Bookkeeping is the management of a business’s financial records. These records are required to be current, accurate, and fully complete. According to the ATO (Australian Taxation Office) bookkeepers provide businesses with a range of functions including but not limited to:
- data entry
- petty cash
- record keeping
- reconciling bank accounts
- accounts payable and receivable
Many businesses choose to hire an in house bookkeeper. There is nothing wrong with this method and it can be very effective for many companies. However at M Squared we believe that the outsourcing of bookkeeping services to a qualified professional provides you the client with several major benefits.
Firstly, outsourcing saves you time and effort. Bookkeeping is a specialised service which requires training, resources, and incredible accuracy. This means data is entered correctly the first time, complex tasks like drafting tax positions and payroll are managed efficiently, and most importantly you or an employee do not have to spend hours working on jobs you may or may not have the ability to complete. This drives your stress levels up, your bottom line down, and detracts from your customer service capabilities.
Secondly, outsourcing bookkeeping is cost efficient. The average full time salary for an experienced bookkeeper is $60,000 according to Robert Half’s Salary Guide 2014. This does not include what you’ll pay additionally for specialised industry experience. At M Squared we work on an individual item basis to maximise value per dollar. This means you’re never charged for a service you didn’t utilise, therefore saving you money.
Thirdly, you get improved accuracy and accountability outsourcing your bookkeeping services. When you outsource this type of service you’re also buying a promise. A promise of accuracy and attentiveness. This industry is making huge leaps forward. It is no longer a simple task of simple record keeping. Bookkeepers are expanding to provide more data, stronger advice, and developed client relationships. Instead of a potentially over worked and stressed employee, your outsourced relationships maintain a high level of integrity, accountability, and professionalism.
And lastly, outsourcing allows you to focus on your business and what you do. Without the hassles of daily data entry, reconciliations, petty cash management, and accounts your company can focus on what they’re good at: securing new clients, staying up to date with customer service, and daily operations. M Squared believes this is the greatest value of all in outsourcing. It immediately gives businesses the capability, additional time, and the peace of mind to fully hone their skillsets. Ultimately allowing them to strengthen their professional relationships, improve services, and expand.
At M Squared we are innovators seeking solutions to the needs of our clients. We stay at the forefront of technology and utilise cloud management systems to further optimise the bookkeeping process. We provide dedicated customer service, specialised bookkeeping services, and tailored technologically advanced business management systems.
If you would like to have a discussion with us regarding outsourced bookkeeping services and your individual needs please email us via infoM2@m-2.com.au or call on 08 6380 7800 today!