4 signs you’ve got a great bookkeeping system for your business

June 28, 2021

Small and medium-sized businesses rely on excellent bookkeeping systems and processes.

Running the financial side of a business without having the proper knowledge and expertise is difficult.

Bookkeeping on your own is stressful, can slow your business down, and make you lose money when not done correctly.

Great bookkeeping in Malvern services will position you in a better financial standing, knowing that experts are taking care of all of your bookkeeping concerns.
Xero Bookkeeping services in Melbourne

What are the signs of a good bookkeeping system?

Whether you’re in the middle of hiring a new bookkeeper or you’re in the process of re-evaluating your current internal accountant, the quality of work your bookkeeper does will always reflect the output of your business.

If you’re happy with your current bookkeeper, we invite you to continue reading to ensure you meet four very important components of a solid bookkeeping solution below.

If your needs aren’t fully being met, we would be happy to chat.

1. Good communication

Communication skills are broad and encompass many different specific skills.

You know you’re working with bookkeeping experts if they can communicate bookkeeping concepts and jargon at a level that you understand and truly comprehend.

This is one key area that will determine a good partnership between you and your bookkeeper.

That’s why you must look into good and proven communication relationships and find a bookkeeper that will:

  • Proactively respond to your enquiries
  • Explain complex ideas into simple ones that you understand
  • Listens to what you say
  • Is contactable when you need them the most

2. Skilled and proficient in all cloud bookkeeping systems

A significant amount of bookkeeping is done through technology now, which is why you need to hire a bookkeeper with experience in MYOB and Xero bookkeeping services.

If they value efficiency and error-free bookkeeping, they will be familiar with a suite of reliable cloud bookkeeping systems.

Work with bookkeeping experts that leverage software to maximise your business bookkeeping. Computer and technology skills are an absolute must.

Cloud bookkeeping improves your financial system as it makes payroll, invoicing, payments, cash flow management, and other aspects of running a business easy and manageable.

Business operations then become more efficient as every detail you need is under one cloud system that you can access anytime and anywhere.

Enjoy these cloud bookkeeping benefits:

  • Multi-user accessibility
  • Secured data backup
  • Updated information on current financial statuses
  • Save time and money

3. Detail-oriented

All good bookkeepers will need to pay attention to details, as one single input mistake can make a very big difference in how records and transactions look.

You know you’re working with expert bookkeepers if all details are carefully noted, all critical information is accounted for, and that nothing is missing.

4. Expert industry experience

An excellent bookkeeping company will usually have experience and knowledge when it comes to your specific industry or line of business. They should be able to present a portfolio and references to prove it.

They should be able to transfer their expertise to your type of business – regardless of the services or products you sell, or the sector you’re in.

Numbers will always tell you a lot about the condition of your business.

What makes a good bookkeeper?

Knowing bookkeeping skills will help you assess how good a fit your bookkeeper is when it comes to the daily financial needs of your business.

Not all bookkeepers are the same.
If you want to find a good bookkeeper, there are a few exceptional qualities you need to look out for.

As you read the list below, think of your current bookkeeper. Are you confident that they are meeting this important criteria? Or are they perhaps falling short?

  • Good communication skills
  • Have had the right training and qualifications
  • Are highly organised and detail-oriented
  • Can learn and adapt easily
  • Has diverse bookkeeping knowledge
  • Tech-savvy and computer literate
  • Data entry and analysis skills
  • Knowledge in cloud bookkeeping

What are typical bookkeeping services?

The list of bookkeeping services that qualified and licensed bookkeepers provide allows you to make practical decisions for your business.

Outsourcing your bookkeeping helps your company advance to a new level of business, so before partnering with one, you need to understand what bookkeeping services your business can benefit from, such as:

  • Cash flow management
  • Debt collection
  • Invoicing services
  • Payroll solutions
  • Balance sheets
  • Cloud software implementation
  • Business Activity Statements (BAS) / Income Activity Statement (IAS)

Efficient bookkeepers in Melbourne

Need an efficient bookkeeping service?

Healthy business finances start with the right bookkeeper!

Remove the stress of dealing with your finances and manage your business with the help of a reliable bookkeeper.

Maximum Business Solutions removes the burden of business bookkeeping and helps you stay on top of all your bookkeeping requirements.

If you feel like your current bookkeeping isn’t maximising your business’s potential, we invite you to get in touch with us.

Call Maximum Business Solutions on (03) 9589 0128 or fill in the form to get in touch with us today!