You’re good at what you do. You have a full order book for the next few months, and most of your business comes from word-of-mouth recommendations. But once every month, instead of packing your tools into your ute and setting off for the day, you’re stuck at your kitchen table sorting your books. Or worse, you’ve had a long day already, and rather than spending the evening with your family, you’re catching up on admin.
Owning a business is not for the faint-hearted. It’s hard work. If it were easy, everyone would be doing it! But you had a vision, a dream, and you put everything on the line to achieve it, and you did it! You’re awesome!
But, not every business owner is business-minded, and that’s okay. There are the creative types, the makers and the creators. They don’t work the usual 9-5, and they certainly don’t enjoy the compliance aspect of owning a business. They just want to do what they do, make a living and enjoy life. Who doesn’t? But, what about the bookkeeping?
GST, or General Sales Tax, is a goods a services tax that is levied on most goods and services sold for domestic consumption. The tax is absorbed into the final price of a product or service and paid to the government at the end of the financial year by the business selling the goods or service. It’s a term you will have heard often, although it’s not something consumers actively need to consider due to the tax included in sale prices, making it easily forgotten.
If you’re a small business or a sole trader there’s only so many hours in a day and often, only one pair of hands to do all the work.
When everything rests on your shoulders, you can take all the glory when you’ve single-handedly made your business a success. But as your business grows, so do the responsibilities that go with it, none more so than the need to manage ever more complex finances accurately and compliantly.
There comes a time for every small business to consider how they can keep growing whilst also keeping up with the bookkeeping without dropping the ball. Sometimes trying to do it all yourself can stop you from doing what you’re great at and sadly, it’s the business that suffers the most.
If this is beginning to sound familiar, here are more signs that you’re ready to outsource bookkeeping for your Brisbane small business.
When you set up your business, we’re pretty sure it wasn’t because you love bookkeeping right? In fact, it’s probably the one part of running the business that keeps you awake at night.
We get it. Your business is a success because you’re doing what you’re good at, so maybe it’s time to get an expert to do what they’re good at and start outsourcing your bookkeeping.
If you’re not sure whether bookkeeping is right for your Brisbane business, we’ve answered some frequently asked questions to help you decide.