In any business, bookkeeping is a key activity. It involves recording all the financial transactions that take place, whether purchases, sales and receipts, and is part of the accounting process. This tends to make it not only complicated but also time consuming. For this reason, many business owners prefer to hire the services of bookkeepers. There are a few benefits of doing so including:
1. Free up time
Hiring a bookkeeper can free up valuable time as well as effort which can be directed into running the company. In general, back-end office functions are a heavy distraction from the running of affairs, plus a cause for dangerous conflict of interests. Your front-end staff will be unable to give clients the attention they need, something that can negatively impact on your business. When you leave the job to a professional, all the time-wasters & distractions can be forgotten. The employees are able to direct all their time and efforts to what matters most but you’ll have the work completed.
2. Expert on your side
Outsourcing also provides you with a full-time, skilled team but without having to spend money on it around the clock. All your important books and documents will be in the hands of highly skilled individuals who understand the latest and best practices in the field. That way, your job will be easier and effective.
3. Save money
Believe it or not, working with a bookkeeper can help you save considerable amount of money. To begin with, you won’t have to pay full-time/part-time wages & benefits to employees. Second, you’ll cut down on productivity costs that often come with hiring staff onto the payroll. You’ll be paying for just what you need.
4. Accurate work
One of the key benefits of outsourcing bookkeeping is that mistakes can be minimized or even completely avoided. In general, mistakes in accounting procedures are made due to wrong software installation or using wrong accounting codes. Thankfully, the professionals have the necessary knowledge and skills. They know what software is right and, most importantly, how to set it up correctly. Additionally, they understand the codes and rules that must be adhered to in all accounting procedures.
5. Benefit from latest tools & techniques
By hiring a bookkeeper to handle the bookkeeping process in your business, you can get access to new and effective tools. The professionals are always keeping track of developments and trends in the field by attending seminars and researching among others. Additionally, they are aware of new government regulations. For any business owner, this can be an almost impossible (and possibly very expensive) task. Bookkeepers will take care of all necessary software upgrades and select the best tools for your unique needs. This means high effectiveness, efficiency, professionalism and compliance with the relevant regulations.
6. A range of taxation services
Hiring bookkeeping services means that you’ll enjoy a range services related to accounting. The team can be able to handle various sub-specialties including taxation, tax return preparation, cost accounting, payroll preparation, inventory and depreciation for a reasonable monthly fee or retainer. This is something that every business, whether big or small, can significantly benefit from.
The advantages of hiring a bookkeeping service are undeniable. Many company owners prefer to outsource bookkeeping tasks, because they prefer to have the most accurate result on their accounting and tax records record, through the most efficient and effective way. Bookkeeping is much more complicated than regular accounting tasks, so company owners need to make sure that their bookkeeping tasks are handled by an expert or an experienced bookkeeping and tax returns company. Such consideration is very common among so many company owners in Melbourne. They prefer to hire a professional bookkeeper.
Bookkeeper Melbourne Co is the name to trust for many company owners throughout Melbourne. They have been using its bookkeeping service more than two decades, as they cannot find other bookkeeping service companies with features that Bookkeeper Melbourne Co offers.
Well, everyone must think that such services are easy to find on any bookkeeping service in Melbourne. But, Bookkeeping Co. Melbourne can ensure that prompt service with the most competitive rates. The onsite bookkeeping service is done based on clients’ premises within at least four hours on a daily basis. While, the offsite service that it offers can bring more benefits for most company owners in Melbourne. It can be the best way to save much budget because the company owners should only pay for the fixed price for this service. They just let the staff from the bookkeeper. collects the document and return them through emails by providing the scanning results or fax.
Company owners also pay a very serious attention to the accuracy of a payroll service. Many companies prefer to outsource several accounting-related tasks, including payroll services. Most of the time, some companies have too many employees on the payroll department that work on different sections like the pay slip, summaries, leave accruals and many more. Hiring the payroll service that Bookkeeper Melbourne Co provides can save much budget, that the companies used to spend, to pay the employees’ monthly salary. Bookkeeper Melbourne Co can guarantee reliable and compliant payroll service that all company owners can depend on.
All the accounting related services like tax filing, bookkeeping, etc. are what every company owner can use by hiring Bookkeeper Co, Melbourne . All those aforementioned services are fully guaranteed with the most accurate result, based on the required time.
Bookkeeper Co Melbourne treats all clients in the same way, whether they are small business owners or the giant-scale industrial companies. The service cost is totally reasonable, in which all clients can rest assured that they will get the best result by paying the decent amount of money.
The bookkeeper stands out from others because it pays attention to details about the needs of every client. It does not generalize the bookkeeping tasks from one firm to another. It applies different bookkeeping methods that work best for clients from various business niches. So, hiring Bookkeepers Co Melbourne is the wisest thing that all company owners do, because they can have the best and the most accurate result, without wasting their time and money to deal with the complicated bookkeeping tasks by themselves.
After a long period of10 years from the GST introduction, finally, Australian Tax Office came out with their decision of making the bookkeeping a regular profession and a bookkeeper should qualify to a certain level, should have experience in the field and should have registration of Tax Practitioners Board wherever GST coding is required. No doubt, this all happened because of some poor quality bookkeeping shown while generating the BAS returns. Fortunately, Bookkeeper Melbourne brings legally qualified experts for understanding the bookkeeping requirements properly. The bookkeepers who are practicing legally found this very useful while illegally operating bookkeepers have certainly reduced their work in the field.
Over three years past and thanks to the new laws that picture now is quite good for bookkeeping quality. However, some of the businesses still have bookkeepers who are either unaware of this law or who are working illegally with intent. In simple words, you should not pay a bookkeeper who is not employed in your business for any kind of bookkeeping work where GST is introduced. This comes under illegal bookkeeping where you have no idea whether the bookkeepers know what they are doing or not.
How to know your bookkeeper is illegally practicing or not?
Firstly, you need to ask for the copy of BAS Agent Registration certificate of the agent. Secondly, you need to ask for more documents like their insurance papers of the Professional Indemnity Insurance and their membership’s copy of Professional Association Membership. To know what they are, have a look at brief descriptions and find out more about legal bookkeeping below.
The Tax Practitioner’s Board sets the following requirements for the bookkeepers.
· A bookkeeper must be fit and mentally balanced person of age over 18 years.
· They should achieve the requirements of qualification and experience.
After being registered to the BAS with Tax Practitioner’s Board, a bookkeeper is highly recommended to:
· Complete the Compulsory Professional Development after becoming a Bookkeeping Industry Association’s member.
· Have professional indemnity insurance of at least $1,000,000.
To become a registered BAS agents a bookkeeper must have Certificate IV in Accounting and Bookkeeping as a minimum requirement. Furthermore, a course in GST/ BAS Taxation passed successfully is a compulsion too. In order to prove the experience of their work, BAS registered agents should provide evidence stating that they have worked at least 1400 hours in the three years before they became registered.
There are more and more legal work introduced in the bookkeeping industry in past few years but with that, the illegal practices are also making their ways. Few trustworthy services like Bookkeeper Melbourne are performing very good bookkeeping practices from quite a long time and one should rely on them. Businesses need to aware of all the above requirements for avoiding the unprofessional bookkeepers.
If you do not want any extra charges and penalties because of illegal bookkeepers, just find the finest bookkeeping services at Bookkeeper Melbourne. Visit the website to get maximum profit out of your business and to get bookkeeping at very affordable rates.