Value-add services provided by a modern bookkeeper

The scope of work that can be undertaken by the modern bookkeeper extends far beyond data entry and BAS preparation.   There are many value-adds a bookkeeper can undertake to assist clients.

A recent Australian Institute of Certified Bookkeepers survey found bookkeeping organisations provide up to 14 different services.

While some of the offerings are the traditional services to be expected of a bookkeeper; such as payroll, end of year processing, and debt collection, others, such as recruitment services and business development,  may surprise you.

Let’s take a closer look at some of these complimentary services a bookkeeper may offer;

Consulting Services

A bookkeeper can provide accessible accurate financial information. For example they can track the performance of jobs against a budget.

This gives business managers greater understanding of the success or failure of a certain job and enables them to proactively tighten spending and understand what money is left in the budget to finish off projects.

Client Bookkeeping Onsite & Offsite

An exciting aspect of new technology advancements and cloud accounting solutions, is the opportunity for bookkeepers and small business owners to have their financial records managed offsite. Not only does this improve efficiencies for clients, it’s beneficial for bookkeepers, too: “Since focusing on Xero [the online accounting solution], I’ve been able to double my turnover, by offering online bookkeeping services”

IT Support/Services

It’s essential a bookkeeper has some understanding of typical small business computer systems – unless of course they are planning on using an abacus! They’re in an educated position to highlight the need for back-ups, or speed inefficiencies, and if they are personally unable to help, the bookkeeper should be able to direct the small business to a resource if further assistance is required.

Accounting/Taxation Services

It’s possible for a bookkeeper to move beyond the scope of bookkeeping and offer a full suite of accounting and taxation services. Or they may align with organisations like Etax local that enable bookkeepers to co-ordinate various services that fall outside of their own expertise. It is important to note however that in order to provide any tax service it is essential to be a registered Tax Agent which requires a combination of relevant experience and education. For further information on our Tax Agent courses please click here.

Training Onsite & Offsite

A bookkeeper may provide informal training, for example giving a staff member guidance in preparing a budget. They can even formalise this process by completing a Certificate IV in Training and Assessment. This also has the potential to result in a qualification for the staff member.

Business development

The bookkeeper can assist in mapping out business processes, which in turn enables them to implement efficient systems, and organise business information. This ensures usable information is accessible to the business. Many bookkeepers are extending their skills and knowledge through additional courses in business management.

The contemporary bookkeeper can be an integral part of the business team, assisting with the training of staff, the implementation of efficient and effective procedures and providing timely accurate useful financial information, that can be used in the decision making process. Bookkeeping is no longer just about data entry.

This article provided by newsmodo

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