With the Australian economy on a downward slope and business costs on the rise, business owners would be forgiven for thinking that external bookkeeping is an unnecessary expense. This is where they are completely misguided!
When it comes to external bookkeeping (also known as outsourced or contract bookkeeping), there are general assumptions that we can wholeheartedly say are not accurate.
True or False? External bookkeepers won’t have the same level of control (as me) over my books
False! Developing a good working relationship or partnership with your external bookkeeper will ensure that a high level of communication is achieved – where you, as business owner, don’t have to feel like you have given up all control over your business books. If both parties feel open to raising questions or queries when necessary, this will only increase your confidence in knowing that your books are in very capable hands.
True or False? External bookkeepers are too expensive
False! This may surprise you… You could actually save money by hiring an external bookkeeper! You will only be paying for the hours they spent working on your books. Whether it’s weekly, fortnightly or monthly, they will have a time slot allocated/dedicated to your books, depending on your agreement with them. Having an employee specifically for the purpose of bookkeeping may end up more costly, when you consider having to pay for annual and personal leave as well as other employee benefits. Not to mention paying an employee during the ‘not so busy’ periods that all businesses experience from time to time. The hourly rate of an external bookkeeper may well be higher than that of a permanent employee, but in the long run it all balances out.
True or False? External bookkeepers won’t meet deadlines
False! External bookkeepers are business owners, just like you. An experienced bookkeeper or BAS agent will tell you that meeting ATO compliance deadlines is a hugely important part of their business. They simply cannot afford to not keep on top of deadlines. Reputable external bookkeepers use systems and processes to keep their work accurate and to ensure their clients’ lodgements are done on time!
If these points have busted some outsourced bookkeeping myths for you, why not give it a try! You will most likely be pleasantly surprised at the time and money you could save by engaging an external bookkeeping service, like SYM!