Why do you Hire Bookkeeper for your business?

Many small business owners love their business; they are exceptional and love what they do. But the bookkeeping aspect of their business often becomes a terrifying task and is usually not the best use of their precious time.

In contrast, bookkeepers love keeping their client's books tidy and will do everything they can to ease their client's load. Plus, bookkeepers are much more capable of processing data because that is their profession.

You may get it wrong. There are many upsides to the incredible technology now available; however, one of the downsides is that it is often portrayed as easy to "do it yourself". Technology still relies on the systems being set up correctly from the start, and the information is regularly checked and verified to ensure it is accurate and compliant. 

Incorrect data going in equals inaccurate data going out, resulting in incorrect IRD returns. It is often a case of "you do not know what you do not know." Knowing the rules around whether that coffee with a client or that travel booked through an online booking system is tax-deductible or how the GST component is to be treated. IRD does not accept ignorance as an excuse and can be pretty harsh when charging interest and penalties on incorrect returns filed.

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Inaccurate data also means that you are not getting accurate facts on how your business is performing.  For example, your profit calculation will be wrong if you inaccurately code something to an asset account, whereas it should be coded to an expense account. As a result, your business will look like it is performing better than it is.  With this inaccurate information, you are making an important business decision, thinking it must be correct.

An excellent bookkeeper will get to know you and your business better, thus becoming a respected member of your team and working alongside your team to help your business grow.  In addition, the members of the business delight themselves in the associations they presently have with clients.

How to decide on a Bookkeeper

Make a list of responsibilities you want a bookkeeper to do for you, what you want to do yourself, and where you need your bookkeeper to work in your office or remotely. Services that members offer range from training you to do your bookkeeping through to a full-service bookkeeping, which include invoicing your clients, paying your bills, and administering your payroll, as well as reporting and tax compliance. Online software means that most bookkeeping work is usually done remotely, but you may need your bookkeeper to work all at your office or part of their time.

To locate the best bookkeeper, ask for recommendations from people from your business connections, friends or accountant, friends, and family.  Although, New Zealand is a small place, most of the members often say that a lot of their work comes from word-of-mouth references. 

When interviewing a likely bookkeeper, deciding if you feel they will be appropriate for yourself and your business.  Your bookkeeper will be an integral member of your team!  Mutual trust and respect are essential.

Consider the following items for discussion:

  • The accounting software they are expert in. This is important if you already have software in your business as you need your bookkeeper to be an expert in this.

  • Fees - how the bookkeeper charges. Will work be charged based on an hourly rate or monthly payment, and what is the price. The advantage of having an hourly rate is you pay only for the time required to do the work, or a monthly fee provides cost certainty for your business. When considering the price, popular wisdom is that cheapest is often not the most cost-effective. The option as a great bookkeeper can add more value to your business than they cost you.
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  • The types of business they work with. Some bookkeepers specialize in dealing with a particular industry and can bring insights and best practices to assist you in growing your business.

  • Certifications and qualifications obtained. These illustrate that the bookkeeper is acquainted what they do and in takes their profession earnestly.  A Certified Bookkeeper has passed one or more of our bookkeeping assessments and must comply with our strict Code of Ethics.

  • A great bookkeeper will add a considerable amount of value to your business based on experience and knowledge.  In addition, they will be detail-focused and a skilful problem solver.
  • It is extremely important to get references from current or former clients or the employers of the bookkeeper. We advocate that you explicitly speak directly to referees, even if there are testimonials provided by the bookkeeper.

You need to start searching of the ideal great bookkeeper by searching the directory of prominent associations a Certified Bookkeeper is a member and his credentials.

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You can create any structure you want by using the same tools as in the regular workflow. Add buttons and forms or anything else you'd want.

Being experienced with an accounting background, we can offer a wide range of reliable and accurate bookkeeping services. A common question often asked is, "What exactly does a bookkeeper do? "The answer to this question is shown below for our services as specialist bookkeepers. We can,of course, modify our services to suit the needs of your business whether you need a few of these services or all.

