Myth vs truth

Let’s BUST some of those Bookkeeping myths!

When it comes to finances, many individuals and businesses can find it overwhelming.

There is a lot of information out there, and often Chinese Whispers can occur and can get mixed up or misunderstood.

Here at Exact BAS and Bookkeeping, we aim to help you with your finances and ensure that things are made as simple as possible for you!

1. Only big businesses need a bookkeeper

It’s a common misconception that small businesses cannot benefit from bookkeeping services, however tracking the accounts of any businesses is still a requirement big or small. It can take up a considerable amount of time when doing yourself and outsourcing the task to a professional can free up valuable time and money for a growing business.

2. Bookkeepers are maths whizzes

Another common myth about bookkeepers is that we are great at maths. Many people figure that since bookkeepers spend their time balancing books and tracking down financial transactions that we must be good at maths. Although a lot is calculating numbers it isn’t as advanced as you think.

Most of us are regular people who do a great job at managing the financial transactions of businesses, but we not only do that, we help you gain a better understanding behind your businesses expenditures and do all the time taxing reports no one wants to do (BUT US!)

3. Accountants are better than bookkeepers

We’ve said this before and we’ll say it again, Accounting and Bookkeeping are different professions.

In simple and very general terms, a bookkeeper will be the person that assists you with the ongoing financial recording and transactions that keep your business running smoothly. Your accountant, on the other hand, will be the person who analyses the data produced by your bookkeeper, reports on it, and is best suited to give you financial advice. Your accountant will also have a strong understanding of your taxation requirements, and will be best able to assist in that area.

To find out more about the differences between your Bookkeeper and Accountant Click Here

4. You loose control of your finances with a bookkeeper

We don’t have ‘Control’ over your business, we simply track and take note of all your financial transactions and report to relevant parties (YOU and the ATO ect).

In fact we help you take a deep dive into the transactions of your business so you can better understand where, what, why and how frequently those transactions are. We report these to you and relevant parties, and can pay your employee’s for you so you can free up valuable time to work on the growings of your business.