Blog – BYO Group

Why it is Always Best to Outsource Bookkeeping Services

Diane McCaffrey — Mon, 27 Jan 2020 03:57:56 +0000

As you’re looking to expand your business, you may be considering hiring a bookkeeper to offload the various time-consuming duties of invoicing, processing payments, payroll, and more.

Every business needs a professional bookkeeper to help manage all your expenses and report on the financial performance of the business. With accurate bookkeeping data, you can make the best strategic decisions for your business.

But rather than getting an in-house bookkeeper, there are plenty of reasons why outsourcing your bookkeeping duties is the smarter option to choose for your business:

BYO Group’s outsourced bookkeeping services keeps you on top of your business’ cash flow. Know exactly who owes you money, how much you owe others, and how your business is performing with BYO Group’s comprehensive bookkeeping services.

Lower Your Risk For Errors

Having bookkeeping services outsourced for your business means you’re significantly lowering your risk for any errors. This is especially the case for small business owners who usually do their bookkeeping on weekends or late at night outside business hours, when they’re more likely to be tired and can easily make mistakes when they’re not concentrating properly.

Incorrect bookkeeping data could include over or understating your costs, meaning you’ll be improperly managing your business’ resources to compensate. Outsourcing bookkeeping services means you’ll have accurate financial and cash flow information about your business, allowing you to make the best strategic business decisions with your accountant.

Contrary to what many may believe, it’s well worth investing even in bookkeeping services for small business. All businesses of any size for that matter can benefit from outsourced bookkeeping services in Australia. Bookkeepers at BYO Group hold a wealth of experience and bookkeeping knowledge for a range of different industries and business types. We tailor the best outsourced bookkeeping solutions fit for your business needs and help your business grow.

Receive Professional and Independent Advice

Outsourced bookkeepers like BYO Group are industry professionals who are guaranteed to provide objective and independent bookkeeping advice for your business. Getting a professional outsider’s perspective of your business’ cash flow activities opens windows of opportunities that you and your employees would usually overlook.

There are clear reasons why you’d want to outsource bookkeeping services to industry professionals like at BYO Group:

All our bookkeepers are certified with a minimum of Certificate IV in Bookkeeping. Other qualifications our staff have include Bachelor of Business (Accounting), Workflow Max Advisor, Certificate in Sustainable Business, Certified Practising Accountant, and more.
Members of the professional organisation, Institute of Certified Bookkeepers. This ensures our bookkeepers are readily informed of new industry developments, best practices, and news from organisations such as the ATO and Fair Work Ombudsman.
Certified in online accounting software such as Xero. All BYO Group staff are Xero Certified Advisors and Xero Payroll Advisors, who also provide supportive Xero training to business owners and employees.

Our bookkeepers at BYO Group are constantly informed about new changes in the bookkeeping and Accounting industry, which allows us to provide the most useful and relevant advice for all of our clients.

Systemised and Documented Bookkeeping Processes

At BYO Group, being consistently on track with costs and other cash flow activities is what we do best. We love bookkeeping, and make sure we touch on all bases every single time. It’s important for business owners to have bookkeepers with a clear bookkeeping process to ensure they’re getting all the right information, accurately.

The foundation to all our services at BYO Group is in our comprehensive bookkeeping process, which details all the necessary areas of bookkeeping to help your business gain a clearer picture of how its performing financially.

BYO Group’s Bookkeeping Process include

Having checklists to ensure bookkeeping consistency
Individual processes for Sales, Purchase, Payroll, Banking Procedures
Verification of Accounting data
Reports to the owner – usually monthly and quarterly

Our staff work on premises with business owners, at our Hawthorn office, and even remotely to offer more flexibility and cost-effectiveness for business owners. Since BYO Group has the foundation set in place with a solid bookkeeping process, even having outsourced bookkeeping services online will produce the same accurate and timely results your business deserves.