·      Accounts Receivable*-Invoice preparation and follow-up with the client

·      Accounts Payable* - Suppliers' invoices are processed and paid when due.

·    Bank Reconciliations -Reconciling Bank and Credit Card accounts with daily bank feeds

·     GST Filing                        - Timely filing of Bi-Monthly or Six-Monthly returns

·     System Training               - Training is required whenever you choose new software. We provide free training.

·    Accounting Software conversions – With our expertise, we can switch your accounting information to XERO/MYOB

·        Payroll

·        Unlimited Email Support

*Note:- Accounts Receivable and Accounts Payable are closely monitored to ensure that your business has no issues with cashflow

Payroll Management

Business Pillars offers all-inclusive payroll services that help your business run efficiently. We are committed to being legally compliant. Our services are built to simplify payroll processes for small to medium-sized businesses throughout New Zealand.

PAYROLL processing made easy

We provide the most updated payroll solutions tailored-made that is affordable to your requirement. We are committed to taking care of all the work demanded, allowing you to focus your time and energy on more essential things you love to do.

Our payroll services are:

·        Employees pay, On-time payments including benefits, reimbursements, deductions, Weekly/Fortnightly/Monthly

·        Employee PAYE

·        Payday Filing   – Timely filing returns to IRD

·        Leave entitlements– Accruals for each type of leave

·        Leave Payment - As per Holiday Act 2003

·        KiwiSaver contributions

·        Maintaining payroll records – payments and documentation

GST Filing

Timely Processing

We ensure that we file all GST Tax returns two weeks before the due date. We keep our clients informed before we proceed. This ensures that the client is at ease.

·        GST Filing        - Timely filing of Bi-Monthly or Six-Monthly returns

Monthly / Quarterly Advisory

The clients are in a position to process their reports from the software chosen. Based on the service requested, additional reports are also given that are not available in their chosen software. These reports enable the client to make corrective business decisions. Business Pillars reaches out to clients who require more assistance.

Monthly Management Meetings

The primary purpose of a monthly management meeting is to get the business to grow. This is either done through a phone call, zoom, or meeting in person.

Cash flow Management

Managing cashflow is a significant responsibility faced by most small businesses. We reach out to businesses making it stress-free to ride on the highs and lows of the cash flow throughout the year.

We assist in producing a cashflow statement which is a financial statement that summarizes the amount of cash entering and leaving the business. The cashflow statement measures how well the business can manage its cash position, meaning how well the business can generate cash to pay its debt commitments and fund the day-to-day operating expenses.

Budget Forecasting

Small business budgeting and forecasting

We need to get some relevant numbers to know what the future will look like regarding a business. Budgeting and forecasting will help to support this vision. Business Pillars can work alongside you to understand these basics so you can build a financially sustainable business.

What is a budget?

The budget estimates how much money will come in and go out from your business over time (usually a year). Budgeting and forecasting normally benefit all businesses and first-time startups to see if they can afford to run the business and compensate for all their hard work with a good return for their initiative.

What are the main principles of having a budget

Budgets forecast the money-making possibility of a business. It will also highlight things like:

  • How much will it cost to startup?
  • How much money is needed to borrow?
  • When will be the breakeven point?
  • How much should the customers be charged?
  • How many staff are needed?

Monthly / Quarterly Advisory

The clients are in a position to process their reports from the software chosen. Based on the service requested, additional reports are also given that are not available in their chosen software. These reports enable the client to make corrective business decisions. Business Pillars reaches out to clients who require more assistance.

Job Management

Job Management is software that supports project managers and teams to complete client requests and projects efficiently. Most professionals depend upon this job tracking software which assists them in supervising multiple sections of a business. Business Pillars are here to assist in setting up this service to track income and expenses related to service jobs.

XERO and MYOB both have the capability for Job Tracking

These are the advantages:-

·        Create quotes immediately

·        Easily track jobs from quote to invoice

·        Schedule the jobs on the go

·        Get paid quicker