When a say I’m a bookkeeper, most people think I’m a bookie and can offer some insider betting tips... ahh afraid not. Although the terms are similar, the professions are poles apart, I assure you!
So what does a bookkeeper do? A bookkeeper has an important role in the operation of a successful business by managing the financial side of the business all year round. We pay your bills, prepare your invoices, pay your staff, manage your cash flow, lodge your BAS’s and IAS’s (…some of us, more on that later) and ensure your business is financially compliant. We reconcile and review your accounts and accurately prepare figures that your accountant then uses to lodge your tax return.
Your business benefits from having a bookkeeper by having a qualified and responsible person overseeing the financial operations of your business throughout the year. We do the basics, but we also keep abreast of changes in reporting and compliance that may otherwise get missed. If your business is growing, your tax responsibilities may be changing. A bookkeeper monitors this so that your business doesn’t fall through the cracks and unknowingly become incompliant… avoiding potential tax ‘surprises’!
A bookkeeper can also prepare management reports, measure staff productivity and help you to analyse and understand your business beyond the ‘money-in, money-out’ gauge.
Most importantly, a bookkeeper makes your life and your accountant’s life easier!