Some small and medium business (SME) owners try to do their own accounts or they may employee a bookkeeper directly. This can be fine if you are lucky enough to recruit a good bookkeeper directly, however unless you have an accounting background and a thorough understanding of the accounting software involved, it can be difficult to know what questions to ask at the interview process.
Even if you find someone who looks good on paper, unless you know what reports to ask for it can take months to pick up if they are performing or not. Over 50% of clients that come to us have had a bad experience trying to employ a bookkeeper directly. Usually within the first week we uncover things such as:
Double payment of creditors invoices
Underbilling of revenue
Incorrect GST coding usually resulting in underclaiming GST Credits
Miscalculation of superannuation and payroll tax of employees and contractors
These mistakes can be very costly and sometimes terminal for some businesses.
Heres 7 ways a professional onsite bookkeeper will save you money:
1. Help you work on your business, not in your business!
I know, its an old...
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