When running a startup, founders often have to be many things to many people; apart from facing clients, they have to oversee operations and marketing, keep track of the company’s finances, and set the budget for various projects. This may be manageable for very small companies; as a firm, grows, however, it needs people working in more specialised roles.
Bookkeeping, for example, is something that grows in complexity as the business scales up. This must be assigned to another employee, or outsourced to a small business accountant; otherwise, founders run the risk of being burnt out from all the extra work. If you’re starting to question why you went into building a business from scratch, it might be time to delegate some functions. Here are the benefits you will get if you hire a freelance accountant today.
Know your finances inside out
Understanding your business’ numbers is an important part of keeping it running. Though you’re looking to offload the bookkeeping to another person, you should still be aware of how money flows in and out of your company. You don’t have to do the work of aligning the balance statements and preparing audits, but you should know how to explain your own data.
When you hire a bookkeeper, they can help you build and maintain systems for tracking your company’s income and expenses. To help them do a good job at that, though, you need input. Knowing your numbers will help your outsourced expert come up quickly with a system.
Migrate your data to digital
Hard copies of documents are a waste of resources. They take much more time to fill out and are expensive to maintain. If you still use paper in your office, especially for things like annual reports and budget proposals, it’s time you looked into getting rid of these. Going paperless will keep human error to a minimum and it lets your outsourced personnel work remotely.
Consider only keeping hard copies of important documents, like government permits, certifications, and long-term contracts. Your chartered accountant can help you set up an invoicing and payment system that does not need physical receipts or job order forms.
Experts will handle the tax filing for you
This is one area which you should leave entirely to your specialists. Your bookkeeper will be far more knowledgable than you about how to pay for your taxes. They can help you systematise your information and take care of intermediate documents like quarterly BAS or Business Activity Statements. Bookkeepers that are registered BAS Agents are authorised by the Australian Taxation Office and licenced by the Tax Practitioners Board.
They can help you regarding GSTs or goods and services taxes and matters arising from these. They can also help you allocate your claims properly; business owners might miss out on claiming GST credits if they try to do their taxes themselves. Your accountant helps you find every advantage you can get for your SME and for improving its cash flow.
Use technology for your finances
SMEs will save a lot of time, money, and effort when they use online SaaS and cloud-based solutions for accounting. The right technology solutions will help your accountant meet payroll obligations, track payments and deliverables, and follow up on clients’ invoices. There are so many applications available today that can help a business become more efficient, and outsourced accountants can help you adopt these in your workplace.
The financial management of your business is something you can easily delegate to a skilled freelancer. Outsourced accountants can help you make your processes quicker while keeping costs low for your company.
For business accountants in the Gold Coast, get in touch with New Wave Accountants & Business Advisors today. We have helped over 600 businesses minimise tax and maximise profits with our outside the box accounting services. Get in touch with us to learn more!