Gone are the days in most bookkeeping and accounting firms when the majority of fees were generated from the preparation of tax returns and annual financial statements.
The past decade has witnessed a gradual shift from 'historical number crunching' as a proportion of total fees, and towards the provision of broad-based business advisory services. More that ever, there is a scope for proactive input by your bookkeeping and accounting firm, into the growth and effective management of your business.
Some of the less obvious professional services available from a medium to large bookkeeping firm, centre around forward planning, managing the business, BAS lodgements, complete taxation services, and associated accounting services.
SAVE TIME BY DOING AS MUCH OF THE BASIC BOOKKEEPING AS POSSIBLE INTERNALLY
This includes the preparation of business plans, which provide direction and clarify business strategies and alternatives;
Advice regarding the purchase or sale of a business;
Cash flow and profit forecasting;
Feasibility studies, for example relating to new business directions, ventures or products and making significant use of financial modelling and computers;
Advice on choice of the most appropriate business structure.
Managing your business. This involves professional expertise, for example, to establish a manual or computerised accounting and bookkeeping system that is tailored to specific requirements of your business. This also includes measurement of performance and efficiency on a periodic basis, and maintaining the maximum return on your investment so that you minimise risk.
Preparation of financial statements;
Preparation of management reports;
Provision of computer facilities, for example, to process monthly debtors;
Preparation and lodgement of BAS by a bookkeeper who is a registered BAS agent.
Not all bookkeepers provide these services, and your choice of a bookkeeping Gold Coast firm will depend largely on how appropriate their range of services are, to the particular requirements of your business.
Your bookkeeper should be professionally recognised eg. as a Public Practice Member of the Association of Accounting Technicians, and most importantly, a Registered BAS Agent.
Bookkeeping fees are based on time and usually the size of the firm, Some large firms have adopted a more flexible approach with the introduction of variable charge-out rates, making them competitive with small accounting concerns. Your bookkeeper may be able to provide you a fixed quote in advance, once they are familiar with the nature of the assignment, so there should be no adverse surprises.
Part of the secret to more cost-efficient use of Bookkeeping Gold Coast services, is to save time by doing as much of the basic bookkeeping as possible, internally. Some bookkeeping Gold Coast firms will provide you with an advanced checklist of what they will require.
In the final analysis, using your bookkeeper most effectively, means viewing them as business advisors, who can provide valuable input into the management and potential growth of any business.