One of your top concerns as business owners is having to do your own bookkeeping and accounting. As vital as it is, the reality of having to spend more time doing the work rather than focus on running your business is quite daunting.
For small to medium scale enterprises (SMEs) in Australia, just the thought of absorbing someone into your payroll to do these tasks has you thinking of budget constraints. Fortunately, outsourcing your bookkeeping can be a great solution to both saving you money and giving you time back to focus on growing your business.
Razor Group knows all too well the dilemmas that come with the absence of a bookkeeper in a small business. Armed with a team of specialists with years of experience who utilise technology to support business owners like you, we are able to give you back the time to work on your business with our bookkeeping services, without losing any control.
Located in Perth, Western Australia, Razor Group is able to provide valuable information that is relevant to your area of business. Having Razor Group as your professional bookkeeping arm lets you focus on your organisation. You no longer need to think about back-office tasks such as invoicing, reconciliation and accounts payable.
It all boils down to which processes your business currently needs. Are you starting out and only need essential tasks for your bookkeeping? Or are you preparing for growth and will need us to develop a Budgeting and Cash Flow plan?
We’ve broken it down into two sections to ensure you get the right fit for your business, and we’ll be here every step of the way.
Our Bookkeeping Essentials service takes care of the heavy lifting in your business. Your daily tasks such as invoicing, reconciliation, and accounts payable will be handled by our professional bookkeepers. This allows small business owners or managers to focus on growing your business. We’re here to ensure your books are in tip-top shape by having our expert bookkeepers cover the essentials for you:
Invoice Processing / Data Entry. Automates supplier invoices to help increase productivity and efficiency in your organisation.
Accounts Payable / Receivable. Keep track of payments and invoices to provide security for your corporation’s finances and make sure these are accurately reporte
Bank Reconciliation.
Ensures that all bank statement transactions have been reviewed and verified, therefore reducing the chance of mistakes in the information used to prepare accounts.
Credit Card Reconciliation.
Takes the burden off of constantly thinking about financial statement errors and fraudulent activities.
BAS.
Our registered BAS agents will observe punctuality in lodging your Business Activity Statements to report on your tax obligations.
Preparation of Year-End Working Papers.
Organised and properly indexed business data that serves as a reference for the function and efficiency of your accounting systems and processes.
Financial Statements & Management Report Distribution. Track your establishment’s financial health by analysing reports on your assets, liabilities and owner’s equity.
Expense Tracking/Data Entry.
We use Dext, an expense tracker, that records, scans, and stores receipts and invoices.
You work on your business while we work on your books. Don’t let basic bookkeeping tasks stress you out. Book a call and let’s discuss how we can make your life easier.
At Razor Group, we don’t just stop at assisting you with the essentials. As soon as we get to know your company and your business needs, we will help with establishing personalised business reports based on your requirements to support you as you grow. That way, we are able to implement a cost-effective solution to generate key analysis and insights.
The P&L statement, along with the balance sheet, offers a comprehensive view of a business’s financial efficiency.
Review business performance by comparing actual and budget numbers.
The P&L statement, along with the balance sheet, offers a comprehensive view of a business’s financial efficiency.
This is done to your specification and industry benchmarking is available, e.g. reporting on sales, stock, wages, cashflow, measures and variances against budgets and time periods.
You will be able to communicate and track the difference between your estimated income and expenses, and your real income and expenses.
Working in with your current business setup, this includes support for Xero and MYOB.
Still unsure of what you want from your bookkeepers or what your business may require? We can help guide you through the process. For transparent advice on which bookkeeping services you actually need
There are plenty out there available for you to choose from! But how do you know which one is right for you? The general principle is to make certain it’s parallel to your business requirements and that the software is user-friendly. For seamless integration, Razor Group will assist you every step of the way with the bookkeeping software of your choice.
