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If the ATO called you up tomorrow and said “Guess what? You never have to lodge another tax return or BAS statement ever again!” How would you feel? And more importantly, what would you DO?

Would you laugh, cry or celebrate? Would you feel relieved?

Perhaps you would you email your accountant and bookkeeper to tell them the good news; “Sorry, mate. Your services are no longer needed.”

And with a big grin on your face, would you sit down to plan all the great things you could do with your savings of GST, tax and accounting fees? Or would you just get out there and start spending it?

Accounting is often viewed by people in business as a “necessary evil” enforced upon us by governments.  However, accounting is so much more than compliance, or recording historical transactions (the past). Accounting is also about transparency and accountability (the present) and most importantly, about smart decision making (the future).

Great Bookkeeping Is About Your Future.

The reality is, that in the above scenario, if you learned that there was no more need for compliance, you MIGHT celebrate if you got that email from the ATO. But your excitement and sense of freedom would probably only for last for about five minutes, or however long it took you to realise that without accounting, you would have NO idea what to spend that money on. Or an even more scary though; what you SPENT it on.

It’s certain that the extra money you saved on tax and accounting fees would find a way to spend itself quickly somewhere else, and then you’d be back to square one; except you’d probably be a little worse off because you’d no longer have your bookkeeper or accountant to help you!

As you can see, a bookkeeper is more than just an expense… that is, if you find the right one. 

10 Ways Off The Hook Bookkeeping Helps Your Business

Some of these may surprise you! Many people don’t even know what a bookkeeper does. Mostly they think it’s just organising receipts, coding transactions, paying staff and lodging BAS.

Bookkeeping is so much more that that, in fact… bookkeeping is a critical function of your business, and here’s how.

1 Giving you regular updates on your cash position

We send you a weekly summary showing you your net cash position. Most people don’t even think about this, in fact many small business owners say things like;

“I don’t worry about the P&L or Balance sheet, I just look at how much money I have in the bank”

Unfortunately this fatally flawed thinking could lead to the eventual death of your company. Why? Because the money in your bank account isn’t necessarily YOURS. Let me explain.

Let’s say you have $20,000 in your bank account today. But in days time your wages are due for $6,000, your supplier pay run is due tomorrow for $4000, three of your customers are due to pay you $8000, and your BAS is due in a few weeks for $14000, and your credit card and loan repayments for the month are going to be $3,000.

You DON’T actually have $20000 in the bank at all. You actually have $1000 “in the bank”.

Is this a shock to you? Do you find yourself “living in the moment” and spending as needed without thinking? Do you take comfort in your bank balance, and then feeling like you’re on a roller coaster when the money goes up and down like a yo-yo?

By getting regular updates on your cash position, you’ll be able to see exactly what you really have at any given time. This helps you make better spending choices, and to feel in control of your cashflow.

If you’d like help understanding your financial position, you can click here to book a free consult anytime.

2 Providing financial information for decision making

As mentioned in the last example, you may find, like many business owners that your philosophy is to “live in the moment”. If you think like that, it’s likely you also spend reactively and fail to plan ahead.

When you need to make a major purchase decision or take on debt, who do you turn to? Your business partner? Your accountant? Your wife or friend? Your puppy?!

Often your accountant will be too busy (or expensive) to speak to on a regular basis, so even if they do make time to speak to you about a major purchase, they really have no idea what’s going on inside your business, because they only look at it once per year.

You might not have a business partner, but even if you do, you need an external person who is not emotionally involved in the situation, to give you perspective. Your wife or friend who doesn’t understand business won’t be able to apply financial wisdom. So it’s really between you and your puppy! Unless you prefer to get help from us!

We help you in your decision making processes. Although we don’t tell you what to buy or not buy, we give you all the information you need to feel comfortable to make wise purchasing, investing or financing decisions.

The Profit & Loss Statement, and the Balance Sheet are a good place to start when it comes to decision making, along with the Cash Position Statement from the previous example. But it’s pretty likely you’ll need more than this.

Budgets and financial forecasts play a big part in decision making. Did your eyes just glaze over? Do you know how to create, read or understand these kinds of reports? If not, we can help.

We can prepare custom information, in the form of tailored reports, which you can view in order to see your financial and cash position, not only as it looks today, but how it is likely to look in in 3, 6 or even 12 months time.

This is determined based on trends and the impacts of certain decisions. We can show you exactly how a financial decision, purchase, financing or investment TODAY can affect the FUTURE.

If you’d like help with business decision making, you can click here to book a time to chat .

3 Helping you increase your profit

Everyone wants to increase their profit, but a lot of people don’t understand how to do it. Have you ever heard helpful advice like, “if you want to lose weight you just have to eat less, and exercise more.”

Everyone knows that is terrible advice because it doesn’t actually work. Even though biologically we are designed to consume and burn calories, anyone who has ever found themselves overweight knows how hard it is to simply “eat less and exercise more”. Usually due to emotional, psychological factors and even undetected underlying health issues, lack of sleep and stress. In these cases eating less or exercising more doesn’t help.

