5 Questions To Ask The Bookkeepers Sydney Before Signing The Agreement
Accountants are required by every business regardless of the size, industry and type. We hope today’s editorial will help you understand the importance of bookkeeper in you business’ success. There are few important aspects of every business which includes sales, marketing, operations, strategic planning, purchasing, accounting and management. Accounting and bookkeeping are of more importance in today’s modern era with strict regulations applied on business from the Australian Taxation Office. Having up to date and accurate books will help you in presenting the right image of business. Being an owner, you will be able to analyse the real time financial position of business with detailed insight from different accounts and books.
Small scale or large scale business, you have two simple options when it comes to hiring a professional bookkeeper. Choose wisely by judging the financial condition of your business.
1. Permanent Bookkeeper
2. Contractor Bookkeeper
Hiring According To Business Needs – Making the right decision is extremely important. You don’t have the option of managing bookkeeping Sydney on your own. It is an outdated practice which has more drawbacks compared to the benefits. Permanent bookkeeper is recommended to the particular business which has passed its initial stages of cycle and heading towards maturity. Mostly large scale businesses can use this tactic with huge funds available. These businesses don’t find difficult to pay the professional accountants. At the same time, large scale business has immense activities which require direct assistance and cooperation from the Finance & Accounts department. Permanent bookkeeper at your firm would be able to do it in a professional manner. The general form of agreement with bookkeeping service provider can be found here.
On the other hand, small scale businesses face a longer initial stage cycle for reaching the maturity point. The risks are higher due to lack of resources which leads to less availability of professional advice. The rate of small business startups winding up are greater compared to large scale businesses. It happens in no time at all. You need to be extremely smart when handling the small scale business startup. Save maximum amount of money on employee wages for the purpose of keeping backup investment if loss occurs. Get into a suitable agreement with bookkeeper contractor. It consumes lesser time and provides instant results with low expense. Many reputable contractor bookkeeping companies are providing their bookkeeping services Sydney to small scale business in Australia. There is a trand now to outsource bookkeeping services to overseas providers using the websites like ODesk.
5 Important Questions To Ask Before Outsourcing The Bookkeeping
It is an important step for your business to outsource the bookkeeping aspect. Your business’ financial well being would be in the hands of a contractor who will construct the whole picture of money involving activities. You need to be sure about the contractor before signing the agreement. We have mentioned and discussed the 5 must ask questions to the contracting company during the outsourcing process.
1. How many years of experience do the bookkeeper has? Australian Taxation Office has changed the rules and regulations consistently in past 5 years about accounting reporting requirements. It is a must for you to hire the bookkeeper who has at least 5 years of experience in the business for being on the safe side. Your startup venture is already at too much risk, don’t put further burden on it. Go for a true professional even if it costs a little more.
2. Which industry does the contracting company specialize in? This is a really important question which most people don’t care to ask. You need to outsource the bookkeeping aspect to the contractor who specializes in your business’ industry. It will allow the contractor to have better understanding of your business workings and detailed knowledge with handy experience.
3. What is the communication method and response time? You should know exactly what your business will get. The contractor should provide maximum response time of 48 hours. Swift response and communication shows confident bookkeeping from the contractor. Live chat conversation is ideal to provide maximum assistance and have ideal cooperation between the two parties.
4. What is the firm size? It is a good question to ask in case you are looking for the complete picture of outsourcing tasks like tax management, payroll calculation, accounting and bookkeeping. A firm specializing only in bookkeeping won’t be able to solve your problem. You would require a bigger firm with large pool of professionals. It will help gaining all solutions under one roof in an effective manner while bearing low costs.
5. Is the contractor licensed? Last but not the least, it is surely the king of all questions. Don’t rely on the answer of contractor. Do your research and only consult with licensed bookkeeping contractors. The licensing is a guarantee from the Australian Government that the particular contractor is capable of handling the bookkeeping matters in a professional manner. Don’t fall in the trap of unlicensed contractors even if they offer the most ridiculous package.