Bookkeeping: Fundamental to the Success of your Business

 

Hit-and-miss bookkeeping usually results in messy files that are difficult for you, and your accountant, to work with.

Without reliable (and meaningful) financial information, you will be unable to take advantage of opportunities as they arise, which at best can slow the achievement of goals, and at worst, put your business in jeopardy. Good bookkeeping that provides clean files for your accountant will can also reduce your accounting costs (sometimes significantly!).

If bookkeeping is a function you labour through begrudgingly, read on to find out how we can help and why good bookkeeping is fundamental to the success of your business.

If your bookkeeping function is disorganised, you could end up so busy working in your business that you have little or no time to work on your business. The q4 team can provide the support you need to enjoy these three key benefits of a high-quality bookkeeping service: save time; manage cash flow; and make informed business decisions.

1. Good bookkeeping saves YOU time

While it is important to have a strong gasp on the financial health of your business, the day-to-day administration of your business accounts by a qualified and experienced bookkeeper will likely get done in a fraction of the time it would take you to lumber through it.

Doing it yourself is often a false-economy. Effective business ownership often lies in allowing others, more qualified or skilled than you are, to do their job. This in turn will allow you to spend your time more effectively working on your business and generating income (which is likely to be what you enjoy most), or away from the business altogether with family and friends.

While a professional bookkeeper will organise all your receipts, pay your bills, send your invoices, prepare your BAS and other financial reporting, they can also undertake other duties such as debt collection, ordering stock, managing your payroll and superannuation.

2. Good bookkeeping supports EFFECTIVE cash flow management

Cash flow management enables you to account for every dollar and cent your business receives and spends. This leads to transparency, as well as clarity about the financial position of the business at any time.

Accurate bookkeeping will allow you to notice unexpected (even suspicious) transactions so that you may take immediate steps to protect your business.

Good bookkeeping will also enable you to create a business budget.

3. Good bookkeeping underpins INFORMED business decisions

Timely and accurate bookkeeping creates reliable financial information that can inform strategic decision-making for improving and growing your business. You and your accountant can monitor your progress by regularly comparing actual performance with budgeted targets. This type of financial clarity will enable you to respond appropriately to emerging trends to capture opportunities or take action to rectify mistakes or avoid problems.

Finally, good bookkeeping is essential when applying for finance. Current and accurate records help your bank to make lending decisions for updating your equipment or expanding your business.

Next Steps

The bookkeeping team at q4 financial has many years of experience, including working with cloud-based accounting software. Importantly, our bookkeepers work in alignment with your q4 accountant and this further enhances efficiencies. Together, we manage your compliance reporting and financial management so that you may make real-time business decisions when they arise. Click here to find out more about our bookkeeping services.

If you have any questions about your bookkeeping or wish to enquire about how q4 financial bookkeeping services can help you, please contact us on (07) 3171 4255 or Kelly Hill at kelly@q4financial.com.au

q4 financial is known for helping business families to feel financially safe, confident and in control.

The information contained in this article is general and is not intended to serve as advice. No warranty is given in relation to the accuracy or reliability of any information. Users should not act or fail to act on the basis of information contained herein. Users are encouraged to contact q4 financial professional advisers for advice concerning specific matters before making any decision.