Bookkeeping is a surprisingly complex task, made even more complex by the ever-evolving laws, regulations, and certifications that bookkeepers need to keep up with. Long gone are the days where a business owner’s spouse with no experience can just pick up bookkeeping successfully. It needs to be done by a professional but as an accountant the right person to do it?
Previously, accountants would not have taken on bookkeeping, dealing mostly with high-level numbers and mostly being engaged at tax time. In recent years, however, accountants have begun to take on more and more bookkeeping work. It allows accountants to have a great ongoing relationship with clients, providing advice and service year-round, rather than just once. But the best solution is to have your accountant work in tandem with your bookkeeper. Which is what MSI Taylor and TrackMyNumbers do together.
Do accountants know how to bookkeep?
Because accountants have historically dealt with higher-level business finances, do they have the skill set required to do bookkeeping? Accountants may not have experience with bookkeeping, as their work is so different, but they generally do have the understanding and skills to get it done.
It provides accountants with an in-depth view of your business and means that when it comes time to pay taxes or to consult with a professional about auditing or business growth, you have a team who are well equipped to provide the best information possible.
That being said, a professional bookkeeper will almost always outstrip an accountant on experience and expertise. This does not mean that you are limited to only hiring an in-house bookkeeper. MSI Taylor has a specialist bookkeeping partnership with TrackMyNumbers, our partner Bookkeeping business. They work closely with the accountants here, giving you best-of-both-worlds expertise.
How does outsourced bookkeeping work?
For small to medium-sized businesses, outsourcing your bookkeeping is a fantastic way to have a bookkeeper on hand without the expense of hiring one. Bookkeeping is a time-consuming task that requires expertise to do correctly, and outsourcing is a great way to ensure you don’t have to take the DIY approach, which sucks up a huge amount of time and can be costly when done incorrectly. It can also take your focus off doing what you do best.
You only pay an outsourced account for work you need, instead of paying full- or part-time wages. You also won’t have to deal with any HR or management, knowing instead that your bookkeeping is in great hands.
Bookkeepers can handle all kinds of tasks including payroll, receivables and payables management, business activity statements, as well as all other regulatory requirements such as STP reporting and SuperStream payments. The greatest benefit is having up-to-date, reliable, and accurate records on which to base your business decisions and to know that your accountants are working in unison with you and your bookkeeper to ensure that tax planning is done on reliable information. This professional partnership allows everyone to do what they are best at to help your business thrive.
So, is it worth it to have an accountant do your bookkeeping? Accountants have a different scope of knowledge, and may not understand the intricacies of bookkeeping as a professional bookkeeper does. The best solution is to have your bookkeeper and accountant working in tandem and providing holistic financial services and advice whenever you need it. If you want to learn more about how this can help your business, get in touch with the team at MSI Taylor today! We are your leading Brisbane business accountant and TrackMyNumbers is your specialist bookkeeping service provider, and we are here to work together to help you reach your business goals.