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A bookkeeper in Melbourne answers: why should you clean financial accounts?

Monday, April 10, 2017 - by Max Business

Poor financial accounts are the Achilles’ heel for many businesses. Inaccurate financial statements and records can set a business back when it comes to fruitful profiting.

As bookkeepers in Melbourne, we’ve helped businesses of all sizes reassess how they view their accounts, offering them cleaner accounts that help them (and their accountant) to make smarter, more calculated, and more realistic business decisions.

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What starts as lazy financial management can quickly snowball into untidy, unclear accounts that struggle to accurately provide clear business insight and can result in costly errors.

We take a look at some of the outcomes of untidy business accounts, and what you can expect when you engage bookkeeping services from Melbourne’s Maximum Business Solutions.


Minimise costly mistakes

One of the most common causes of financial blunders is messy business accounts.

Poor financial management makes it harder to know how to spend and save money, while a lack of transparency deters businesses from handling shortcomings in a timely and effective manner.

Clean accounts will also decrease the chance that you will – even inadvertently – fail to meet tax regulations. This is particularly important around tax time but also just as important throughout the year through financial obligations like BAS lodgements.


Makes software transitioning easier

Are you considering making the move to a cloud-based accounting system? If truth be told, you’re a little behind the times, however we are pleased to hear that you want to take the next proactive step that will make future business finances simpler!

With the help from clean and accurate business accounts, transitioning to a cloud-based solution becomes that much simpler. Additionally, implementation is easier, too.

Maximum Business Solutions is both a Xero and MYOB partner, offering customised solutions tailored to a business’ specific needs. Explore Xero and MYOB and get in touch with us to find out which one may be most suited to your business. Contact Maximum Business Solutions today.


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The effect of clean financial accounts

Clean, transparent, organised financial accounts help to set the benchmark for all future business account management that follows.

The flow-on effect is real and tangible – you really need to experience it to believe that it can be simpler, it can be clearer, and it can be better!

Clean financial accounts are one of the core benchmarks of successful business that can accurately see its profits and losses (yes, losses too)


Clearly identify business success

Clear accounts allow business owners and accountants to quickly and accurately identify successes. You can identify periods of growth as well as seasonal peaks and troughs, and also pick up on questionable changes that demand further investigation.

Clear accounts can also help your accountant make more accurate forecasts for a more profitable future.

And don’t forget about losses, too. While it’s something we as business owners do not want to face, understanding where your business is falling short is key to improving it.

Business trust, success, and integrity

Tidy and transparent accounts can correlate closely to a successful business that has solidified trust, success, and integrity within the company as well as with peers and throughout the industry.


The roles of a bookkeeper and accountant

Bookkeeper

The expertise offered by a bookkeeper is key to successfully managing a business’ finances.

A messy account record is hard to bounce back from – especially without the knowledge and guidance of a professional. A good bookkeeper therefore gets to know your business and its goals, and works hard to get your finances back in order.

With consistent communication bridging the gap between business and bookkeeper, we keep you up-to-date on the progress of your accounts.

Once your accounts are tidy, you, your bookkeeper, and your accountant will enjoy financial transparency. Transparency means more efficient business accounting, which as a result can help lower accounting costs.

Beyond initial tidying, we also work hard to ensure your accounts stay clean. This is an ongoing assignment that helps prepare your business for the prickliest period of the year – the end of financial year. Do you need help keeping your accounts clean? Engage in bookkeeping services from Melbourne’s Maximum Business Solutions today.

Accountant

Your accountant – whether internal or external – works closely within your business accounts, and as such, with your bookkeeper. While both are integral to a business, their roles differ slightly.

A bookkeeper manages daily and ongoing financial recording and transactions. Bookkeeping is therefore made up of many small and frequent tasks.

An accountant, on the other hand, analyses the data that is prepared by your bookkeeper. An accountant relies on accurate bookkeeping skills to correctly prepare financial statements and reports, and to provide advice. Find out more about how Maximum Business Solutions’ bookkeepers work with your accountant.

Clean financial accounts

Bookkeeping services in Melbourne

Bookkeeping probably isn’t your strength. In fact, we wont be offended if you say you hate finances and accounting! And that’s OK – you know your strengths lie in running your business, so why not engage the professional work and support of a bookkeeper?

For bookkeeping services in Melbourne and Bayside, contact Maximum Business Solutions today. Call now or fill in this form and we will be in touch.