In addition to our accounting and superannuation services, Total Tax also provides bookkeeping support for Brisbane businesses.
How does a bookkeeper help your business?
- Managing invoicing, accounts payable and accounts receivable: running a small business can be extremely time-consuming. Whether the business is professional, retail or trade, with all the time it takes to attract customers, order stock and make sales, the paperwork necessary to keep things running often takes a back seat. It will either be done after hours and on the weekend – eating into valuable free time – or becomes a guilt-inspiring ‘to do’ mountain. Having a bookkeeper maintain your purchases, invoicing and collection will greatly reduce the amount of time you need to spend working on your business, and significantly improve the next item on this list.
- Manage your cashflow: it is entirely possible to have a business that in theory is quite successful but in practice isn’t sustainable. How? Insufficient cashflow. Having a bookkeeper manage your cashflow position will ensure that you set payment terms for your customers (if they don’t pay at the time of purchase) that will allow you to pay your suppliers. Imagine you decide to set payment of 30 days for your customers without taking into account that your suppliers are asking for payment in 7 or 14 days. Even if your terms match your suppliers, by the time you allow for the lag between purchasing and selling, you will be overdue from the very beginning. Your bookkeeper should be able to advise you on how much cash on hand you will need in the early stages of your business and can then ensure invoices are delivered – and paid – on time.
- Prepare your books for your accountant: because we are both bookkeepers and accountants you can be sure that we have a thorough understanding of the required format and frequency of reporting needed to maintain accurate accounts. With the recent introduction of Single Touch Payroll (STP) this is more important than ever for small businesses with employees.
When looking for a suitable bookkeeper, you should look for experience and accreditation (preferably as a registered Business Activity Statements (BAS) agent) as well as a familiarity with your business processes, your industry and the Brisbane business environment. As we have been providing accounting and bookkeeping services to Brisbane businesses since [year], you can be sure that Total Tax can offer the support and guidance your business needs.