The answer is simple – because you have better things to do!
Seriously, when you start a business you try and do everything yourself to keep the costs down. This means you are Jack of All Trades but master of none. You are better off focusing your time on running your business than doing data entry of bookkeeping.
It is essential that new businesses set up their bookkeeping correctly from day one. The benefits to this are twofold:
- You make sure you get your accounting and GST correct, not only keeping you on the right side of the ATO but also making sure you get all the deductions and GST credits you deserve
- By having a well setup system you can manage your cashflow and monitor your business performance which allows you to make sound decisions
A quality bookkeeper such as Bookkeeper Hub will be able to work out the most efficient way to collate your information, complete your BAS returns and give you valuable feedback on how your business is going.
Most importantly, your time is spent on operating your business, doing what you do best!
Photo credit: Storyblocks