If you’ve been doing your research, you probably already know the benefits of outsourcing your bookkeeping. (For a re-cap, be sure to read our articles 8 signs you need a better bookkeeper and Weighing up the cost of in-house bookkeeping.) But what about the practical aspects: How does the handover work? Do I need to invest in new systems? How will my data be affected? In this article, we talk through the process, what to expect going forward and support available.
Q: Are the BDO Bookkeeping services suitable for my business?
Every business is unique so we start by getting an understanding of your business and how it works. We can develop a solution based on your business needs. Together we work out what information you need, who needs it and by when; and then we tailor dashboards and reporting solutions to suit your needs.
Q: How long does the handover process usually take?
We like to spend enough time at the beginning to ensure the setup is done properly, which in turn, minimises ongoing costs. How long this takes depends on your opening position, but we aim to have everything up and running by the next end of month; and refine the process by the end of the quarter.
Q: My financial information is stored in a few different systems. Do I need to consolidate everything before I hand it over to BDO?
We are used to handling information from a range of sources. For example, if you’ve been doing your bookkeeping yourself that might mean Excel; or any of the various other accounting programs like Xero, QuickBooks or MYOB – and their various add-ons. We also have clients using specialised rostering and timesheet systems like Tanda; or POS systems like Vend or Retail Express. If you aren’t already using a cloud accounting system, we can help you set this up so you can start enjoying the benefits straight away – more insight and accuracy from reporting and record keeping, seamless integration with other software, direct bank feeds which all result in less time spent on menial data entry.
Q: What services are included as part of the BDO Bookkeeping offering?
We provide a full bookkeeping service. This means everything from processing receipts and reconciling bank accounts; to dealing with more time-consuming items like prepayments, fixed assets and payroll. We can provide weekly accounts payable and accounts receivable reports so you can stay on top of your cash flow. We make sure you get the right information at the right time to run your business effectively. We also make sure your financial information is structured correctly so your year-end tax lodgements and other regulatory requirements are easier to manage.
Q: Which bookkeeping systems do you use?
We use the latest cloud technologies, which means you can login and access your accounting information any time, from anywhere, knowing it’s up to date. If you don’t already have a cloud accounting system in place, we can help you decide which solution best meets your needs.
We have national agreements with the leading cloud accounting providers Xero, QuickBooksOnline and MYOB; and can offer excellent discounts on subscriptions. If your business is larger or has more specialised operational requirements, we can scope the ultimate system for your business.
Q: How long until I see a difference with my reporting?
You’ll notice a difference straight away with the ability to track what’s happening in your business in real-time. No more delays waiting on third-party bookkeepers; and no more re-working inaccurate data. For example, we help you track key revenue and cost strategies, bank balances and cash flow through carefully prepared management reports. You can have full confidence in your data and make better decisions about your business.
Q: Do you provide ongoing training and support if things get more complicated?
Our skilled bookkeepers and cloud accounting specialists are on hand to answer any questions you have; or make changes to make sure you get the information and insights you need, when you need them. If more complex matters arise, we have direct access to BDO’s broad network of business specialists who can help you resolve issues quickly.
At BDO, we understand that your peace of mind is just as important as the numbers. We’re here to help answer any questions. Contact a BDO Bookkeeping adviser today.
See how BDO has helped other business get ahead.
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