All bookkeepers are the same. They only do data entry. I will hire the cheapest bookkeeper I can find. Right? Wrong!

Bookkeeping is more than data entry. If you want to throw your money away, engage the cheapest bookkeeper you can find.

Here are 4 reasons why cheap bookkeepers are money wasters.

Bookkeeper
Bookkeeper

1. Lack of experience

A bookkeeper merely performing data entry may have limited business experience and struggle to understand business. Will they know yours and all its unique attributes?

With limited exposure to business, they cannot make suggestions or offer solutions.

2. Can they find your mistakes

A cheap booker lacks the skills to know when something is wrong.

For example, if you, the business owner, or manager, provide inadequate or incorrect information, a cheap inexperienced bookkeeper won’t have the expertise to know something is wrong.

Their lack of expertise prevents them from analysing the situation and determining the questions to ask. And when they fail to complete your books on time or make mistakes, it costs you money.

3. Do they understand the complexities of the Australian Taxation Office

Do you trust a cheap bookkeeper to understand the complexities of Australian Tax Office reporting? Business and income activity statements, taxable payments annual reports and PAYG instalments all require complex calculations.

4. Do they understand cash flow

Does a cheap bookkeeper know what impedes your cash flow? Do they have the skills to stay on top of customer payments and send reminders to slow payers? 

What about bills due? Do they understand when your creditors need paying? Can they provide you with information on your cash situation and future cash needs?

Conclusion

Don’t throw your money away on cheap bookkeepers. At TimeSmart, we use our experience and expertise to be your business working partner.

The TimeSmart team delivers powerful insights and guidance designed to help business owners of all sizes understand their numbers, create a strong plan for their future, and set the stage for organizational acceleration that helps them grow their business and boost their bottom line.

Are you ready to get started? So am I! Click the button below to schedule your discovery call and prepare to unlock a new approach to business with TimeSmart.