Importance of a Good Bookkeeper

Businesses must maintain records for five years after they are prepared, obtained or the transactions completed (ATO 2010). Good records streamline BAS and income tax preparation, and allow stakeholders such as business owners and lenders to assess the health of the business. A good bookkeeper will be an expert in record maintenance and will ensure all record keeping obligations are met, saving valuable time and money.

Why Get a Bookkeeper?

A professional bookkeeper will have the experience, knowledge and skills to maintain records more efficiently, effectively and accurately than untrained staff members or most business owners. Although it may initially seem cheaper to “do the books yourself” or “have the secretary do it in his/her spare time”, it nearly always costs less over the long term to engage a professional bookkeeper.

How Much is a Bookkeeper Going to Cost Me?

A professional independent contract bookkeeper is only paid for productive hours. Unlike employees, contract bookkeepers are not paid for idle time and are not entitled to super, PAYGW or leave entitlements. Beware of bookkeepers offering their services for below market rates – they are often inexperienced, unskilled and will cost your business money when their poorly performed work is discovered.