Bookkeeping health check

Bookkeeping health check business and lifestyle

I t really doesn’t get any better than this living, working, owning and operating a business on the Gold Coast that’s providing you can enjoy the opportunities that exist right here in your own back yard. Having a healthy work life balance is important on so many levels and if you’re finding that it’s just not happening for you right now then maybe it is time for a change. You have probably heard the terms “give us your books and we will give you your life back” or perhaps “let us take care of you bookkeeping and free up your time to enjoy life” or something like that. But what does this all mean?

Those marketing slogans don’t really explain or elaborate any further so please allow me to try and tell it the way I see it. I don’t think I have ever heard anyone say owning and operating your own business is easy, as a matter of fact it’s hard work both physically and mentally. Initially you start of small with the desire, drive and passion to succeed and that’s fine you’re probably quite able to handle every aspect of your company, everything from marketing right through to the end result of having another satisfied customer and still maintaining a healthy work, family and lifestyle balance. But that desire and passion to be successful combined with the knowhow and your expertise puts your talents in big demand and before you know it you’re inundated with new enquiries and find yourself up to your eyeballs with the work load. OK still not a problem no dilemma you have everything under control right, just requires putting in more hours or evenings or perhaps one or two weekends.

The way I see it this is the time smart people stop, take five and think about planning, growing and development and a big part of this is financial management. Hiring more staff and purchasing extra equipment and stock implementing schedules and payrolls setting up the correct procedures when it comes to invoicing paying and receiving reconciliation of all accounts, tax planning, G.S.T. BAS and so on. Projection of a healthy cash flow and planning a controlled growth rate are some of the major key ingredients that make up the recipe for success. In the beginning you have probably done your homework and established some sort of business plan, but looking back on that now it has become more of a guideline or check list simply because things change and quite frequently like pay awards, superannuation, G.S.T. and company tax legislation and there are other legal requirements that must be adhered to and just keeping up to date can be quite time consuming.

Keeping the books

or recording business transactions, payroll procedure etc is not fun or exciting but is business absolutely essential. Bookkeeping is something no company should ignore.  As a matter of fact, it’s an area that can’t be ignored for too long without major financial repercussions.

bookkeeping for businessHaving expertise, experience, professionalism and competent people on your team is a valuable and worthwhile investment in yourself and your company for sustainability and future growth. Having the correct financial procedures and cash flow management systems in place based on analytic reports and regular business health checks is vital information needed to maintain a balanced status quo.

So I guess what the slogan should say in my opinion is think smart have your bookkeeping and accounting done by a competent professional qualified bookkeeper from the start and there will be no need to get your life back.

You need the right people on your team professionals that care and share the same passion for your goals and achievements Seeing how your business is performing through the eyes of a professional qualified bookkeeper and record keeping system can make all the difference between success and failure Success and achievement in life comes down to the choices you make, choosing the right people, tools and equipment in order to reach your goals. Having the correct and up to date information is essential for you to make decisions confidently to manage your business activities.