If you want to be more profitable, you may have heard similar terrible advice. Has anyone ever told you “if you want to be more profitable you just need to spend less, and earn more.” But after hearing this advice are you still at a loss as to how to actually apply this “simply philosophy”? When you’re working under the demands of a small business, with pressure from every side you will know that it doesn’t work like that. You need support, and insight.

We can help you increase your profit by supporting you on the journey of learning how to spend less and earn more. One of the ways we help you spend less by developing a budget and giving you the accountability to help you to stick to it.

And another great way to increase your profit is to become MORE efficient. We can help you track and measure your efficiency and show you ways to improve.

So how about increasing the income? Some bookkeepers might know how to tell you how to cut down your current costs, but not many know how to help you increase your income. We know how!

If you want to increase your income you just need to sell more! Kidding! That’s terrible advice, even though it’s true. How we can help you earn more is to analyse your current income streams, and then help you work out where you should be REALLY focusing your efforts. We help you come up with a strategy to pursue the right kind of sales.

And we also help you to close your deals more quickly, by setting up a digital quoting/proposal tool where you can collect signatures and collect payments.

If you’d like help increasing your profit, you can click here to book a free consult anytime.

4 Budgeting and monitoring your spending

Have you ever had great intentions to create a budget and then never gotten around to it? Or have you even created one and then never looked at it every again? Or do you find yourself looking at it often, realising it’s too late, that you didn’t follow it, and again, spent more than you intended?

This is so common!

We can help you establish your budget, and provide you with support and accountability, as well as helping you to put controls in place to limit unnecessary spending.

When you meet with us once per month, we can review your past month and plan the coming month, and see how you’re tracking. Remember, it’s about progress, not perfection!

 If you’d like help with budgeting and accountability, you can click here to book a free consult anytime.

5 Reducing your accounting fees

Most bookkeepers charge around $65 per hour. According to the Institute of Certified Bookkeepers, that is the industry average charge out fee. But how much does your accountant charge you?

You probably have no idea! Why? Because accountants charge annually or quarterly, when they do your tax return. And you’re used to receiving a total bill, without a breakdown showing hours and hourly rates.

What you probably never realised is that your accountant is probably charging you $150 per hour for a junior, $250 for a senior and $400+ for a partner. That’s a lot! And I’m not saying that accountants aren’t worth what they charge. Some are, some aren’t. But one thing you definitely don’t want to do is pay your accountant to do BOOKKEEPING! Because guaranteed, they will be charging you $150 per hour but won’t tell you.

We can help you reduce your accounting fees by preparing your accounts in a way that will reduce the amount of work needing to be done by the accountant. The reason we can do this is that I started my career working in a Chartered Accounting firm. For 12 years I prepared financial statements and tax returns for companies and small businesses just like yours.

I know what is expected from the accountant, and so I train all my staff in the way I was trained.

If you’d like to pay less accounting fees, you can click here to book a free consult anytime. 

6 Developing accounting processes

Do you ever find yourself wasting time with menial accounting or bookkeeping related tasks? Or when it comes to BAS or tax time, that you’re scrambling around trying to find everything for your accountant or bookkeeper? Or are you simply finding that your business is not as profitable as you would have hoped?

Accounting processes, and all business processes for that matter, are created for the purpose of creating efficiencies. A business with solid processes will be, not only more efficient, and therefore profitable, it will also be more VALUABLE. Especially when it comes time to SELL your business.

A business with established and documented processes is more valuable on the market than a business without them, for the simple fact that the new business owner can take over where you left off.

But even if you’re not thinking about every selling your business, processes are vitally important. When it comes to accounting and bookkeeping, having easy-to-follow, simple and effective processes can mean that the headaches for you and your staff are reduced, or even removed.

From day one, we start documenting your bookkeeping processes and creating a manual for this area of your business. That way, if you ever decide the timing is right to hire your in-house bookkeeper or accountant, everything will be there for you.

We can help you and your team establish routines, and provide you with step-by-step, personalised guides to cover every area of your accounting function.

>>> Ok, so just a word of warning, the next 4 items on the list are just your standard, boring bookkeeping tasks that most bookkeepers can offer so feel free to skip this bit! <<<

In fact, if you already love what you’re read so far and would like some support, you can click here to book a free consult now. 

7 Preparing and Lodging Your BAS

Did you know that a bookkeeper who is not a Registered BAS Agent is not allowed to prepare your BAS. In 2010, the Tax Practitioners’ Board (TPB) regulated the bookkeeping industry to get rid of bookkeepers who were putting small business owners at risk.

Have you every had to pay someone to fix up the work done by a bookkeeper who was not qualified, certified, registered or even insured.

You would be surprised to know that “providing a BAS service” means doing ANY task that is related to the BAS preparing, including applying GST codes to transactions, processing payroll or preparing the actual BAS statement on your behalf. That means an unregistered bookkeeper isn’t allowed to do any of those things unless they are supervised by a BAS Agent or Tax Agent, OR if they are your employee (this rule then doesn’t apply for some reason!).

