Qualities your best bookkeeper should have

The primary task and responsibility of your bookkeeper is to keep track of the financial records of your business. And so, what should you look for in a bookkeeper?

• They must be registered.

  • A bookkeeper performs basic accounting and is not technically a qualified accountant. They undergo a formal bookkeeper or accounting training and is preferably a registered BAS agent. Being a BAS agent means that they are skilled and qualified to do the job and they only need a minimum experience to account for GST and prepare BAS according to legislation.

• They think like an accountant.

  • Hiring individual accountants and bookkeepers can cost you more since you are paying two different people to do different tasks. But having a bookkeeper who can think like an accountant can save you heaps. Like for example, if they can already do the necessary changes in your account then there is no need to consult an accountant.

• They are charged on a fixed basis.

  • In our experience, it is better paying your bookkeepers on a fixed basis rather than paying them on a per hour basis. They are more efficient in this way and get their work done on time. No need to worry about getting your bills with fluctuating amounts.

• They must be knowledgeable and experienced.

  • A more experienced bookkeeper may always seem to have higher rate compared to a less experienced one – this is not true, as the experienced one can work significantly faster and better than the bookkeeper with less experience. Having a bookkeeper with great knowledge and great experience will let you not worry about your bookkeeping. Great experience results to great results, therefore, hiring a good bookkeeper is not only what you want and need. You need a great one to perform a great job!

Now, here are the signs that tell you that your bookkeeper is doing a great job:

1. Your bookkeeper knows the operation of your business. Of course, they must know the ins and outs of what you do in your business.
2. Your bookkeeper helps you simplify and make your processes more efficient.
3. Your bookkeeper asks you questions to ensure transactions are correct.
4. Your bookkeeper knows what is legally within their scope. As BAS agents, they are not permitted to give any income tax or FBT advice – and they should know about this.
5. Your bookkeeper does their own research. They know the latest updates in bookkeeping, accounting and technology. They should be able to explain to you and encourage you the use of cloud accounting packages such as MYOB Essentials or MYOB AccountRight.
6. Your bookkeeper has good relationships with his/her clients. A reliable and trustworthy bookkeeper can help you get the most out of your accounts.

If you want to focus on your business operations and not worry about your bookkeeping, then hire a great bookkeeper.

Source: wadvisory.com.au