Facials are right up your alley, but financials…? Well, let’s just say they can give you a headache. We talk to John Corias, Senior Partner at m.a.s accountants, a firm which powers small business bookkeeping service, Bean Keepers Australia, about why you need a good bookkeeper in your corner.
#1 You barely have time for lunch let alone ledgers
You cram every second you have into growing your business, which leaves little time for manning the books. “As a small business owner, your time is extremely precious, especially as demands from your clients grow,” says John Corias, who is also known as an ‘Elder Bean’ at Bean Keepers Australia HQ. “You barely have any time up your sleeve to take care of your tedious bookkeeping, let alone complete it in a timely and accurate manner. By helping you focus on what you do best, we’re able to do what we do best: bookkeeping.”
#2. ATO, ASIC… Ummm, who?
Ok, so you know who the ATO is (and sure, you realise it’s not a boy band) but you don’t exactly love talking to them. Enlist a bookkeeper and they will do the talking for you. Problem solved.
“We work to make you the most effective possible – if that means that you hand all your bookkeeping to us, including working with the ATO and liaising with ASIC, then we can do that,” says Corias. “Or we can work to make sure your books are completely in order so that when it comes to important times of the year, you’re all sorted.”
#3. You stress that things could go downhill at any moment
If you have a nagging feeling that you’re letting things slip, having someone who cares about what’s going on behind the scenes makes for easy sleeping – and enlisting an accredited accountant makes all the difference, says Corias.
“The thing we hear most often from our clients is that their stress levels lower immensely,” he says. “Bean Keepers Australia is powered by fully-qualified accredited accountants. We help give beauty therapists peace of mind that their books are under control and being cared for by someone they can trust.”
#4. You don’t actually have a business plan
You know, you should have one; you get told all the time. But somehow you got started and your business just prospered without actually writing anything down. If you want to grow your business though, a plan will help.
“We are strong advocates for a good business plan,” says Corias. “[A bookkeeper will] work with you to create a good business plan then work to it so that you know your short term goals are building blocks for your long term goals.”
#5 You’re so busy, invoicing gets left on the to-do list
You work hard and business is good. But if you’re not getting paid, you could be left without cash flow. Problem. “Invoices and making sure you’re being paid is imperative to a successful business,” says Corias. “If you’re finding time for everything except invoicing, then it’s time to investment in a bookkeeper.”
#6 You feel bad asking for money (for the fourth time)
You’ve sent the invoice, job done. But then, well, your client has called asking if she can wait a couple (more) weeks and you don’t have the heart to ask her to cough up.
“Chasing invoices is both a time concern, and a relationship risk,” says Corias. “You need the money, but you also need the business and you don’t want to hurt the relationship in making the first part happen. Handing your books over to a [bookkeeper] means you’ve got someone whose only concern is that the books are balanced, so they’ll do all the bean chasing for you and you can run your business.”
#7 Business is booming
Things are looking good. You’ve hired a new staff member, you’ve opened another salon. But all that growth means more expenses, more invoices and more bills.
“With each addition comes a litany of new taxes, payment, obligations and the accompanying paperwork,” says Corias. “You don’t have the luxury of additional time for it all – but a [bookkeeper] will help you halve your task list and double your time.”
#8 Bookkeeping? Um, what bookkeeping…
You’re a whizz at at microdermabrasion but spending time with a calculator is not exactly what you consider a fun time. Don’t beat up on yourself; it’s important to know your strengths and weaknesses, says Corias.
“Accounts take dedication, head space and quality time with a calculator to keep on top of it all,” he says. “They also come with an obligation to the government for paying tax and BAS – which means accuracy and efficiency are the end goal.”
No one expects you to be good at everything but keeping a handle on things is important. “Sometimes the smallest oversights can be the most unfortunate, so keep things in order, in place and in control,” adds Corias.