Avoid Fraud and Gain Better Transparency

Having fewer bookkeepers in-house means that there is less separation of duties – a huge red flag for committing fraud. Without adequate cross-checks of financial bookkeeping data, you could easily be faced with a situation where your bookkeepers have purposely stole from your business and attempted to cover their tracks. This could lead to immense losses for your business when gone unnoticed for a long time.

With outsourced bookkeeping services at BYO Group, your financial information is handled by professionals who are here to give you a transparent and objective view of your business performance.

We develop strong working relationships with our clients to provide the right bookkeeping and financial information they need to better run their business.

BYO Group is a registered BAS agent, a member of the Institute of Certified Bookkeepers, and a Xero Gold Champion Partner. This ensures we’re updated on new industry developments, best practices and news from essential organisations such as the ATO and Fair Work Ombudsman.

Do You Know What You Don’t Know?

At BYO Group, we’re aware of everything that there is to know about bookkeeping. But on top of this, we’re also well-versed in all the other areas of financial matters that you, as a business owner, need to know.

Our staff regularly undertake professional development training, attend industry events, and continually expand our bookkeeping knowledge especially with rapidly changing technologies.

For the areas we aren’t able to assist in, we connect you with a network of other industry leaders and professionals to help you.

Outsourcing your bookkeeping needs serve as a practical solution to better run your business. BYO Group’s outsourced bookkeeping services help business owners of all sizes and industries to securely manage their cash flow and business performance. If you’re searching for ‘outsourced bookkeeping services near me’, BYO Group are the experts who can help.

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5 Reasons to Use an Outsourced Bookkeeping Service

Diane McCaffrey — Mon, 16 Dec 2019 05:13:56 +0000

Bookkeepers record all business transactions and with accurate financial records, while managers and business owners answer the following crucial questions: Who owes me money? Who do I need to pay and when? How financially sound is the business or is cash flow becoming patchy?

The reason you need a sound system of bookkeeping is because it provides a secure bedrock to gather the necessary information to answer the above questions. However, running a business means you have to have your fingers in many pies, and bookkeeping seems to be the bugbear for most companies and organisations.

So, why not outsource your bookkeeping to the team at BYO Group? We can provide you with a quality service and do what we enjoy most, while leaving you to do what you love as a business owner or manager. By outsourcing your bookkeeping, your bills will be paid when due, and our BYO Group team of bookkeepers can make sure your BAS is accurate and lodged on time, and your cash flow is managed.

BYO Group is the right choice for you because we’ve been in business for over a decade.We are experienced, expert bookkeepers, industry leaders, and career professionals who provide a quality service to help save you time and money.

1. Bookkeepers LOVE Bookkeeping!

At BYO Group, we love what you loath! Yes, it’s true, bookkeepers do love bookkeeping. Having a qualified, experienced bookkeeper to manage the transactions and paperwork required to run a small business allows you to free up your time and focus on revenue-generating activities.

When you outsource to a bookkeeping service, it means they can update your transactions a lot quicker and more accurately than you can, and they are also up-to-date with all of the current regulations and legislation.

2. Avoid Fines & Penalties

The Australian Taxation Office (ATO) is not happy when businesses fail to lodge their BAS statements on time. If this is you, then you’re probably liable for late lodgement fees. Unless you call the ATO and explain your situation and get an extension, you could be up for a penalty of $170 charged for every 28 days the BAS remains unlodged plus interest on late payment.

For medium-sized enterprises with a yearly turnover of $1 million to $2 million, they’re hit with double that fine. Larger businesses are charged five times more.

If you use a BAS or tax agent, you must supply them with all your documents well in advance of the due lodgement date to avoid these hefty fines. But if you outsource your bookkeeping to BYO Group to complete your BAS statements, you can be sure you don’t miss the deadlines.

