The top 7 ways WestBAS can help you get the most from your business
When you’re running your own business, it can be easy to fall into the trap of doing everything yourself, especially in the early years.
When you’re running your own business, it can be easy to fall into the trap of doing everything yourself, especially in the early years. Have you ever found yourself looking at your watch at midnight, wondering why you’re still at your desk finishing invoices and paying bills? Ask any business owner and you’ll probably get the same answer, ‘Yep – been there, done that!’
But there will come a time when you realise that your time is better spent on ‘moneymaking’ activities and working into the night just isn’t sustainable for your work/life balance. (read more here) So do you employ a new staff member with all the red-tape that involves, or outsource your bookkeeping to a fully qualified and knowledgeable company? Since you’re reading our blog, we’re guessing you know what our recommendation is….;) Outsourcing your bookkeeping could be the best idea you ever had!
If you’re already a WestBAS customer, you’ll likely have your own list of reasons how working with us has helped your business, and we’d love to hear them in the comments below. But if you’re still deciding if WestBAS is the best option for you, or you have a bookkeeper but are thinking of changing…..here’s the TOP 7 WAYS WestBAS can support your business.
1. Reduce the Overwhelm
We’re sure you’d agree that running your own business comes with a certain amount of stress – errr…. understatement. The most important thing for you to keep your business pumping is sales, marketing and keeping your customers happy. When you add to that the responsibilities of daily invoicing, paying bills and reconciling accounts it’s no wonder you can feel overwhelmed. At WestBAS, we can give you back your time to concentrate on what you do best. You’ll no longer have to worry about your accounts being up to date or how to make sense of those damn reports.
2. Support you through different stages of your business evolution
At WestBAS, our expertise can support you as your business grows. Everything from ABN, GST and PAYG registration when you’re starting out, establishing cashflow projections and taking on new staff as you grow, and even help you prepare when you’re looking at business expansion or acquisition. Phew…. That’s a lot….and we have clients at every stage, so you can be sure we have the expertise to support you. We also have great relationships with accountants, financial advisors and more, who we can work with in the rare instances we might need their expertise.
3. Reports and cashflow
It’s easy to understand reports when you’re a qualified bookkeeper or accountant, but at WestBAS we understand you might need a simplified explanation of exactly where you’re at financially, in real time. We’re happy to answer any questions your financial reports bring up and we can advise why your cashflow might not seem to match your expectations based on your reporting.
We can also support you with Cashflow Projections, which can help you understand obligations and expectations if taking on new staff or starting new projects. Projections are also required if you’re looking to apply for asset finance or other financial support, and we have the expertise to support you in this area.
4. Help you to systemise your business
These days there are (literally) thousands of apps you can use to systemise your everyday tasks and any number of these apps can add either pleasure or pain to your workload! It’s also important to note that many apps integrate wonderfully with your accounting software, but equally as many do not. This is where WestBAS can step in and support you. We can advise you on a number of software platforms that we know have worked well for other clients and integrate with what we do for you.
5. Creating a great relationship with the ATO
If it seems like you’re often behind in your bookkeeping and there’s too much pressure to keep up with tax and BAS deadlines, it can feel like the ATO are forever on your tail. We can make sure your books are up to date, and lodgements are completed on time. If we need to speak to the ATO on your behalf, we know how to deal with every situation and you can rest assured that we will work with the ATO for the best possible outcomes, ensuring any fines are minimised.
6. Understanding legislation
Constantly changing legislation in human resources and tax law is a minefield for small business in Australia and it’s a commonly known saying that ‘ignorance is no defence’ when it comes to new legislation. It’s part of our expertise to understand and keep up to date with changing legislation, so let WestBAS take away any overwhelm or stress you may have in this area.
7. Working closely with your accountant and other outsourced service providers
As part of your team, we are happy to work with all stakeholders in your business. From board members, directors and your accountant to your receptionist, we can create a relationship that will ensure everyone has the information they need, while maintaining confidentiality at the required level.
Thank you for reading our blog, breaking down the most prominent ways that we can assist you. If you’re a current client, then maybe this has initiated a few thoughts on further ways we can support you. If you’re a potential client and sitting on the fence about choosing an outsourced bookkeeper, we hope this blog has given you some clarity. And if you’re a friend or ‘other’ service provider, perhaps there has been some information here that you can share with your own clients.
Don’t forget – we are just a phone call away if you need any assistance.