Does Your Expanding Business Need Accounting Services or Bookkeeping Services?

When your business expands, especially from being a smaller business to mid-size or larger, you end up with not only more cash flow, but more receipts, more taxes, more staff, and more of just about everything related to finances. Eventually, you'll realize that your financial transactions require dedicated staff and are no longer just a few entries on a spreadsheet or computer bookkeeping program that you can manage on your own.

As you start to look at where your business finances stand, you may decide you need professional financial assistance from either a Bookkeeper or an Accountant. It might seem like one can do the job of both, but this may not necessarily be true. Some overlap does occur, but the two roles can be quite different and you will have to decide which type of assistance you require.

If You Just Need Day-to-Day Recording, Hire a Bookkeeper

If the financial tasks that have expanded along with your business are merely things like daily data entry, invoicing, reconciliations and checking your books for discrepancies, you'll want to hire a bookkeeping service. Bookkeepers can also handle some tax reporting and various Australian Taxation Office forms such as Business & Instalment Activity Statements. Their focus is very much on the smaller details of your business finances and the funds used to keep the business going.

Bookkeeping takes a lot of skill and patience. Hiring a third-party service can be be quite beneficial when you have a lot of financial data to record or review. Most Bookkeeping Services are able to provide a team of Bookkeepers to handle your requirements. You don't need to be limited to just one person as in the case of hiring a Bookkeeper directly.

If you've been taking care of the Bookkeeping to this point, you may want to meet with the service provider to review the way you have been handling your tasks and discuss what improvements and efficiencies need to be implemented.

If You Need Longer-Term Budgeting and Analysis, Hire an Accountant

For more involved tax transactions, financial forecasting and reports, budgetary analysis and submission of Tax Returns, you will require an Accountant to be on board.

If you still plan on handling bookkeeping and payroll yourself—or have whoever is currently doing these duties continue in that capacity—it may be sufficient. However, you'll need to ensure your bookkeeping methods are in line with what the Accounting service may require.

If You Need Payroll To Be Processed, Hire a Bookkeeper

Many people associate payroll with Human Resources departments and not general financial services. However, Bookkeepers can also handle payroll for your business. So if you need someone who can do both daily bookkeeping tasks and payroll processing, hiring a bookkeeping service is your best choice.

Your business will generally need Accounting Services during tax time at the end of the Financial Year and when high level advice is required. Daily data input and payroll can be handled by your Bookkeeping Service provider.

As your business expands and progresses, the services of Bookkeeping professionals are of great assistance in alleviating the burdensome task of handling day to day record keeping. To enable your time and your staff's time to be freed up to concentrate on your core duties and projects, contact JSPN Bookkeeping Solutions for help with your Bookkeeping & Payroll requirements.