At BYO Group, our dedicated account managers personally oversee all client work to ensure a close connection with your business. We are a Xero Gold Champion Partner, a member of the Institute of Certified Bookkeepers and is a registered BAS agent

3. Who Owes You Money?

All business owners and managers should ask themselves daily: Who owes me money? Do my customers know they owe me money? Do my customers know how to pay me? Chasing unpaid debts is no fun, but there are things you can do to recover the debt, and measures to reduce the chance of a recurrence.

The most important first step is to do thorough background checks on any businesses or customers before entering into any financial agreements with them. Where do you stand if they can’t pay you?

They could be in the process of liquidation, or deregistration for example, so always check with the Australian Securities and Investments Commission (ASIC). These tips can help:

Don’t provide goods or services until the customers’ bills are paid.
Make sure your payment options are clear and straightforward.
Don’t be slow to send invoices.
Give customers an incentive to pay early or on time by offering discounts if they do.
When providing credit, set reasonable limit.

This makes all the more reason to outsource your bookkeeping.

4. Who Do You Need to Pay?

Managing your cash flow is crucial, so be prepared well ahead of time for the bills that are coming in. Knowing who you need to pay and when it is due is critical, and it’s part of good business practice.

Late payments cause a great deal of pain for small businesses by creating a patchy cash flow. And such an irregular cash flow can affect your ability to come up with the money to pay the bills and wages and enough profit to put back into your business to help it grow.

If you outsource your bookkeeping to a service such as the team at BYO Group, you will have a tailored system that is essential to help you stay on top of paperwork and keep your business forging ahead.

5. How is Business Going?

Integrity in your record keeping with up-to-date data will tell you how the business is performing.These two essential elements of both accuracy and timing is what great bookkeeping and business management is based. Keep your eyes on the numbers not populating the number iis the reason you need to outsource the bookkeeping to a quality service provider. Your outsourced bookkeeper can take care of all of the above, and show you how your business is going, so that you can keep it growing. To stay on top, you also need a written plan for a complete understanding of your business’s health and prospects, and a bookkeeper to keep everything running smoothly.

Call us today at BYO Group to speak to one of our highly qualified team members about your bookkeeping needs on 0402 100 421.

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Time: What all Business Owners Want More of

slsteam — Mon, 14 Aug 2017 06:08:55 +0000

Technology developments exist to assist you in reclaiming time for yourself and your business. Are you taking advantage of current best technology in your business?

Automation—from bank feeds to optical character recognition and automatic coding of receipts, there are now countless ways in which technology and machine learning can be put to your advantage to minimise the time spent on data entry.
Outsourcing—many business owners are involved in all aspects of their business—the core business services, the marketing, the administration, the bookkeeping, staff management and more. Outsource your bookkeeping and financial administration to experts to save time and cost and
Know what you don’t know—are you actively involved in all areas of your business from the administration and staff management to the marketing and selling? Free up some time by allowing others to assist you in areas they are good at, leaving you with more time to focus on what you are best at.
Get the right people for the job—engage an expert to help you with your bookkeeping, and indeed all aspects of your business.

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Ten Things to Look for in Your Bookkeeper

slsteam — Mon, 14 Aug 2017 06:08:17 +0000

Your bookkeeper works closely with you and your business and is very familiar with your processes, systems, current financial state and your business goals.

Bookkeeping these days is far more than simply data entry and reconciliations. Bookkeeping is understanding you and your business, taking the time to understand your needs, assessing your procedures and practices to offer suggestions for improvements, asking questions about where you want to go with your business and providing accurate and current reporting.

If your bookkeeper is spending a lot of time doing data entry then it’s time to upgrade your systems!

Consider these questions in relation to your current bookkeeper—or use them as guidance if you are selecting a new bookkeeper.

