There are varied roles and responsibilities a business owner must perform. Bookkeeping and accounting are one of these. While many business owners think they can manage the financials for their business, they quickly realise it can become time consuming and leaves them working in their business more than working on their business.
When deciding to seek help with your business’s bookkeeping you may be wondering if you should outsource or hire an employee internally? Which is best for you is dependent on you and your business, however it can be possible to have the best of both worlds.
There are several ways outsourcing accounting and bookkeeping can work for your business including:
- Outsource all your business’s accounting and bookkeeping
- An internal bookkeeper and external bookkeeper can work collaboratively
- An external bookkeeping can review your bookkeeping and assist when needed
Outsource all your business’s accounting and bookkeeping
If you are looking to outsource all your business’s accounting and bookkeeping, a full service by a certified accountant and bookkeeper is ideal. This service can include tasks that can be time consuming such as payroll set up and management and BAS calculations and lodgement.
An internal bookkeeper and external bookkeeper can work collaboratively
An external bookkeeper can collaborate with an internal bookkeeper to manage your business’s bookkeeping needs. Working together, they can share tasks which could include assisting with payroll, processing of accounts, payroll management (PAYG), reporting and reconciliations.
An external bookkeeping can review your bookkeeping and assist when needed
An external bookkeeper can assist ad hoc or on a monthly or quarterly basis to review your bookkeeping. This service can help you to gain a better understanding of your business and suggest improvements to processes. A review may also assist with training internal staff to use bookkeeping and accounting software.
Free up time to focus on growing your business with FREED Up Accounting and Bookkeeping Solutions
At FREED UP Accounting & Bookkeeping Solutions, our main principal, Naomi is a registered BAS Agent (#25959844) with the ATO. She is also a qualified Accountant with a Bachelor of Financial Admin (Accounting) and a member of the Institute of Certified Bookkeepers and the Australian Bookkeepers Network.
Our mission is to add value to your business and contribute to your success, whilst freeing up your time to enjoy your life. Whether wanting a full bookkeeping service, a collaborative bookkeeping service or wanting to review your business’s bookkeeping, call our team on 0438 977 767.
Disclaimer: The information in this article is general information only