Gold Coast Mobile Bookkeepers and Bookkeeping Services

We are constantly amazed by the attitude of some small business owners towards their finances.

Whilst it may be true that you can get a friend or relative to do your bookkeeping, how can you be sure that they are doing the job correctly?

When the going gets tough, they see their bookkeeper as an unnecessary expense. Some small business owners do not have a bookkeeper, believing that their wife, partner, husband, aunty,cousin or friend can do the books at “mates rates” or even at zero cost.

Whilst it may be true that you can get a friend or relative to do your bookkeeping, how can you be sure that they are doing the job correctly?

A new client sent us through their MYOB file and asked us to review the file and prepare the BAS that was due for lodgment on 28 October 2008. We asked them who had set up the accounting software package, and the chart of accounts.

“Oh, we did it ourselves, we just installed the MYOB software and followed the prompts.”

Excellent! Only the Financial Year starts on 1 July 2008, not on the day that the business started (which was 1 September 2008). We suggested that rather than attempt to move forward with MYOB, that they simply enter the figures on a spreadsheet.

Their figures had reflected no “cost of goods”, no rent, or utility expenses, and only a few dollars for wages. They were wanting to run a “tight ship” and keep a close watch on their finances. However, this was a small business that was very good at doing what they do, and had absolutely no idea how to manage their paperwork, bookkeeping, invoicing or get ontop of the paperwork.

Since it was a business that was just starting up, they also saw little need in employing a professional bookkeeping service. Or rather, they did want our services, but did not see why we should be paid for our experience, knowledge and professionalism.

This was a small business operator who thought they could save money on bookkeeping fees, not realising that they were about to pay far more to the Australian Taxation Offic than was necessary. And how often does the ATO contactyou and say that you’ve over paid them? Since it’s all computerised, there’s little chance of that happening. The responsibility lies with you to tell them how much you owe, or how much refund you expect.

As we enter some interesting economic times, and cash flow is slowing down, you need to make sure that you are in full control of your finances. Now is the time to ensure that you have a bookkeeping system in place, that whoever is doing the bookwork for you actually knows what they are doing, or maybe it’s time to get yourself a professional bookkeeper