There is no doubt Xero is good, as are MYOB products, Quickbooks, Reckon, Saasu and others. Product enhancements are useful and will lead to even better solutions.
I have to say, and I have long held the view, that some of the marketing is way ahead of the product capability. The ATO is also a little complicit in so far as they too are pushing the line that shortly, software will be able to do it all.
Let’s be clear, the world as we know it is changing and accountants and bookkeepers have to change with it.
Is it time the messengers of doom begin to understand that bookkeeping and accounting professionals know their constituency well enough to know that they will, almost without exception, need the assistance of professionals. Professionals who understand not just data entry and compliance, but a whole lot of business enhancing processes and information?
Sure many businesses and business owners can “do it themselves”, but at what cost to their productive time or to much needed time with their family?
Does every business who employed a “bookkeeper” in the past still need to do so? Will cloud accounting allow many businesses to more easily share one (or maybe three) bookkeepers, while at the same time improving the standard of valuable information they get from their data? And at a lower cost than today?
You know, actually get better results and save money!
What more would you like to know? What more is there to know?
There are plenty of examples of successful businesses who know that they are well in front when they task the likes of accross business with the jobs they can’t, won’t or should not do.
Think about this.
A small business with 15 employees has employed a bookkeeper for six years. The salary package is around $50000 per annum for the full time position which has responsibility for data entry, reconciliations, payroll, BAS and end of year liaison with the company tax accountant. The accountant’s bill adds another $18000 or so to the cost.
While the bookkeeper is a trusted and long time employee, the one thing missing is that lack of real and in depth knowledge of bookkeeping, payroll, industrial awards, business processes and tax matters in general.
There are two impacts.
Firstly, the time taken to enter data correctly (or on occasions incorrectly) is well in excess of what it should do. Secondly, the need to make adjustments adds significantly to the accounting bill.
There is the further complication of what happens when the bookkeeper is ill, on leave or is unfortunately “hit by a bus”.
There is a better way. And it saves money. It also delivers a better business management solution. It works something like this.
Engage a Professional Bookkeeping Service which offers:
- a choice of cloud accounting systems to suit the way your business works
- qualified bookkeepers who understand not only how to enter data, but also how to solve problems and process payroll – including superannuation and termination payments
- a registered BAS Agent who is highly skilled and able to supervise bookkeepers, liaise with tax accountants and coordinate end of year taxation compliance
and who can:
- provide up to three bookkeepers who will each understand your business requirements and who will
- work on site or offsite on your business for only he hours that are needed.
Outsourcing isn’t where we started this conversation but the availability and productivity enhancements they allow, make it a very real option for a growing number of businesses.
Worth noting too, that outsourcing isn’t the only answer. Ask yourself though – is it worth considering? And how else can we help you?