Bookkeeping
Services
Bookkeeping accounting practices form the foundation of everything finance for a business. If you don’t get it right, you are unlikely to have the accurate, timely or right information to make critical decisions that impact you, your customers and your employees.
As fellow business owners, we know you need the best accounting services to help you achieve your sustainable business profitability goals. Two fundamental questions you need to ask are:
- What is the difference between a bookkeeper and an accountant, and
- What are the benefits of outsourcing your accounting and bookkeeping function.
At Zeros Matters, we believe that a specialized team can deliver the superior results needed to give your business the competitive advantage it requires. Therefore, we require a bachelor’s degree in finance as a minimum requirement for our team members.
Skills required
- A professional accountant is someone with a university degree and a vast amount of tax and accounting knowledge and experience. Many professional accountants will also continue their studies to qualify as a chartered accountant and complete a CIMA qualification.
- A Bookkeeper only needs a high school diploma. Therefore, anyone can call themselves a bookkeeper, but only someone who is qualified in accounting can call themselves an accountant.
Specialization
- Accountants are more qualified to analyse the data and provide recommendations to make business decisions, set up the chart of accounts correctly, and provide tax advice to realise savings for the business.
- Bookkeepers are experts in managing the day-to-day financial record-keeping.
Decision Making
- Accountants prepare financial statements to give a business owner insight into their business.
- Management is unlikely to make decisions based on the daily data entries of a bookkeeper.
Business Support
- Accountants assist with budget preparation and preparation of loan proposals (looking at the now and future).
- Bookkeepers mainly relate to the recording of financial transactions (looking at the now).
Compliance
- Accountants will ensure compliance of transactions with Accounting Standards and International Financial Reporting Standards required by the local regulatory body (eg. ASIC, ACCRA).
- Bookkeepers, depending on their years of experience, are unlikely to be fully aligned with Accounting Standards and International Financial Reporting Standards as they have not completed professional certifications.
Benefits of outsourcing your Accounting and Bookkeeping function.
Outsourcing your accounting and bookkeeping for small business can provide numerous benefits for your business. Here are some key advantages:
Cost savings:
Outsourcing eliminates the need to hire and train in-house small business bookkeeper staff, saving you costs associated with recruitment, salaries, benefits, office space, and equipment. Outsourced services are typically more cost-effective, as you pay for the specific business bookkeeping services you require.
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Access to expertise:
By outsourcing, you gain access to a team of experienced online bookkeeping professionals with specialized knowledge in accounting and finance. These experts stay updated with the latest industry practices, regulations, and technologies, ensuring accurate financial reporting and strategic financial management.
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Focus on core activities:
Outsourcing non-core functions like accounting and finance allows you to focus your internal resources and energy on core business activities that directly drive revenue and sustainable profitability. You can prioritize your time and efforts on developing products/services, expanding market share, and enhancing customer satisfaction.
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Scalability and flexibility:
Outsourcing offers the flexibility to scale up or down as your business needs evolve. You can easily adjust the level of bookkeeping services required, whether it’s during peak periods or when your business undergoes expansion or downsizing. This scalability ensures you have the right advisory bookkeeping resources at the right time without the burden of managing fluctuating staffing requirements.
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Time savings:
- Accounting and finance functions involve time-consuming tasks like account bookkeeping, financial reporting, payroll processing, and tax preparation.
- By outsourcing these online bookkeeping activities, you free up valuable time for your internal team to focus on strategic decision-making and high-value tasks that contribute directly to business sustainable profitability.
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Enhanced data security:
Reputable outsourced service providers prioritize data security and confidentiality. They ensure Xero bookkeeping services that employ robust security measures and adhere to strict compliance standards to protect your sensitive financial information from unauthorized access, data breaches, or loss. This reduces the risk of potential internal security breaches for your most sensitive data.
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Improved accuracy and compliance:
Professional bookkeeping companies have specialized knowledge in accounting principles, regulations, and tax laws. They ensure accurate financial records, timely reporting, and compliance with tax obligations. This minimizes the risk of errors, penalties, and audits, giving you peace of mind and ensuring regulatory compliance.
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Access to advanced technology:
Outsourcing bookkeeping companies often utilize sophisticated accounting software and technology platforms, like Xero, to streamline processes, enhance efficiency, and improve accuracy. By outsourcing, you can leverage these technological advancements without significant upfront costs or the need for continuous upgrades.
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Business insights and analysis:
Outsourced accounting and bookkeeping service providers offer valuable insights and analysis based on accurate financial data. They can provide advisory bookkeeping insights on key performance indicators (KPIs), financial reports, and analyses that help you make informed business decisions, identify cost-saving opportunities, and improve overall financial profitability.
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Improved business continuity:
Outsourcing mitigates risks associated with internal staff turnover or unexpected disruptions. Your accounting and bookkeeping function will continue seamlessly, ensuring uninterrupted accounting and payroll operations even during staff transitions or unforeseen events.
We understand in the fast-paced Australian, Singapore and wider-Asian economies, business owners need data at their fingertips. We can deliver the right accounting and bookkeeping services support for your business to create a competitive advantage in these ever-changing markets.
At Zeros Matters, we really take the time to understand your business, so that we can become your financial support partner. Our outsourced accounting services are highly customizable, to integrate seamlessly into your organization and provide immediate and ongoing support.
Our outsourced accounting team will reduce your in-house costs and streamline operations using the latest technologies on all your devices.
- We are a certified Xero bookkeeping services company, enabling our clients to access cost-reducing cutting-edge cloud accounting technology.
- We customize our engagement solutions with your business based on your needs and comfort levels.
- You certified online Xero bookkeeper helps you achieve sustainable practices by maximizing digital documentation and data automation processes, reducing your need to manage or store paper documents.
- We implement real-time high-accuracy transaction processing and set up proper standard operating procedures (SOP) for your unique business. Making it easier to analyse your Profit & Loss Report and Balance Sheet.
- We set up the right chart of accounts for you.
- We record your financial transactions to meet accounting compliance.
- We process your bills.
- We produce your invoices and receipt entries.
- We complete your Bank and General Ledger Reconciliations.
- We prepare your tax-ready Accounting and Financial Reports (eg. balance sheet, income statement and cash flow statement).
- We meet with you regularly to review your accounts and ensure you have a full view of your business finances.
- With over 30+ years of finance and data analytics experience, we can comfortably & reliably agree on a step-by-step, hassle-free plan to migrate you from your existing accounting platforms.
- Everything we offer is focused on minimizing your cost of basic accounting & bookkeeping tasks, so you can get a better return on your hard-earned income. This gives you the option to invest in forward-looking services, like our CFO business advisory services.
