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What a Bookkeeper Does and How One Can Help Your Business

Written by Aaron Dentamaro
16th September 2021 3 Min Read

As a small business owner, one of your biggest challenges is finding time to focus on the most important things. Often it seems you spend just as much time on paperwork or trying to puzzle out what you need to do to keep your financial records in order. 

A bookkeeper can help. 

What Does a Bookkeeper Do?

In simple terms, they make sure all your financial information is organised and available so you know how your business is performing. 

Some of their main activities are:

  • Track and record transactions

      They will integrate all the financial information in your business, such as receipts, invoices and payroll, into a system using accounting software.

  • Monitor for financial problems and discrepancies

      They will get to know how your business works, so they will notice when something is wrong or out of the ordinary.

  • Manage your invoices

      They can prepare, issue and follow up your invoices to manage your cash flow.

  • Process payments

      You can hand off payroll and payments to your bookkeeper. You can set a limit on the size of payment they can authorise. You can be as involved or uninvolved as you like.

  • Prepare reports

     They can generate daily, weekly or monthly reports. If you want to look at something in particular, they can generate a report on just about anything to do with the finances. 

Bookkeepers vs Accountants

Your bookkeeper is not your accountant, but they will help you get better value from your accountant. A bookkeeper’s expertise is:

  • keeping track of financial information
  • helping manage the financial flows through your business. 

Your accountant is an important strategic partner in running your business. Your accountant’s expertise is:

  • preparing financial reports to meet your regulatory obligations
  • advising you on business and financial matters. 

It is always best to enable people to focus on their areas of expertise. 

A bookkeeper will make sure all the information your accountant needs is always ready for use. That way, your accountant’s time will be spent on helping you develop your business, not on sorting your financial records. 

What a Bookkeeper Can Do For Your Small Business

How do you want to run your business?

  • Do you want to know your financial records are in order without sacrificing your nights or weekends?
  • Do you want to be able to see your financial position at any time?
  • Do you want to unlock the information in your financial records?
  • Do you want to get the best value out of your accountant’s time? 

If this sounds like you, consider using a bookkeeper. 

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 lodgment
  • 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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