A small business relies heavily on accurate accounting and bookkeeping. The current climate is particularly tough, so it makes sense to look for more ways to reduce your operational costs and maximise your profits. Small business owners tend to want to do everything themselves because they believe that it saves time and money. However, this is a costly myth to labour under. Doing your bookkeeping by yourself might save you money in the short term, but the cost of inefficient, inaccurate and slow bookkeeping will eventually catch up with you. Today, let’s dive into whether your small business accountant should be doing your bookkeeping and if so, why?
Hire a Small Business Accountant to Do Your Bookkeeping
We at MSI Taylor believe that outsourced bookkeeping is a fantastic option for small to medium-sized businesses. The businesses get the benefit of having skilled bookkeeping on hand without having to hire one internally. There are several benefits to hiring a small business accountant to do your bookkeeping, including:
Having Expertise on Your Side
An external bookkeeper is equipped with all the best practices of bookkeeping and can get your tasks done quickly and efficiently. Investing in a professional bookkeeper quickly pays off in terms of accuracy, efficiency and industry knowledge.
Saving Money and Hiring Costs
Reduce the risk of hiring an internal bookkeeper that gets bogged down by business politics. Having your accountant do your bookkeeping means that you only pay for what you need and never have to deal with HR nightmares.
Freeing up More of Your Time
It’s hard to let go of doing the bookkeeping yourself. As a small business owner, you might believe that you and you alone have your business’s best interest at heart. Fortunately, this isn’t true. As professional accountants in Brisbane, the team at MSI Taylor believe that your success is our success, and vice versa. We free up more of your time by doing your bookkeeping, so you can focus on the tasks that energise you.
Getting Unbiased Financial Advice
An external small business accountant acting as your bookkeeper is not emotionally involved in your daily operations. Our goal as your bookkeeper is to give you clear insight into your business’s financial situation. We give you unbiased financial advice that empowers you to make decisions that support your business goals.
Avoiding Conflicts of Interest
If you hire your accountant to do your bookkeeping, you remove the risk that someone inside your organisation is manipulating the numbers to suit their motives. When one of the owners, for example, does the bookkeeping, accusations of (and opportunities for) misconduct are rife. Reduce the drama and outsource your bookkeeping to a trustworthy accountant that will always, undoubtedly put the business first.
Reach out to the MSI Taylor team to talk about how our bookkeeping and accounting services can support your business goals. We believe that accurate and reliable accounting services are integral to successful businesses. And anyway, if you’re not a numbers person, don’t punish yourself with the books! Get someone with the right skills to do the crunching for you!