If you have no existing accounting software or would like to switch to another, a professional from the Razor Group team will assist with the transition to a software of your choice. If you already have an existing system, we can work on transitioning the workflow together for a seamless turnover.
An online, cloud-based bookkeeping software, Xero is designed for small and mid-level companies. The program links users with the right numbers in real-time, across any device. SMEs can keep track of their cash flows, tax return, transactions and account information with solid security assurance.
As a Xero Bookkeeping gold status partner, Razor Group has their full support and is more than capable of integrating your business into the Xero Bookkeeping ecosystem and to start making use of Xero to produce quality reports on your financials with great accuracy.
We will quickly refund expenditures and immediately accept claims. We may also track employee costs and make informed decisions based on the analytics presented.
Utilising the employee groups or timesheets, we are able to track payroll expenses. Payroll expenses will be documented for various areas of your business.
This is an integral part of your business. We will identify the bank transactions by coding them into relevant accounts. Updating financial reports is easily done by interacting with numerous banks that allow direct use through your Xero organisation’s bank feed.
Before we lodge your BAS, we will produce an audit report that details all BAS transactions. With Xero, we will help you remain up to date and reduce workload.
Using the customisable Xero template, we are able to build interactive reports and budgets that can be seen and shared by both accountants and businesses in real-time anywhere.
BAS Statements are an important part of ensuring your businesses records are up to date and accurate. Outsourcing your BAS to a registered BAS agent ensures that your records are submitted accurately and on time and allows you to focus on growing your business. Under their bookkeeping services, Razor Group has a qualified team of bookkeeping experts who offer BAS preparation services for your business requirements.
There are a lot of reasons as to why it is advantageous to outsource a bookkeeping services team. We can start with the amount of time you end up saving, the easy scalability, to automating a system through various online accounting programs to which you have full access.
You can even use an accountant as your financial advisor. But the benefit with the greatest impact on your establishment for outsourcing your bookkeeper is the ability to save money. Not only are you saving time by eliminating the factor of hiring for full-time positions, but you are also reducing costs by doing without the resources needed for a recruitment strategy.
Especially for startups or small to medium enterprises in Australia, hiring a full-time bookkeeping employee is too much of a financial burden, and can even become a business risk when you consider the probability of hiring an unqualified worker. It makes more sense to outsource for your bookkeeping needs.
Bookkeeping is an essential part of your business. We find that while many small business owners look to outsource their bookkeeping to get on top of their books, they continue to work with Razor’s dedicated team because of the time and cost savings to their business.
There are times when a bookkeeper and an accountant do the same work, which can lead to some confusion around the difference between the two professions.
A bookkeeper makes sure they document every purchase and transaction made by their clients or their business, while an accountant would supply clients with data-based financial insights, and is in charge of completing tax returns, preparing financial statements, as well as tax strategy and planning. An accountant may also be a bookkeeper at the same time, but not the other way around. Accountants require a degree or proper certification. Because of this extra qualification, we find many of our members have previously been massively overpaying for an accountant to do their bookkeeping when they would only require an outsourced bookkeeping service instead.
Contact Razor Group and let us clean up the mess for you! There is no need to be embarrassed or ashamed. If you think your books are bad, chances are we’ve seen worse and sorted it out. Our team of bookkeepers would love to help you organise your records and implement a system that you can definitely benefit from.
In relation to Razor Group, while bookkeeping in Perth, Western Australia for instance, does come with its privileges such as compatibility in terms of time zone, language, etc., it’s widely acceptable for companies to offer and execute bookkeeping services outside of their local jurisdiction due to cloud software and similar technologies that are made available to us. Razor Group has also carefully curated a list of the best online systems to cater to your bookkeeping needs.
Want to know a little more about outsourcing your bookkeeping and getting your business finances sorted? Hear it straight from business owners like you whose lives have changed for the better from outsourcing their bookkeeping to experts.
If you need help with low-value work so you can focus on running and growing your business, send an enquiry or contact us. Let’s work on getting your books sorted!