It’s no secret that bookkeeping has a bad reputation, and if it were a person, it would have an airtight case for defamation.
No bias, but we believe it’s utterly undue. You see, good books are the foundation of a successful business. The smart and strategic decisions a successful business requires are based on data-driven and educated predictions, which come from none other than a good Xero bookkeeper.
But if you find ‘doing the books’ a darn right bore, it may be time to seek a quality Sydney bound bookkeeper to help you access the valuable insights they can provide.
What does a bookkeeper do?
When it comes to bookkeeping, there is more to it than meets the eye. Sifting through a million receipts and making sure the lights stay on by staying on top of the bills is only a fraction of what we do.
Yes, we track your financial transactions, ensuring they are accurate and allocated to the correct account. We also produce financial performance reports, chase late payments, manage payroll, pay bills, and perform every other essential bookkeeping task. But we aren’t just here to check those boxes; we are here to set you up for long term success by providing you with the up to date financial information you need to make well-informed decisions.
At Orbit, bookkeeping is all about setting up good habits to track your profit, knowing your magic numbers, understanding due dates and saving for rainy days. It’s about getting your finger back on the pulse of your business and freeing up time for you to focus on your areas of expertise.
Does a bookkeeper do taxes?
Now that would be a job for your accountant. However, bookkeepers can prepare and submit your BAS, but only if they are a BAS agent like Orbit.
That’s not to say a good bookkeeper doesn’t have a role to play in tax. It’s the work your bookkeeper does day in and day out that fuels your accountant’s calculations for tax and all their strategic planning.
Without a good bookkeeper, your accountant can’t do their job. Not to worry though, our team can help you with both your accounting and bookkeeping needs.
So what’s the difference between bookkeeping and accounting?
To boil it down to one word – frequency. While your bookkeeper is working for you daily, your accountant pops in on a monthly, quarterly or yearly basis to take care of the larger tasks.
Your bookkeeper’s primary responsibility is to keep your books nice and neat while ensuring they are always balanced so you can make real-time decisions. Your accountant can then analyse all the information your bookkeeper has organised to make recommendations, predictions and complete all the required reports. Using cloud accounting software like Xero allows your bookkeeper and accountant to work harmoniously on the same accounts, anywhere, anytime.
Wait, what is cloud bookkeeping?
No matter where you are in the world, cloud-based bookkeeping apps and software, like Xero, help you stay on top of your bookkeeping.
Xero bookkeeping pulls all of your financial information from your bank accounts and uses artificial intelligence to analyse and help categorise your business’s spendings.
When you integrate your bank statements with your cloud accounting software, you can effortlessly stay on top of your cash flow, save precious time and make it almost impossible to miss a single transaction.
Essentially, cloud bookkeepers are the same, same but different. Instead of stealing a seat at your office, we can work from the cloud.
Why outsource your bookkeeping?
Raise your hand if you love nothing more than filing receipts in the midnight hour after a long day of work. No takers? Here is why outsourcing a good Sydney bookkeeper might be the right move for your business.
As a small business owner, it’s all too easy to get on the hamster wheel and never get off. With an endless list of to-dos, it’s easy to put your bookkeeping on the back burner and avoid it until it snowballs into an astronomical task. The real kicker about bookkeeping is the sheer amount of time it takes, so if you’re not 100% committed to ticking this task off every day, consider outsourcing it.
At Orbit, we want to see you spending your time in the areas you shine in. We love books, so if you’re running your very own small business, let us worry about all things bookkeeping.
Keeping in check.
Accountability. It’s the reason why finding a training buddy or a personal trainer is encouraged when you embark on a health kick. If you have someone counting on you to stick to it, you are more likely to succeed than if you are the only one keeping tabs on your performance.
A good bookkeeper will be scanning your accounts to see who is spending what while staying on guard to flag any signs of excess expenditure. So if you have a budget, we will be making sure you stick to it.
Up to date information.
We’ve said it once, and we’ll say it again – to make informed business decisions, you need accurate and up to date financial information.
Without up to date books, you won’t know how your business is performing, leaving you to make blind decisions. As a small business owner, there’s no doubt you’re a jack of all trades. However, when it comes to tracking the financial performance and reporting of your business – it’s best to go with the master.
How to hire a good bookkeeper in Sydney?
When searching for a good bookkeeper, the key is to find one that knows your industry and understands your needs. At Orbit, we specialise in helping small businesses owners make more possible.
Whether it’s creative agencies, builders, engineers, health practitioners, IT consultants, legal practices, management consultants, PR agencies or real estate agencies, our clients are positive, kind-hearted, fun-loving family folk who will always push to give it their all.