Online Bookkeeping Services for Small Businesses
Servicing all Australian cities including Melbourne | Sydney | Brisbane & Perth
Bookkeeping in small businesses usually follows a predictable path. When a small business is first created, the owner of the business – often a sole trader – will take care of the bookkeeping themselves. After all, starting a business and getting it off the ground can be a costly exercise – who has the extra money to hire a professional to provide bookkeeping services for small business? In any event, bookkeeping duties at the outset are usually relatively minimal.
However, as time goes on and your business becomes more established and starts to gain momentum, you begin to realise that your time is a valuable and limited resource. The time you’re spending taking care of your business’s bookkeeping is time that you’re not devoting to growing and developing your business.
It is at this point that you start to wonder whether there could be a better solution. Should you continue taking care of your own bookkeeping, should you hire an in-house bookkeeper, or are you ready to give outsourced bookkeeping services for small business a go?
Weighing Up DIY, In-House, and Outsourced Bookkeeping
The Pros and Cons of DIY Bookkeeping
The obvious pro of DIY bookkeeping is cost savings. By completing the task yourself, you can logically argue that you are saving yourself the amount you would have otherwise spent on bookkeeping services for small business.
But are you really saving money? As a small business owner, your time is in short supply. You probably have a to-do list a mile long full of tasks and ideas to take your business to the next level. Is your time really best spent going through your business’s bank statements and performing menial data entry from paper receipts? Rather than spending two hours reconciling your business credit card statement, is there a better way that you could spend that time?
We’ll bet you can think of at least ten things that you could take care of within two hours that would be far more beneficial to your business’s success than undertaking bookkeeping tasks. This begs the question: how much is your time really worth? Since time is limited and you only have a certain number of hours every day, a wise business owner learns to delegate administrative tasks like bookkeeping and spend that time instead on something that requires your unique talent and expertise.
Do You Really Need To Hire An In-House Bookkeeper?
It wasn’t long ago that the only way to have someone else complete your bookkeeping was to hire an in-house bookkeeper. But for a small business owner, it is unlikely that you require a level of bookkeeping tasks that necessitates hiring a full-time bookkeeper.
Perhaps you could hire someone part-time, but you’d still be responsible for providing that person with office equipment like a desk and computer, and paying for annual leave, sick leave, and other entitlements. Plus, if that person decides to leave the position, you will need to find and train someone else to replace them.
One way of taking advantage of all the benefits of an in-house bookkeeper but without any of the negatives is to consider outsourcing your bookkeeping tasks offshore.
Outsourcing Bookkeeping Services for Small Business
What if there was a way that you could access the best of both worlds: the simplicity and cost effectiveness of DIY bookkeeping with the professionalism, skill, and expertise of an in-house bookkeeper? The answer is to outsource your bookkeeping requirements offshore, to fully qualified, degree-educated professional bookkeepers located in the Philippines who charge a fraction of the rates of similar bookkeepers within Australia.
At Free My Cloud, we offer full-service bookkeeping for businesses of all sizes. For small businesses, we specialise in banking, accounts payable and receivable, payroll, invoicing, banking, inventory control, job tracking, and providing you with up-to-date financial records to give you an accurate snapshot of your business’s financial standing at any point in time.
We get to know your business intimately, and soon understand the types of reports that you may need from time to time. Perhaps you need to know the financial standing of a particular project, or a particular client, or for a particular time period. Whatever it is, your records will be kept in such an accurate and meticulous fashion that you’ll be able to generate the reports you need, as you need them.
At Free My Cloud, we believe that you have better things to do with your time than to manage your own bookkeeping. And if you’re running a small business, we’re willing to wager that you simply can’t justify the expense and commitment involved in hiring an in-house bookkeeper.
After many years of working with small business owners like yourself, we understand the bookkeeping services for small business that you require. You need up-to-date, accurate, professional bookkeeping services, but you simply don’t have the resources to spend a small fortune hiring a bookkeeper. You need access to on-call bookkeeping services, and you need to deal with someone who fully understands Australian accounting laws and bookkeeping requirements.
To find out more about the bookkeeping services for small business offered by Free My Cloud, contact us today.