If you ask a successful small business owner what they see as one of the most important aspects of operating their business, you wouldn’t expect them to respond with ‘efficient bookkeeping.’ This is partially because bookkeeping isn’t seen as the glamorous side of small business, and also isn’t what you would picture the plumber who is currently under your kitchen sink doing in his spare time.
Many people would be surprised to know that for small business owners, operating a profitable business starts with ensuring that they know at any point in time where their business is sitting profitability wise, cash flow wise and competitively in the market. In the current business climate, this means more than looking up the current balance of the bank account.
It is also important to realise that while you as the business owner should have access to these figures, you shouldn’t necessarily be the one processing them. At the end of the day, most business owners are their most profitable employee, so why should they be spending their time reconciling the bank account? Instead, they should be working on the business and increasing their profits.
This balancing act is an ongoing problem that we see all too often. This has led Power Tynan to develop an outsourced bookkeeping system to enable our clients to work on their businesses, while we look after the bookkeeping.
Our outsourced bookkeeping system is designed to ease the management of your business and improve efficiencies along the way. While the system does include the normal bookkeeping functions, such as the processing of invoices and bills, payroll and bank reconciliations, in order to ensure that our clients are operating as efficiently as possible we have also invested a lot of time into the utilisation of cloud-based add-ons, budgeting and reporting tools.
Using the most up to date technologies ensures you know where your business is at and where it is going to be. Naturally, as your accountant we also ensure that ongoing ATO requirements are met, including lodgement of Business Activity Statements and payment of superannuation.
The system has been designed to be as customisable as possible, with the ability for our bookkeepers to take on full management of your accounts, through to basic reconciliation of your bank account. While the system has been developed to be customised to what the business owner wants, we do look for the most efficient methods which may not always be what you originally imagined.
If you think an outsourced bookkeeping system could be of benefit to your business, please contact your adviser at Power Tynan to discuss an efficient bookkeeping system for you.