Is your bookkeeper qualified and certified? They need to have a minimum of a Certificate III in Bookkeeping, and if providing BAS services they must also be registered with the Tax Practitioners Board as a BAS Agent.
Is your bookkeeper a member of a professional organisation such as the Institute of Certified Bookkeepers? Professional membership ensures the bookkeeper is kept abreast of industry developments, best practices and news from essential organisations such as the ATO and Fair Work Ombudsman.
Is your bookkeeper a part of a professional community of peers? This is vital to keeping informed about software issues, industry matters and learning from each other. Bookkeeping professionals are a great resource for continuing development and education for each other.
Does your bookkeeper regularly undertake professional development and attend industry events? It is important that bookkeepers keep up to date with the continual changes that affect business owners and their legal obligations, as well as developments in the software and related applications.
Does your bookkeeper challenge you with questions? Your business no doubt goes through cycles and changes and therefore the bookkeeping and related processes may need to evolve accordingly. Is your bookkeeper willing to adjust their own processes in response to your business needs? Does the bookkeeper regularly ask questions of you to ensure they are in sync with your business?
Does your bookkeeper look at the big picture of your business, the systems, the processes, the people and offer you insights? Your bookkeeper can be an advisor to your business and assist in making important business decisions.
Can your bookkeeper admit when they need to do some research? Bookkeeping is a massive area of knowledge and we don’t all know everything. What is important is that your bookkeeper knows when they don’t know something and knows where to go for the answers.
Does your bookkeeper take care of online security? This is a reality of business today and your bookkeeper must assure you of their own online security and integrity practices as well as maintaining confidentiality of your information.
Do you have a great relationship with your bookkeeper? Business owners often share information with their bookkeeper in confidence, that is highly sensitive in nature. There should be regular professional communication from your bookkeeper to yourself.
Do you enjoy working with your bookkeeper? While your bookkeeper is providing you with reconciliations, reports, data integrity and accuracy, you want to be able to enjoy the working relationship with your bookkeeper!

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How a Small Business Owner and Bookkeeper Can Work Together

slsteam — Thu, 29 Jun 2017 08:19:13 +0000

What does a bookkeeper or BAS agent do? How can they assist you in meeting your obligations as a business owner? What should you expect in terms of qualifications and experience?

Why You Need a Bookkeeper

To keep all of the records up to date so you can get accurate financial reports, and to assist with legal record keeping requirements.
To help in keeping your end of year accounting bills down; by accurate processing throughout the year, there are fewer adjustments required by the tax agent.
To avoid late penalties by making sure the GST, PAYG tax and superannuation compliance obligations are attended to.
Free up your time so you can work on your business rather than trying to do tasks better done by an expert bookkeeper.
Receive information about patterns, trends and cycles, areas of growth or reduction and potential issues.
Minimise the risk of fraud by having another set of eyes overseeing your accounts and conducting ongoing auditing and assurance.
Having someone on your side that can advise and support you in many aspects of your business—from daily operations and business systems to the big picture of how your business is performing and achieving business goals.

The Bookkeeping Process

Checklists: these should be used for consistent professional bookkeeping.
Sales Processes: this includes sales orders, invoicing, receiving payment and following up on late payments.
Purchase Processes: this includes purchase orders, bills, supplier payments and inventory management.
Payroll Processes: this includes the setting up employees, processing of pay runs and reporting on superannuation, PAYG tax withholding and employee entitlements.
Banking Processes: this includes the reconciling all of the bank accounts, the point-of-sale systems and the credit cards used for the business.
Verification of Accounting Figures: it is easy to assume that “the software is always right” but problems can occur for a variety of reasons in the accounts, and prior to preparing a BAS or other reports.
Reporting to the Owner: the financial reports need to be inspected on a regular basis, providing reliable reports, commonly on a monthly and quarterly basis.

You and Your Bookkeeper Working towards Success

A professional bookkeeper concentrating on the required regular tasks to manage your business in a financial and accounting capacity, can also provide trusted guidance and valuable insight into areas of your business impacting your results. This will allow you to focus on providing quality goods and services to your customers and lead you towards continued success.

Reprinted from Institute of Certified Bookkeepers - Business Bookkeeper Relationship

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