Dangers Of Non Accountants Doing Bookkeeping
Dangers of Non-Accountants Doing Bookkeeping
The number one danger that non-accountants face when doing bookkeeping is making errors, costing businesses both money and time.
When a non-accountant is tasked with doing the bookkeeping of a business, the risks of making errors significantly increase compared to when the bookkeeping of a business is done by an accountant.
Examples of errors a non accountant might make is the sophisticated computation for assets’ depreciation which is a method only an accountant would know. Another one is the planning and analysing of a cash float for better cash flow management. These are just a few illustrations that describe why small business owners still need professional help in accounting and bookkeeping.
However, despite the possible errors occurring as a result of non accountants doing bookkeeping, the delegation of non accountants by businesses to do bookkeeping is still happening. This usually happens as a result of business trying to save on resources or the result of businesses believing they can do it themselves, not realising how much it is costing them in the long run.
If it is the cost that makes businesses worry and doubt whether an accountant is necessary, there are quick and cost-effective solutions. Integrated Globaltech provide bookkeeping outsourcing services from as low as $10 AUD per hour. The best part is, with the introduction of the era of the cloud, accounting outsourcing providers, including Integrated Globaltech can use internet-based solutions such as Xero, MYOB and Quickbooks, making the collaboration much easier. This means businesses can monitor their accountant’s job anytime anywhere. Businesses can use smartphones to access their businesses records. And this enables businesses to pay bills and send invoices to customers in just a few taps. Great for small business owners.
The truth is, sometimes business owners just don’t have time to look over every aspect of their business. So outsourcing accounting or bookkeeping services is a way to lessen the burden. Letting an accountant help a business maintain and manage their cash flows, budget and control expenses, keep track and advise in relation to collections and payable, helps businesses to focus on their core activities and earn greater profits rather than worrying about business administration, which adds no value to the business.
Organised and systematic business records can also further propel a business forward. Through efficient and timely bookkeeping reports, businesses can know whether their business is generating profit, breaking even, or acquiring losses.
At Integrated Globaltech, we can source you qualified accountants, even with the CPA designation that specialise in all different areas of accounting and bookkeeping and we will monitor them to ensure they provide the highest level of service to your business.