Bookkeeping is more than just keeping financial records up-to-date and accurate. It is about understanding business process and efficiency.
Bookkeepers have evolved over time, thanks to the introduction of the computer and accounting software packages. They are now:
- payroll officers
- software implementation and integration managers
- strategic analysts, and
- business consultants.
A professional bookkeeper can help a business owner implement and maintain the best business processes leading to a better, up-to-date, and timely understanding of the business’s operational and financial health, allowing the business owner to make smarter decisions.
According to recent research performed by Intuit Quickbooks Back to Business, Bookkeepers have had a major impact on confidence levels for business in Australia, with key findings from the research including 70% saying their accountant or Bookkeeper helped them through the pandemic.
4 qualities of an exceptional bookkeeper.
- They are organised, efficient & experienced
A Bookkeeper worth their salt will understand the industry a business is in, business process, and the requirements of a business. They will make processes streamlined to provide business owners with reports and assistance to meet the requirements and deadlines for compliance. A professional Bookkeeper is connected to industry organisations that provide resources, and accreditation. They have a commitment to continual education, learning and development of skills.
- They are ethical & trustworthy
Ethics and trustworthiness are paramount. The business owner and the Bookkeeper should feel comfortable with each other to build a relationship that is founded on trust.
A Bookkeeper has a duty to do the right thing and take steps to ensure proper practice at all stages of their work. The bottom line is that the bookkeeper is honest and accurate. Everything else will follow on from working with this attitude.
- They have the latest technical knowledge
A Professional Bookkeeper will have the latest software knowledge. According to the Intuit Quickbooks Back to Business research, among small business who have implemented new technologies, the most common focuses are financial processes (43%).
Source: Accountants Daily - 1 in 5 SMEs flag accountants and bookkeepers as key to business survival
- They know how to communicate and regularly do so
Good communication with the business owner means a better flow of deadlines and requirements to ensure the business meets obligations. A good Bookkeeper asks the relevant questions to facilitate this process . They will also share ideas with the business owner on matters of financial planning, methods of increasing revenue, budgeting, cash flow, and cost-saving strategies they can adopt to improve the performance of the business.
5 top benefits of hiring bookkeeping services for your growing business
How do Bookkeeping job duties translate as benefits for a business? Here are our top 5:
- A good Bookkeeper will integrate business operations with reporting and record keeping, making businesses more efficient and streamlined.
- Hiring a professional Bookkeeper maximises accuracy. With training, resources, support and experience, professional Bookkeepers ensure accurate financial reports and data.
- Bookkeepers free up time in a business owner’s schedule to concentrate on the core functions of the business and to consider things like business development, refining workflows, and boosting the outcome of a business.
- In the case of an audit, having solid business records, produced by integrated streamlined business and bookkeeping systems will make the process very straight forward.
- Bookkeepers develop and improve business systems and structure by applying expertise in software, compliance, and business processes.
The right bookkeepers can help a business achieve success, while providing an overall view of where the money is coming from and where it is going and they allow you, the business owner, to focus on what you do best!