Bookkeeping Services Melbourne

10 Benefits of Cloud-Based Bookkeeping Services for Melbourne Businesses

Choosing the right bookkeeping partner can mean significant savings in time and money. For a small business, it can make the difference between growth and stagnation.

FreeMyCloud bookkeepers allow your team to do their specialist jobs to help your business grow. Time-consuming tasks are executed by specialist administrators in an outsourcing company that is specifically geared for this.
You do not have to micro-manage staff or processes which takes up your valuable time. When expert staff take care of the bookkeeping, you can attend to business growth.
Accounting companies have the right infrastructure to deal with detailed processes and paperwork. You can streamline your back-office workforce.
Accounting companies can specialize in specific industries and can employ industry-specific accounting and reporting practices.
Stop wasting days of research just to ensure your office processes meet legislative requirements! When experts handle support functions, there’s no fear of improper transaction handling.
Backup systems and off-site processing avoid data loss and missing documentation.
Automating financial processes helps employees to avoid costly mistakes. Avoid payment delays and cash flow problems – don’t wait until the end of the month before you find out a client’s invoice is incorrect.
You don’t have to purchase expensive software or updates just when you can least afford it. Accounting firms have state-of-the-art technology and software, and their experts use those software packages every day.
Audit-proof your business: be prepared for any event such as applying for a business loan.
Don’t get penalised with penalties, late fees, or excessive interest – a professional bookkeeper will get it right, the first time. Expert tax advice will save you money from day one.
Identify savings opportunities through supplier consolidation, and always have an accurate overview of your finances when you need to move fast to secure a new opportunity.

Melbourne’s small and medium-sized businesses are booming, and with this growth comes a higher demand for bookkeeping services for Melbourne businesses.

Start-ups can seldom afford specialist staff, forcing founders to become an expert on almost everything overnight. Zoning laws, computers, fleet management, purchasing, Human Resources, social media, websites, sales, marketing, time management, taxation, and accounting – there’s an endless list of specialty fields that suddenly needs your immediate and full attention.

There aren’t enough hours in a day to attend to these critical details and still excel at your core function – not the fastest route to growth!

Technology Is Not Always the Answer

Technology can handle many of the specialist business processes. It seems there’s new software or hardware for almost every business need. However, unless you and your staff are all IT-prodigies in addition to the skills you hired them for in the first place, there’s a limit to what a business can usefully adopt.

Modern software or hardware may do 80 percent of the specialist work, but users must still acquire a high level of skill to use the technology. In fact, it can be so time-consuming, and so hard to adapt that you cannot extract meaningful benefits from your investment.

Outsourcing Is a Growth Industry for a Good Reason

As reflected in outsourcing statistics worldwide, outsourcing remains an efficient way to streamline business costs. Because of the specialist knowledge required to take bookkeeping to trial balance and beyond, Finance and Accounting (F&A) functions are at the top of the list of outsourced roles. The most commonly outsourced services are payroll accounting, accounts payable, and accounts receivable, hence the uptick in demand for bookkeeping services for Melbourne businesses.

The Role of an Outsourced Bookkeeper in Your Business

Just like you, bookkeeping and accounting staff have a specialist job. Your job is to make your company grow in the field you have chosen. Their job is to support your ambitions with smoothly running financials, information, and maximise cash flow.

Is your company profitable, but you still battle to pay the bills? A professional bookkeeper – especially one trained in bookkeeping services for Melbourne companies – will optimise your cash flow by bringing in the money owed to you while delaying cash outlays as long as possible.

A professional bookkeeper can also spot and use savings opportunities and help you to manage shortfalls. Your team’s jobs will be made easier with theirstreamlined procedures, internal checklists, and the processes designed to cut through red tape.

Why Are Cloud-Based Bookkeepers so Useful for Melbourne Businesses?

FreeMyCloud has standard accounting processes that conform to international best practice. They manage the paper trail to make reporting smooth and stand between you and all those distracting little details. FreeMyCloud outsourced bookkeepers are offshore financial specialists with a vested interest in making your money go further. Their job is to manage your company’s financial well-being, leverage cash flow, minimise risk, and promote growth.

Appointing the Wrong Outsourced Accountant Can Be a Business Risk

F&A is knowledge-intensive. Besides accounts receivable or payable, accountants often handle payroll, employee benefit plans and, increasingly, budgets and sales forecasting. Each of these may include legal or highly technical aspects – expertise not easily found in the typical Melbourne small business. Your FreeMyCloud accountant can, therefore, be regarded as an extension of your company’s risk management team as they have a vested interest in lowering your company’s risk profile.

How to Select a Bookkeeping Service for Your Business

Some factors – apart from cost – may be highly significant for optimising your company’s growth and exposure to risk:

Does the bookkeeping service have the capacity to handle all the functions you wish to outsource (e.g., payroll, budgeting, forecasting, accounts receivable etc.)?
Is there a requirement for jurisdictional, international, or legal expertise?
Do they have a good communication system and a quality assurance process?
Will they appoint dedicated staff to look after your interests, or will the team handle more than one client at the same time? Is confidentiality assured?
Does the company have performance benchmarking, performance monitoring and analytical tools?

At FreeMyCloud, we ensure that all accounting specialists engaged in bookkeeping services for Melbourne companies are fully compliant with the above and other essential requirements.

Managing Your Cloud-Based Bookkeeping Service

Before modern technology guaranteed better transparency, the fear of losing control over one’s finances was a common reason to hesitate to outsource. With FreeMyCloud’s powerful benchmarking and analytical tools, it has become much easier to manage the outsourced process than it is to manage staff. The very nature of financials and bookkeeping means there are conspicuous Key Performance Indicators which makes this process ideal for outsourcing.

It is easier for you to manage an outsourced function than to manage in-house staff and resources. Reducing performance to easily comparable key drivers removes personal motivations from the process of judging results. FreeMyCloud’s performance management mechanisms make oversight and measurement of their performance easy.

If You Lose Out on Savings, You Lose Out on Profit

A competent bookkeeper is a prized asset to any organisation, but it is almost impossible for a small company to find and retain one. Great bookkeepers provide a noticeable boost to cost efficiency and profitability, and can reduce your company’s risk profile and improve organisational resilience at the same time.

Outsourcing your accounting functions is a tremendous opportunity to maximise your company’s growth potential.