You have an accountant, do you really need a bookkeeper?
Both accounting and bookkeeping are essential to a successful business.
What does an accountant do?
Your accountant focuses on the big picture of your business's finances. They provide strategic advice, tax planning, take care of tax filing and ensure your business is compliant with legislation.
They prepare end of year financials, a yearly record of your company's financial position.
They calculate your tax liability and may act on your behalf to file returns with the IRD.
Some business owners choose to use their accountant to prepare their GST returns and file them with the IRD.
An accountant may act on on a business owner's behalf to file annual company returns with the Companies Office.
Your accountant can offer advice on loan structure, acquisitions and disposals, and offer advice on managing your cash flow and more. Your accountant should be a trusted advisor. We work with some amazing accountants whom we are happy to recommend.
However, your accountant needs accurate, up-to-date financial data to ensure they can give you the very best advice based on your numbers.
What does a bookkeeper do?
Bookkeepers are uniquely placed to support business owners on a week by week, month by month basis by helping them take care of regular financial tasks.
Bookkeeping is the foundation for your accounts and all your reporting. Unlike annual compliance work your accountant is responsible for, bookkeepers keep in touch with your business on a more regular basis, offering day to day support.
A bookkeeper gets to know your business, so we analyse transactions and assign them to the correct account.
We're quick and accurate, so, while you pay for our service, it's less than you'd pay an in-house full time bookkeeper.
We can organise your receipts and important records, cloud based accounting systems offer file saving capacity ensuring your supporting documentation is secure and accessible.
We ensure all those accounts sitting behind the scene, balance.
Monthly accruals ensure those all transactions in a relevant month are captured.
With your accounts up to date, it's a simple process to check, prepare and file accurate GST returns, and we can do that for you.
Because we are regularly monitoring your transactions we pick up trends and can point out anything unusual before it becomes an issue.
With everything up to date, we produce monthly reporting so you know how your business is tracking, who owes you money and who you need to pay.
We can take over payroll and pay your employees accurately, on time.
If you're a tradie, we work with your job management software to ensure it integrates with your accounting system and we can work in your job management software as required.
The benefits of accurate and timely data:
With up-to-date financial data, and regular reporting, you will gain a clear picture of your financial health at any point in time, making it easier to plan and make decisions.
No more waiting until financial year end for your end of year financials to find out how your business is tracking.
Your bookkeeper knows your business well and can assist with budgeting and forecasting.
A bookkeeper can save you money
As qualified and professional bookkeepers we can deliver accurate and timely accounts on your behalf to your accountant. Minising end of year adjustments and the time and expense taken in filing financial year end accounts and calculating your tax liability.
You’ll save time.
With less time spent on bookkeeping, you’ll enjoy less stress and more time to focus on your clients and on building your business.
You might even increase your profits.
One survey shows that, on average, companies’ profits increase 16% after they hire bookkeepers. The extra time (and sleep) allows focus on other areas of your business (like increasing profit).
Why choose Office Outworkz for your bookkeeping and accounting services?
We believe that small business owners deserve financial clarity and confidence.
Our mission is to provide reliable bookkeeping and accounting services that not only free up your time and reduce stress but also enable you to make informed decisions that drive your business forward.
We're experienced with the needs of a variety of different businesses including not for profits, service and trade based businesses.
We’re here to ensure you have the financial insight and support you need to focus on what you love — growing your business.
We offer an obligation free discovery call so you can get to know us and we can learn about your business. Take the first step towards financial clarity and contact us today.
