What’s the key to business success?
Truth be told, there’s no one single thing that defines whether your business sinks or floats.
However, there are a couple of candidates: service, quality, value, prices… all of these come to mind.
However, even the best products and services can be sunk by financial woes.
Bookkeeping safeguards your business by identifying problems early so you can take action.
If your bookkeeping is plagued by the following issues, it time to talk to a professional bookkeeper in Melbourne.
1) Bookkeeping takes forever
For bookkeeping information to be useful, it needs to be timely.
There aren’t many cases where you’ll need to go back to your cash flow statements from 2012, after all!
You need to make decisions now - that means bookkeeping information that’s accessible and up-to-date.
If bookkeeping takes up a significant amount time each to the point where you can’t rely on up-to-date numbers to be ready, then you should consider hiring a bookkeeper post haste.
Not only will continuing DIY bookkeeping suck your focus and time away from other important aspects of your business, but it also means that you won’t be able to rely on the numbers for big decisions.
Luckily, there are plenty of bookkeeping services in Melbourne to take your bookkeeping off your hands.
You can even get in touch with a cloud bookkeeper for MYOB or Xero training that’ll drastically speed up your bookkeeping!
2) You’re not sure if it’s being done correctly
If you are a business owner who has an accounting background and who loves managing all the financial aspects of your business, then good for you.
But if you’re not, or operating under the belief that you can learn it as you go along, then you might encounter moments where you’re unsure whether you’re doing it right.
Bookkeeping requires clear and organised processes done consistently. Performing ad hoc bookkeeping can often lead to missed deadlines, payments, and penalties.
If you’re unsure whether you and your staff can do this on your own, we have one piece of advice: don’t risk it!
3) Late payments pile up
With all the things that are happening around your business, keeping financial records can fall onto the “we’ll do it later” pile.
It’s completely understandable. Following up customers for their payments can be quite tedious, not to mention, daunting.
Unfortunately, that also means that oftentimes, payments and invoices can slip through the cracks.
This may also affect cash flow, as it directly impacts the amount of money coming into your business accounts.
While you might have a huge profit on the books, if all of that’s in credit, you don’t have anything to cover business expenses with.
In addition to collecting invoices on your behalf, a professional bookkeeper can also ensure that your invoices are being paid off in time.
4) Personal and business money mixed up
Take it from us, business and pleasure shouldn’t mix.
This doesn’t just apply to your work-life balance either - your bank accounts need to be kept separate too.
Why? It’s simple: frequently shuffling money between them (or worse, using the same account) just muddies the waters. This makes it exceptionally hard to track your business finances.
A certified bookkeeper can help you organise your cash flow without the need to pull from your personal account.
Additionally, they if your personal and business finances are entwined, they can perform account cleanup that separates your business and personnel allocations.
5) “It’s all too complex!”
Even if you’re a maths whiz, bookkeeping is a completely different game.
Not only do you have to make sure the numbers add up, but you’ll also have to make sure you’re complying with bookkeeping requirements:
- Deadlines and due dates
- Changes to superannuation laws
- BAS statements
Just to name a few!
All of this makes bookkeeping much harder than just “money in, money out”.
If you’re not up-to-date with each of these requirements, then you might consider hiring a certified bookkeeper in Melbourne instead.
In addition to speeding up bookkeeping, they also ensure fast, accessible, safe and more accurate online bookkeeping solutions.
Looking for a bookkeeper in Melbourne to take away the burden?
Contact Maximum Business Solutions today!
Based in Beaumaris, Maximum Business Solutions is a certified bookkeeper in Melbourne that specialises in helping small and medium businesses across the city with their bookkeeping.
As part of that, we provide a wide range of bookkeeping solutions for your business. This allows us to tailor our bookkeeping packages to suit you.
- Managing payroll and superannuation
- Calculating annual and long service leave
- Receipts and invoices
- Audit preparation
- Business Activity Statements (BAS) / Income Activity Statement (IAS)
Whatever problems your business currently faces, a Melbourne bookkeeper like Maximum Business Solutions can help!
Get in touch today on (03) 9589 0128 to learn how we can give you your time back!