Are you a small business owner who’s getting more and more frustrated when it comes to your bookkeeping?
If so, you’re not alone! This is a problem that many small business owners face on a daily basis.
Unfortunately, bookkeeping isn’t something you can afford to ignore. And while you can rely on someone else to do it for you (like our bookkeepers!) understanding your business finances is key to growing your business.
However, there’s good news: with the right support from a bookkeeper in Melbourne, you’ll be able to keep on top of your finances, and enjoy more accurate and precise information.
Are you a struggling business owner who is looking for ways on how to ease your bookkeeping frustrations? If so, you’ve come to the right place!
5 ways a bookkeeper in Melbourne can help your business
While there are many things that business owners complain about when it comes to their small business bookkeeping, there are a couple that pop up time and time again.
Luckily, since these issues are so common, small business bookkeepers have gotten very good at providing alternatives.
What can we do for you if you experience one of these common issues?
Issue 1: no time for bookkeeping
One of the biggest problems with bookkeeping is that it takes up time, and a lot of it.
Unfortunately, small business owners aren’t exactly the most time-rich people around – with all the operational, management, inventory, rostering, putting out fires and more you’re responsible for, it’s little wonder many have no time to go over the books.
Certain bookkeeping setups simply exacerbate the problem – for example, if you’re still doing your bookkeeping by hand (and manually entering data and collecting receipts).
This can lead to countless hours recording, tracking and organising financial transactions. If you delay however, you’ll be left with a massive backlog of receipts and records piling up for weeks and even months.
Our small business bookkeepers in Melbourne can help in a number of ways.
For instance, we can migrate your bookkeeping over to a more efficient system that automatically collates financial information, saving you hours of manual calculations and data entry.
We can even take your bookkeeping completely off your hands, looking after everything for you!
Issue 2: errors, errors and more errors
No one is immune from making the occasional mistake here and there.
However, when it comes to bookkeeping, one error could result in incorrect financial statements, which can often lead to wrong (or plain bad) business decisions.
Accuracy is crucial – unfortunately, most business owners aren’t maths whizzes, leading to a lot of mistakes and errors when doing their own bookkeeping.
While you may not have a mind for numbers (and there’s nothing wrong with that), our bookkeepers in Melbourne do, and will help ensure that your bookkeeping is free from mistakes and errors.
Cloud bookkeeping platforms even sync with your POS, inventory and bank accounts – not only does this save time, but it also eliminates mistakes by getting financial information directly from the source.
And that in turn means better decisions for your business!
Issue 3: disorganised accounts
It’s important that your bookkeeping information is accurate – it’s also important that it’s organised in a way that’s easy to understand and navigate.
After all, what good is accurate financial information if you can’t find or access the information you’re looking for?
- Organising financial information by date
- Keeping receipts tidy
- Creating summaries and reports, and not just relying on spreadsheets
- Maintaining records of transactions
Unfortunately, not all business owners are able to keep such an organised system.
Many small business owners start off without a system, simply playing things by ear. This works fine in the beginning when there isn’t much information to process or reference, but over time it can quickly turn into a mess.
In addition to looking after your bookkeeping and setting up a more efficient bookkeeping system, our team can also clean up your accounts, either in preparation for a move to a more efficient system, or simply to help you untangle your finances.
While account cleanup might not be the first thing that comes to mind when looking at a bookkeeper’s services, they’re an important part of your success.
Issue 4: struggling to make the transition to cloud bookkeeping
If you ask us, cloud bookkeeping is the future of small business bookkeeping!
- Faster than traditional bookkeeping
- Minimises mistakes
- Automated reports and calculations
- Ease-of-use and simplicity
Unfortunately, making the transition can be a lot of work, depending on the current state of your bookkeeping.
This can sometimes lead to a botched transition, with data going missing or previous reports not being saved properly.
A Melbourne bookkeeper can make the transition to cloud bookkeeping as smooth as possible by:
- Migrating data into your new cloud bookkeeping platform
- Setting up integrations and add-ons
- Providing training and other assistance to help you wrap your head around the new system
All of which can go a long way towards helping you successfully make the leap to the cloud.
Issue 5: going it alone
A lot of small business owners seem to think that everything is their responsibility, either because they’re used to doing everything on their own, or because they want to have oversight over everything that happens in their business.
We certainly understand why small business owners have such attitudes – unfortunately, in some cases taking this too far can have detrimental effects.
Whether you decide to hand off all your small business bookkeeping to a professional or simply retain a bookkeeper for reporting and monthly compliance, going it alone simply isn’t a wise move.
In addition to taking care of the grunt work, a bookkeeper can also help with advice and suggestions, helping you find your way towards financial security.
Just as bad is choosing a bookkeeper that doesn’t quite “click” with you, or who doesn’t give your small business bookkeeping the attention it deserves.
Shopping around for a new bookkeeper in Melbourne?
Maximum Business Solutions’ small business bookkeepers in Melbourne are here to help!
Regaining control of your business starts with regaining control of your finances.
And you can’t have that unless you have the right bookkeeping team backing you up!
Maximum Business Solutions specialises in providing relief to small business owners and helping them regain control over their finances, with a wide range of different bookkeeping services in Melbourne:
- Payroll solutions
- BAS reports
- Expense management
- Software training
- Sales invoicing
- Tax compliance
- Debt collection
- Monthly reporting
- Cloud bookkeeping
It doesn’t matter what industry you work in or where you’re based – if you’re in need of small business bookkeeping assistance, our team is here to help!