Record Keeping in a Shoebox - You need Help!

Is your mind as cluttered up as the pile of receipts in your table? Do you find it hard to keep a record of your financial transactions due to juggling multiple tasks at the same time? For any business, a bookkeeper is essential because they help you keep things organized especially if it has something to do with dealing with numbers. You might be spending too much time trying to remember the transactions you made on a single day, but due to the tasks at hand, getting everything organized may be such a hard thing to do. If you have a fledgling business, you may consider keeping receipts very trivial. However, you will come to appreciate its importance in the long run. This is because the receipts serve as a way to track the progress of your business. It gives you a clue for tracking your progress. Without receipts, how would you go about preparing your financial statements?accounting 57284 640 

The role that a bookkeeper plays cannot be underestimated. If you used to set aside the importance of a bookkeeper in your business, these situations may just change your mind: 

• You need to look for receipts for a specific transaction.

For minor or major transactions, receipts serve as proof that the transactions have really been made. These receipts are kept for good reasons. In the future, you will need to prepare financial report which includes all of the financial endeavors you have pursued. Without the receipts, there is no proof that the transactions have taken place. However, if you have a bookkeeper, the receipts and other important files you will need for preparing a financial statement are intact. 

• You need to prepare your tax returns.

Preparing all the necessary documents for filing your tax returns is often easier said than done. It cannot be carried out by an extremely busy person with limited time at his disposal. It is either you miss out on completing the essential documents or you are going around in circles as you have a lot of things in mind. When you have a bookkeeper to do the job, everything you need for the process to be smooth sailing is going to be achievable. 

• You want a complete report of your deductible expenses.

It is easy to make a mental note of your expenses, provided you do not have any important matters to attend to. Unfortunately, a business owner has a lot of things to do aside from preparing financial statements. A bookkeeper will help ease your worries by ensuring that you back up your deductible expenses.

The time you spend for all of your back-end activities will be significantly reduced if you use a bookkeeper’s service. You can also save money without necessarily cutting corners and as a result, your purpose of keeping track of every cent is not defeated. Any technicalities involved in bookkeeping will be properly addressed. At the end of the day, your business goals are achieved and the quality of work is not compromised. Your business can also go the extra mile as you have already set your bookkeeping worries aside.

Andrew Donnelly

Written by : Andrew Donnelly

Andrew Donnelly is a degree qualified accountant and registered tax agent. He is the principal of Brisbane Bookkeepers, which provides bookkeeping services to small businesses in Brisbane and its immediate surrounds.

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­ Questions? Give Andrew a call 0450 605 592

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