Falling into error is the number one danger that non-accountants face when doing bookkeeping.
There is a higher risk of making an error when those who do your bookkeeping do not accurately follow the steps necessary for such task. This thing happens when companies choose to delegate bookkeeping tasks to non-accountants to save resources.
Based on a survey conducted by “Accountants World” in 2016, only 15 percent of small businesses hire accountants to perform their accounting and bookkeeping works.
Due to lack of resources to employ accountants and the belief that they can do the tasks by themselves, business owners choose to delegate this service to whoever is at hand. However, this practice can be detrimental to the business in the long run.
One major downfall of assigning bookkeeping tasks to a non-accountant is the risk of committing errors. For example, a sophisticated computation for assets’ depreciation is a method only accountants can master. Another one is the planning and analysing of cash float for better cash flow management. These are the few illustrations that describe why small business owners still need professional help in accounting and bookkeeping.
If it is the cost that makes you worry and doubt whether an accountant is necessary for your business, there is a quick and cost-effective solution for that. Hundreds of outsource accounting providers like Bureauserv provide bookkeeping support for as low as $18 AUD per hour. The best part is, we use internet-based solutions like Xero, MYOB and Quickbooks, which means collaborations are made easy. You can monitor your accountant’s job anytime anywhere. You can use your smartphone to access your business records. And this enables you to pay bills and send invoices to your customers in just a few taps.
The truth is, sometimes business owners just don’t have time to look over every aspect of their business. So why not lessen the burden and hire someone who’s going to do the job for you? Let an accountant help you maintain and manage your cash flows, budget and control your expenses, keep track and advise you with your collections and payable.
An organised and systematic business records can further propel your business forward. Through efficient and timely bookkeeping reports, you can know whether your business is generating profit, breaking even, or acquiring losses.
At Bureauserv Global Inc., certified public accountants that specialise in different expertise compose our accounting, bookkeeping and payroll services. A preventive method that we do to reduce the risk of falling into error is to ensure that our accountants review all processes and double checks all your data.