Keeping good financial records is far more important than most business owners realise and yes good record keeping can result in more cash for you and your business. It is not merely for regulation. This does not mean that the business owners need to be the ones figuring out tax laws and book keeping software. Freeing up just a few hours per week to focus more on sales can result in a 15% overall gain in profit per annum. An accountant supporting you throughout the year can save a significant amount of profit for your business as well. Combine both your business will run smoother and will be more profitable.
Today we will focus more on book-keepers and see what the best options are for business owners.
So if you want offload your book-keeping what are the options?
Hire an in house Book-Keeper:
An experienced book-keeper in New Zealand will cost 60k per year minimum. If you are a small business this will be over kill and would be a waste of profit, not to mention all the resources and time that is needed just to find and hire the right person for your business. You will only take on board the experience of one person the other two options will give you access to the knowledge of multiple people at a better price.
Out Source/part time
The second option is to outsource your book-keeping. This is cheaper than hiring your own book-keeper. However, this is still a very expensive option. Book keepers will charge per hour. At times that can include traveling to your business. Book keepers in New Zealand have a high hourly charge. Even a phone call to the out sourced book keeper can result in an extra bill. This means outsourcing can be volatile and may not line up with your cash flow every month. You will also have to make physical room for an extra person at your work place. The positive to this option is that you will access to knowledge of a team rather than one person. You will not have to manage this person in terms of sick leave, annual leave, etc. If your outsourced book-keeper does go on annual leave the book-keeping company will make sure your business is taken care of. As mentioned before a much better option but still this is not the most cost effective and efficient option.
Virtual book keeper with set contract.
The best options and the most affordable option are virtual book keeper. A virtual book keeper does not to be physically at your business location. Virtual book keepers these days offer fixed contract, this means there will be no hidden fees or extra charges, allowing you to manage your cash flow better. In today’s world everything is online including accounting programs. Virtual book-keepers will be able to manage your day to day duties remotely using the internet/cloud platforms. Resulting in lower prices and better-quality service for your business.
Below are 5 important benefits.
You don’t have to train and manage the outsourcing company’s employees
You have a team available instead of a single person
Recourse in the case of discrepancies
No internal turnover
It’s less expensive
Access to additional resources provided by the company
93 Accounting offers the best prices in New Zealand for Traditional book keepers and virtual book keepers with the bonus of unlimited tax advice. Our prices start at just $50 per week.