisors can easily manage for you is bookkeeping.
2. The right time to engage a bookkeeper is now
Your bookkeeping can be outsourced to a professional at anytime. The earlier, the better. Don’t wait until your business activity statements or GST lodgements are overdue. A bookkeeper takes on duties such as chasing unpaid invoices, ordering stock, reviewing supplier invoices, checking bank statements, balances and transactions, as required. This allows you to focus on other aspects of your business, such as business development or delivering your service to clients.
3. Staying up to date is an obligation
GST and PAYG lodgements are important obligations that cannot wait until ‘later’. These have firm deadlines that need to be met. If your business records are not kept up to date and there are financial issues that are not identified early, you may receive penalties from the Australian Taxation Office and not have the right financial information on hand to make sound business decisions.
4. Choose a bookkeeper who guarantees its services
Part of being a sole trader business owner is accepting an expert in everything. A good bookkeeper will not only save you time, and money in the long-term, they will also increase accuracy in the area of your business that does count – your finances. Even bookkeepers sometimes make errors. However, some bookkeepers guarantee their work. That means if your bookkeeper makes an error that requires extra time to rectify, your bookkeeper will rectify that error at no cost to you.
IMT Accountants & Advisors offers guaranteed bookkeeping services.
5. Compliance is more time consuming than you think
Tax compliance can be time consuming for businesses. As well as lodging your tax return at the end of financial year, BAS statements are due every quarter. Managing your business’s wage obligations using an automated system such as Quickbooks and Single Touch Payroll can save a lot of time.
Keeping up to date records will provide you a detailed picture of where your business stands every day. This involves knowing what tax deductions you are entitled to, and any capital expenses you need to start planning for. A qualified bookkeeper who attends regular training can save you time and ensure your business remains compliant.
We offer dedicated bookkeeping packages
Whether you are a sole trader or a small to medium-sized business, IMT Accountants & Advisors tailors its bookkeeping service to suit your needs. From reconciling bank statements to making sure your BAS is filed on time, we ensure your bookkeeping needs are met accurately and on time.
IMT Accountants & Advisors is based in Brisbane’s western suburbs. See our key service areas.
