A good bookkeeper versus a great bookkeeper

September 12th, 2015 | Posted in Business Performance

 

Do financial worries keep you up at night?  

Could your business be performing better than it currently is?

If your answer is yes, then you need to know how to source a great bookkeeper not an ordinary one.

A good bookkeeper will:

  • do your data entry but may not go the extra mile of cross checking monthly balances to identify possible unbalances or incorrect entries;
  • complete basic level payroll, without understanding all the ins and outs of processing and ledger accounts; and
  • can get the work done however when things get a little more complicated they will not have the capacity to strategise (much of the stress and aggravation related to financial issues comes from not clearly understanding each client’s unique situation and not having the tools and the resources to fix issues as they happen).

However, a great bookkeeper:

  • will put you on the front foot with the latest technology to get the most out of your business. Turning data into insights is something that in the past was only possible to large organisations, however with the evolution of technology, is now at the fingertips of every great bookkeeper who is in the know how;
  • will make sure data is entered accurately and create reports so that a business owner can know the numbers to make good business decisions and have clarity;
  • knows how to provide business performance ratios which are a useful business decision making tool; and
  • can efficiently liase with accountants providing an enormous savings end of financial year costs.

It is a shame that most small businesses compromise on hiring a good bookkeeper instead of a great bookkeeper when the benefits to a business of hiring a strategic bookkeeper are enormous.

A great bookkeeper will not only safeguard a business owner from hitting the panic button when they are in a crisis to sell the business or desperately seeking finance, they will also prevent you from being in trouble with the ATO.

This article was written by Nadia Elmoustafa – Director of Bookaid Bookkeeping. Nadia is an Accountant and Bookkeeping expert and specializes in helping her clients find more efficient and effective ways of maximizing their profits.

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