Based on a survey conducted by “Accountants World” in 2016, only 15 percent of small businesses hire accountants to perform their accounting and bookkeeping works.
There are different reasons why this practice keeps happening, but the most common are lack of resources to employ accountants and the belief of the business owners that they can do the tasks by themselves. However, this practice can be detrimental to the business in the long run
Dangers of Designating Bookkeeping Tasks to Non-Accountants
One major downfall of assigning bookkeeping tasks to a non-accountant is the risk of committing errors. For example, a sophisticated computation for assets’ depreciation is a method only accountants are ultimately knowledgeable. Another one is the planning and analysing of cash float for better cash flow management. These are the few illustrations that describe why small business owners still need professional help in accounting and bookkeeping.
If it is the cost that makes you scratch your heads and doubt whether an accountant is necessary for your business, there is a quick and cost-effective solution for that. Hundreds of outsource accounting providers like Bureauserv provide bookkeeping support for as low as $18 AUD per hour. The best part is, we use internet-based solutions like Xero, MYOB and Quickbooks, which means collaborations are made easy. You can monitor your accountant’s job anytime anywhere. You can use your smartphone to access your business records. Thus, enabling you to pay bills and send invoices to your customers in just a few taps of your fingers.
The truth is, sometimes business owners just don’t have time to look over every aspect of their business. So why not lessen the burden and hire someone who’s going to do the job for you? Let an accountant help you maintain and manage your cash flows, budget and control your expenses, keep track and advise you with your collections and payable.
An organised and systematic business records can further propel your business forward. Through efficient and timely bookkeeping reports, you can know whether your business is generating profit, just breaking even, or incurring losses.