What Do Bookkeepers Do For a Small Business Owner?

As an accountant I spend a fair amount of time helping business owners get their numbers into shape. And by shape I mean they need to be able to represent the business in a way that can allow us to have an active conversation about the business with them.



But what does that really mean for you - the business owner?



Sometimes, accountants get confused between the language they have and the language other people have. By learning what it is that accountants DO and WHY, you can learn a lot about how to improve your own business.



Accountant - what do they DO for small business



Ensure a client's business complies with the relevant legislation.



But what does that mean? Legislation can cover TAX issues, LEGAL issues, staffing and payroll issues, DOCUMENTATION issues... so many issues... it's no wonder professional services is such a confusing place to sell. A lot of my success with clients has come down to something I know which others don't:



1. Business Owners - Want Confirmation, Not Justification.



No one wants to know WHY, they just want to know that what they are doing is right. That's advice. That's Professional Advice.



Many clients come to Bare Figures because they are confused and that's just not something the team at Bare Figures can have happen! Below lets run through what needs to happen for Financial Mastery to occur.

Business start-up

• Registration of business name, domain name, entity structure names
• Registration for tax for the above, GST, FBT, IAS, PAYG
• Filing set-up
• Setting up bank accounts
• Setting up policies, procedures, systems and templates for business performance

Ongoing Bookkeeping

• Choosing software
• Sending out invoices to get paid and tracking invoices
• Paying bills and staff
• Balancing bank accounts
• Filing and sending to bookkeeper to process

Accounting Functions

• Reviewing file and updating documentation and classification
• Preparing and lodging BAS, IAS, PAYG, FBT, ITR
• Prepare and processing additional journals into software
• Planning for tax and tax strategy

Financial Management

• Budgeting and forecasting
• Business planning
• Pricing and market research
• Sales strategy, implementation and performance management
• Cost minimisation
• Financial process improvement

As you can see above - the lines start to vary between you, the bookkeeper and your accountant as to who is in charge. I would also point out to you that the most VALUE adding items are in the 'Financial Management' section above, and NO bookkeepers, NO accountants do those. Excuse the plug, but at Bare Figures we consider those mandatory parts of our services - goto our website to find out more.