Power up your business with a bookkeeper!
While you know keeping on top of the finances is better for cash flow and your peace of mind, you’ve only got so many hours in the day. Taking on a bookkeeper will not only free up your time, but also makes really good business sense.
What does a bookkeeper actually do?
A bookkeeper takes your receipts, invoices and other transaction details, and records them in accounting software so your accountant can easily process your financial information. They’ll pick up on any errors and help you make sense of your financial information, including cash flow and project reconciliation. A good bookkeeper will advise you on solutions to streamline your business workflow and services you can use to simplify payroll. They can also teach you to use accounting software.
Save money
While you may think that doing the accounts yourself saves money, a good bookkeeper will quickly add more value than they cost. This might be by identifying errors, keeping on top of outgoing payments and accounts receivable to maximise your cash flow, and making recommendations to help your business run more efficiently.
Reset your work-life balance
When you run a business, it feels like you’re never off the clock. A bookkeeper will help change the way you manage your workload. With someone else taking care of the back end, you’ll have some extra time to focus on things like project management and building your business. Make sure you also take the opportunity to improve your work-life balance by carving out some personal time – get some exercise, meet up with friends and spend time with your family.
Find the right person
Trusting the financial details of your business with someone is a big step, so it pays to take care when hiring a bookkeeper.
- Ask for recommendations from other builders or business owners.
- Look for someone who uses the same accounting software as your accountant, so they can easily share information.
- Consider using a bookkeeper that specialises or has experience in the building industry, so they’re familiar with the compliance requirements and can get the most from specialised apps like Builda Price.
Once you have a shortlist, make sure to check their qualifications and experience, contact referees and ask your accountant to meet/Zoom them before you make your final decision.
A bookkeeper can do more than handle financial recording and compliance, they can also be a valued partner to keep your business running smoothly. With your accounts in order, you’ll be able to regularly track and review your financial performance. Use this information to make better business decisions and introduce changes that increase the profitability and long-term success of your business.
A core part of your team
Get your bookkeeper involved early in any software implementation or training. Their experience and expertise in general business operations and industry related software, coupled with intimate knowledge of your business, gives your bookkeeper valuable insight into what will work best for your business.
From saving you time and money, to improving cash flow and adding expertise, a professional bookkeeper just makes good business sense. So start asking for recommendations today!
Amanda is a regular contributor to NZCB's InHouse magazine
This article featured in the April/May 2023 issue.
Work with us:
Step one - Review
Let's chat about your business, the tasks you dislike, and look at your current admin systems.
Step two - Options
Whether you know where to start or you need guidance, let's discuss your priorities, options, and business goals.
Step three - Get started
Reduce your to-do list. Agree on an action plan and let us start implementing the tasks for you.