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The Top 5 Benefits of Outsourcing Your Bookkeeping

Written by Aaron Dentamaro
16th September 2021 3 Min Read

If you run a small or medium-sized business, it’s crucial to keep on top of your bookkeeping. Cash flow management is one of the leading causes of business failure in Australia, and keeping your books up to date is the best way to manage your cash flow.

Unfortunately, doing your own bookkeeping can take you away from other core business tasks that you need to do. It can also eat into your spare time if you do it after hours, like many small business owners do. That’s why outsourcing your bookkeeping can be one of the best business decisions you’ll ever make.

Here are the top 5 benefits.

1. Save time

Bookkeeping can be a tedious and time-consuming task, even though it’s a crucial one. A professional bookkeeper will be able to do your business’ essential bookkeeping tasks in a fraction of the time it will take you. This will free you up to spend more time on your business, or with family and friends.

2. Save money

A good bookkeeper can save you money in a few different ways, including:

  • helping you to implement more efficient bookkeeping and business systems
  • identifying money that’s being wasted in your business.
  • helping you to get paid by your clients sooner (or to find missing money). 

Outsourcing your bookkeeping tasks is also much cheaper than hiring a full-time or part-time bookkeeper as an employee. When you outsource, you only pay for the bookkeeping tasks that you need done. You can hire an outsourced bookkeeper for as much or as little time as you need. 

3. Get expert advice

Bookkeepers are professionals. They record business transactions for a living. They can give you expert advice on how you can make managing your business finances quicker and easier.

They can also help you to implement bookkeeping software that you can use anywhere, anytime.

4. Ensure your legal compliance

A bookkeeper can ensure your legal compliance with the Australian Taxation Office and other regulatory bodies by ensuring that your:

5. Make better business decisions

Having up-to-date financial information is crucial for making business decisions. A bookkeeper can ensure that you always have the most current financial information about your business at your fingertips. You can then use that information to make smart business decisions to benefit your business.

How we can help

Bookkeeping is one of our specialist services at Razor Group. If you need more time to focus on what you do best in your business, consider outsourcing your bookkeeping to us. We can take care of all your day-to-day bookkeeping tasks, including:

  • invoicing your customers
  • managing your accounts payable and receivable
  • business activity statement (BAS) preparation and lodgement
  • bank/credit card reconciliations
  • preparing your financial reports
  • payroll management. 

Contact us today for a no-obligation chat to find out how we can help your business!

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