Why Good Bookkeeping Matters

Posted By Caroline Gratzer  
20/11/2020
12:00 PM

If you have launched a new business, you will need to manage finances, payroll, cashflow, sales, expenses and a lot more. 

Bookkeeping is one of your business's foundational pillars and is a meticulous and exacting task.   Despite the leading accounting software providers making it look easy, getting the bookkeeping wrong can have profound implications for your business. Here is how poor bookkeeping can become a hassle.

You spend in terms of time

Time is of the essence, especially when it comes to running a start-up. But compliance obligations have to be met and you can end up wasting a lot of time understanding bookkeeping principles and how your accounting software works.

Your time has a price.  Qualified and trained bookkeepers know how to record and maintain financial transactions accurately and efficiently, in the least time possible.

They will also give a clear overview of your business performance so you can make timely decisions. Delayed business decisions can have an opportunity cost.

Your business experiences cashflow problems

Cash is the energy of every business. Regardless of dealing with suppliers on credit, cashflow is still an essential aspect of a business. Through cash, you can pay for business development, employee salaries, operating expenses and more. A professional bookkeeping will help you keep track of your cashflow to avoid being caught in a difficult situation.  Business owners often struggle to have this oversight independently.

Inaccurate business decisions

Business owners can only make accurate financial decisions when they have up to date and accurate books.  Poor bookkeeping won’t give you a picture of your business performance and you can easily get caught up in the cycle of making wrong business decisions.

Stress and risk

Compliance obligations are a part of running a business in Australian and will not go away.  There are hefty penalties for getting it wrong.  Bookkeeping is a function that can be outsourced to an expert so you can get on with what you do best - and sleep better!

You don't have to struggle alone when it comes to bookkeeping.   Reclaim your time and focus by finding a bookkeeper you can trust. 

To find out more about our services or just to speak further about how good bookkeeping could help your business, contact us now.