Why You Really Need to Outsource Your Bookkeeping as a Small Business Owner
When you run your own small business, you've often got to take everything on, especially in the early days. You've got to be the head cook and bottle washer, as the old saying goes, as you concentrate on growth and operation. Yet there are some tasks that you really should consider outsourcing, even from day one. Bookkeeping is one of these. Why is it important to get third-party help with this, in particular?
Paying the Piper
The ever-present ATO requires you to keep clear and concise documentation to support many of the returns that you will send in for taxation purposes. The amount of tax that you pay will be dependent on income and outgoings and all of these calculations are used to compile reports like profit and loss, the balance sheet, GST and BAS.
I Didn't Know, Honest!
When you outsource your bookkeeping to an experienced agent, then it's likely you will avoid many of the pitfalls that seem to be a rite of passage for new business people. For example, you may avoid some of the fines or late penalties associated with reporting incorrectly; the fact that you "didn't know" is never a form of defence. The bookkeeper will ensure that all of your financial details are kept up-to-date and in good shape, and you won't have to struggle to locate individual business transactions in the event of an audit. Remember that even though a bookkeeping service will cost you, you should be realistic and assess just how much it's actually costing you now in terms of your time.
What Is That Report Called Again?
Do you keep up-to-date with changes in accounting laws, or have access to information that could save you time and money? A bookkeeper undoubtedly will, and they'll have all of the resources and skills necessary to handle your records and create your paperwork. It's likely that they will do this much more quickly than you could, leaving you to do what you do best.
How's That Stress Level?
You may think that bookkeeping is an afterthought to a large extent, especially if you have bigger fish to fry in terms of dealing with clients and projects. However, if you leave it and don't allocate regular time to record-keeping, you will find that "tax time" comes along all too regularly. How are you going to catch up in this case? Don't you think that outsourcing to a bookkeeping company could alleviate a considerable amount of stress?
Making Your Decision
All in all, it makes perfect sense to outsource bookkeeping, accounting and report compilation to experts, like BAS agents. An investment here should reap dividends in terms of allowing you to focus on expansion.