Onsite v Offsite Bookkeeping

“Bookkeeping” is a broad term that can be used to describe any of the number of different levels of skill required to provide a business owner accurate information about the accounts of their company. Bookkeeping tasks can range from basic data entry of creditors invoices through to providing detailed monthly reports to analyse profitability, budgets and cashflow.

The level of service you can expect from your bookkeeper depends on the level of skill of the bookkeeper you appoint to look after your accounts. At Books Onsite we provide a premium bookkeeping service which encompasses all levels of the bookkeeping function right through to management accounting reports to enable you to analyse your companies profitability. We believe the only way that this level of service can be provided is by us coming to your site on a regular weekly basis.

Here are some of the reasons we believe an onsite service enables us to provide a superior bookkeeping function:

  • Relationship Building

    We come to your premises. This means we get to know you, your business and your staff. This enables us to sit down with you and understand what information and in which format is most important for you to assist you in analysing your business performance.

  • Security

    All files are kept on your premises. There is no time wasted sending files back and forth from your office to ours. This also provides better security for your source documents and your data files.

  • Dedicated bookkeeper

    One bookkeeper is allocated to you to look after all of your bookkeeping functions. If this work is done offsite, the work is usually shared around by various people (some not necessarily located in Australia).

  • Regular Service

    We will establish a regular day or days each week that suits you. This way, all of your staff, clients and suppliers know that any accounts enquiries can be followed up on a particular day each week.

  • Comprehensive Analysis

    We can sit down with you to review monthly financial reports such as profit & loss, balance sheets, cashflow and actual v budget comparisons. If there are any amendments required we can update your accounts immediately and re-run the reports.

  • Accountability

    There is more accountability in an onsite service as you know exactly how many hours we are working each week.

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One Guaranteed Way to Improve Your Cashflow

One of the most frustrating issues for any business owner to deal with is the uncertainty of cash flows. This problem is multiplied when you experience periods of rapid growth. When you receive a new client you often have to pay for wages and inventory that relate to the sale before you have even billed for the work. Depending on your payment terms and how good a payer the client is, you then have to wait weeks, perhaps months for payment from the client. If you operate in an industry where profit margins are quite thin, it may take you 6-12 months before you become cash positive with a client.

Then there is also the collection risk that you have to carry. If you have a client that is struggling to survive, their outstanding invoices can easily slip out to 90+ days and if they go into liquidation, that bad debt could represent more than the total profit you have made from the client since they have been with you.

Direct Debit

One of the ways to alleviate this problem is to direct debit your clients account in accordance with your payment terms. You have probably seen this method used by some of the larger telephone and utility providers. This is now a simple and affordable option for SME’s to use to get some certainty into their cashflow.

The service is managed online by a third party and can be cancelled at any time by either you or the client. This overcomes any doubts the client may have about allowing you to direct debit their account if the relationship is discontinued. You can set it up to direct debit from the clients bank account or credit card and you can set it up as a recurring amount or go in and edit the amount for each payment.

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