Less time doing your bookkeeping means more time running your business. Your business has grown and now it’s time to hire a bookkeeper, but how do you know if you’re going to hire the right person for the job?
A good way to help you find the right bookkeeper, is looking at their qualifications. They should have studied and achieved a current bookkeeping qualification and also be a registered BAS agent or registered tax agent. To become a registered BAS agent, a bookkeeper must have a minimum of a Certificate IV in Finance and logged at least 1200 hours of experience working under the direction of an experienced registered BAS agent. Bookkeepers must also undergo continued training and ongoing education to keep up to date with the latest legislative changes.
To find a suitable bookkeeper it makes good common sense to find someone with experience in your industry. That way they’ll be familiar with terminology and industry specifics straight away.
You’ll also want your bookkeeper to process your transactions accurately straight away. A good bookkeeper will be able to reconcile bank transactions, enter supplier bills and pay suppliers, raise tax invoices and follow up debtors, be able to check the coding of transactions, lodge and file a BAS form and pay GST. They should be able to prepare a profit and loss statement and balance sheet, interpret reports and prepare a budget and cash-flow forecast.
Most bookkeepers will have their software preference, but also should be flexible enough to work with the one you run your business with. They should be able to work in the ‘cloud’ to be able to produce real-time reporting when you ask for it. They should be able to provide assistance with technology such as software for online invoicing, point-of-sale systems and scanning receipts and invoices directly into your accounting system.
A good bookkeeper will understand the compliance requirements for your business and know how to process transactions within your framework, ensuring that they are recorded correctly and lodged appropriately. They should also be up to date with the most effective and efficient systems and work within them to provide reporting to assist you in your decision making.
Choosing the right bookkeeper, even one that is outsourced, is like hiring a member of your own staff. If you find the right person, you’ll never have to worry about your books again.
ITP The Income Tax Professionals experienced bookkeepers can help many Australian businesses across the country. Whether one day a week or five, ITP will be able to help your business with your accounting needs. Call a Professional today and see how they can help you.