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Will I Give Away Too Much Of My Business If I Outsource Bookkeeping

Actually just the opposite! Instead of spending your time managing and entering information into your books you’ll be able to spend more time analyzing the books and managing the operations and sales functions of your business. Having an outsourced bookkeeping service is like having a trusted adviser monitoring your books to make sure things run appropriately, while you focus on what you do best – running your business.

Is My Data Safe

We are in compliance with 201 CMR 17.00, the most stringent data regulations in the country. We have multiple layers of data protection, with surveillance and technology companies that are monitoring our servers 24/7. We host our client data in a state of the art tier 4 data center in Dallas Texas. It has redundancy in every aspect of the network. Our dedicated servers are always backed up to multiple locations across the country. There are multiple generators to keep the servers running. If you would like to learn more about our data center click here.

Do You Take The Place Of My CPA Or Tax Preparer

No we don’t! We work with your CPA or tax preparer to complete your accounting team. As a cloud outsourced bookkeeping company, we encourage CPAs to offer proactive advice to their clients and can give them access to your data to do so! We do not prepare taxes; we get you ready for tax time!

Can A Bookkeeper Do Payroll?

We sure can! Our payroll services cover everything from setting up STP to superannuation. We regularly attend bookkeeping training to keep ourselves up to date on the latest industry updates (including the recent award changes) and pride ourselves on keeping clients compliant with ATO requirements and streamlining business processes.

How Will A Bookkeeper Help My Business

Create time for your business

It’s amazing how many clients first came to us as time poor individuals! During our initial consultations and enquiries, we often hear “I just do not have enough hours in the day” or “accounts is just not my thing”. We love what you don’t! Give us the paint and we will bring the brushes! Creating more flexibility for you inside and outside of your business is one of the many things that drives us.

Keep you compliant

As a small business owner, you’ve got enough to worry about without having to stay up to date with all the legislative compliance changes. That’s exactly how your bookkeeper can help; it’s our job to know about industry updates and compliance changes so you don’t have to. We bookkeepers stay aware of changing laws, so we can ensure your company is compliant with payroll and tax laws, as well as any other financial rules and regulations that affect your business.

Teach you about your business numbers

A great bookkeeper is someone who doesn’t mind sitting down with you and running through the “ins and outs” of all things bookkeeping. They will take the time to explain your business numbers, show you the insights behind them, provide suggestions, tips of the trade and answer your questions without any accounting jargon.

A bookkeeper also keeps track of your company’s financial health and advises you on decisions that can help you grow your business. They can also warn you if you’re about to make a decision that could hinder your longer-term growth.

In addition, bookkeeping services usually include support for you to ask questions around payroll, software or general bookkeeping (for example, common questions we are asked is, “What is double entry bookkeeping?” and “Why is my net profit not in my bank account?” – we have answered these for you below.

Bringing a professional on board can seem pricey for a small business owner, but a bookkeeper’s expertise could mean considerable long-term benefits for your company. We can grant you with peace of mind and added time to get back to running and growing your business.

What Do Bookkeepers Do?

What do bookkeepers do on a day-to-day basis? The answer is most likely “more than you might think!” The BookSitters handle all aspects of bookkeeping and more, including:

  • Setting up or streamlining current systems

  • Recommending and setting up bookkeeping software

  • Data entry (NOTE: it is impossible to complete data entry without also being involved in determining tax codes and therefore the allocation of GST which requires tax invoice documentation)

  • Expense Tracking

  • Invoicing & Receipt Management

  • Transactional Checks & Bank Reconciliations

  • Accounts Payable & Receivable

  • Online Banking

  • Calculating GST

  • Cashflow Management

  • Budgeting

  • Compliance & Reporting

  • Payroll, Awards and Superannuation changes

  • BAS Agent Services (IAS, BAS Preparation & Lodgement)

  • Taxable Supplier Payments (TPAR)

  • EOFY Processing

  • Management Reports

  • General Business Administrative Support

  • Business Planning

  • Profit & Loss Reporting

  • Keeping educated on the industry, compliance, best practice bookkeeping and any changes that may affect clients

  • Keeping up to date with legislative requirements (so you don’t have to!)

Bookkeepers can also provide clients with insights on business opportunities and potential financial issues that they may not have been able to see. Most often the bookkeeper will be happy to sit down with clients and explain their numbers (without the financial jargon) while delivering accurate and timely bookkeeping services.

For us at The BookSitters, it’s about so much more than bookkeeping and we always strive to go above and beyond for our clients.

What Is The Difference Between Accounting & Bookkeeping?

Bookkeeping and accounting are often assumed to be the same profession. This is not the case!

Both are extremely important for every business, especially when used together. While bookkeeping is responsible for the recording of financial transactions, accounting is responsible for interpreting and analysing the financial data.

A bookkeeper will be the person who assists you with the ongoing financial recording, transactions, compliance and lodgements that keep your business running smoothly. Your accountant will be the person who analyses the data produced by your bookkeeper to minimise your taxation and make recommendations. Accountants have a strong understanding of tax law & requirements and will be best to assist in this area.

Instead of perceiving a “bookkeeper vs accountant” situation, it is important to understand that your accountant and bookkeeper work best together to serve the financial requirements of your business. At The BookSitters, we focus on working closely with our clients chosen accountant.

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