Why You Should Use a Registered Accountant as a Bookkeeper
Often people think of bookkeepers and accountants as seperate and performing different functions. Many businesses keep the accountant relationship for the bigger ticket items and hire a bookkeeper for the every day accounting work for a perceived cheaper cost. However, there are a number of reasons why using a registered accountant as your bookkeeper can be safer and save you money.
Here are our top 3 reasons why you should use an accountant for your bookkeeping:
- Identify opportunities
Bookkeepers don’t always have the knowledge or qualifications to see the bigger financial picture. They perform the tasks that have been prescribed to them, but aren’t in a position to provide advice on where a business could be doing their finances differently in order to maximise their efforts or to save money. If the business doesn’t consult an accountant till tax time then there could have been missed opportunities for 12 months.
2. More secure
Accountants have formal qualifications and they are usually members of their own professional bodies such as Chartered Accountants Australia or the Certified Practicing Accountants Association. From a government perspective they are also governed by the Australian Accounting Standards Board. This can give clients confidence that the accountant performing their bookkeeping is going act professionally.
There was recently a case in Perth where a bookkeeper who had been working with for a business for several years had managed to steal over $3 million dollars. A more transparent approach to their bookkeeping may have picked up missing money well before it got to this figure. You can read the article here.
If your accountant has been handling your bookkeeping throughout the quarter then the BAS process will run smoothly and is therefore more cost efficient for you. However, if a bookkeeper has been completing your bookkeeping and then the accountant is submitting your BAS they will want to check that everything is correct before doing this. In this case you might find that there are some errors that need to be fixed before the BAS can be completed. This can mean extra time and money.
At Sum & Substance we take bookkeeping seriously. We know that your bookkeeping and cashflow are the lifeblood of your business, and that excites us. As qualified accountants we know that good financials start with good bookkeeping.