If a bookkeeper wants to get registered they need to have 1,400 hours supervised hours of BAS related work experience, signed off by a BAS or Tax Agent, as well as a minimum of a Cert IV in Bookkeeping or Financial Services.

Is it important to you to know you’re protected if anything goes wrong?

Your bookkeeper also needs to have Professional Indemnity Insurance of at least $250K AND they need to do 45 hours of ongoing professional development and study every three years to remain registered. Once registered they need to follow the Code of Conduct of the Tax Practitioners’ Board which is great, because it means that if your bookkeeper doesn’t follow that code, you can report them to the TPB who can take action on your behalf.

And you’re also covered by the TPB’s Save Harbour laws which mean that if your bookkeeper fails to take reasonable care, makes a false or misleading statement that leads to a BAS shortfall, or, fails to lodge on time resulting in penalties, then you’re protected. As long as you personally have not been reckless, intentionally disregarded tax laws, or been involved in a “tax avoidance scheme” then you  or your bookkeeper can request “Safe Harbour”.

Would you like to get an additional month every quarter to lodge your BAS? Sounds great! Your BAS agent gets extended lodgement dates and can pass them onto you, giving you extra time to plan, save and get organised.

There are so many reasons to go with a BAS agent to lodge your BAS. 

Do you want the peace of mind of lodging through a BAS Agent (a Certified Bookkeeper)? If so click here to book a free consult now. 

8 Processing your payroll

Do you have employees? Have you ever tried to figure out payroll and gotten overwhelmed?

We can take over your payroll responsibilities to ensure your employees get paid on time, and have all of their entitlements and allowances covered.

9 Paying your bills

Did you know your bookkeeper can pay your bills for you? Or at the very least provide you with a list of payables. 

10 Reconciling your accounts

Reconciling the bank accounts are obvious if you every logged into Xero but what you probably didn’t realise is that EVERY account on the balance sheet needs to be reconciled! Crazy, right?

Reconciliations are this word that bookkeepers use all the time, and basically what it means is that EVERY transaction has TWO sides (aka Double Entry Accounting).

Doing a reconciliation makes sure the the transactions BALANCE (ie equal the same on each side) and that both sides are allocated to the right place.

Without going too much into the boring details, in a nutshell, reconciling all the accounts means your reports and balances are ACCURATE. Meaning that they are an ACTUAL representation of what is happened. 

There is a saying in accounting, “Garbage in, garbage out” which means that if what is going into the accounts isn’t accurate, the reports coming out will also be wrong.

And as you saw in examples 1 to 6, accurate financials play a major part in your decision making, efficiency, profitability and, as a result, your sanity.

Let’s work together

As you can see, of the 10 ways a bookkeeper can help your small business, the last 4 items were the typical things you expect a bookkeeper to do, and those paragraphs were quite small, and a bit boring!

But how about the first six? Were they unexpected? Did you KNOW that’s what a bookkeeper can do for your small business? Did you find that information helpful?

We’d love to speak to you about how we can help you in the same way we’ve helped many other small businesses over the years.

Thanks for reading,

Amy Hooke

CEO & Founder 

Off The Hook Bookkeeping

Book A Free Initial Consult

Book in a Free Initial Consult, and we can work out your priorities, give you a quote and get started within just 24 hours!

The post 10 Ways A Certified Bookkeeper Helps Small Business appeared first on Off The Hook Bookkeeping.

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As your business grows you, you may find yourself outgrowing your bookkeeper. There are some great bookkeepers out there, that are highly skilled and quick, up-to-date with technology. And some can even help you with more advanced accounting work like budgeting, or helping you predict future cashflows, or plan for major purchases.

You may or may not have thought hiring a Virtual Chief Financial Officer (aka Virtual CFO or VCFO).  Many business owners still don’t really know the difference between an accountant, a bookkeeper and a financial controller.

And then there’s Tax Agents and BAS agents, and it all just gets a bit overwhelming right about now. Also, different people may hold different definitions of each one too, just to make it a little bit more insteresting.

Bookkeeper

Is responsible for data entry, recording transactions and organising your paperwork. A bookkeeper needs to work under the supervision of a BAS Agent or a Tax Agent in order to be allowed to do any work related to your BAS, including coding GST or recording payroll. The exception is if the bookkeeper is your direct employee, and then they can do all of the above, but it’s a good idea that your accountant oversees the quality of their work.

Registered BAS Agent

Is responsible for the same tasks as a bookkeeper except they can do the BAS related work, supervise junior bookkeepers, lodge BAS Statements and other GST related tasks.

A BAS Agent is an ATO Approved bookkeeper who is registered with the Tax Practitioners’ Board. A BAS Agent has met the minimum requirements of a Cert IV in Bookkeeping/Financial Services, 1,400 supervised hours lodging BAS in a 4 year period, ongoing professional development to stay registered, and professional indemnity insurance.

But just because someone is registered doesn’t guarantee they will be good at what they do, but with a BAS Agent you’re protected by Safe Harbour laws and the Tax Practitioners’ Board code of conduct.

Accountant

An accountant can work inside a company, like a senior bookkeeper or they can work for an accounting firm (or public practice). In a company they may do bookkeeping work, but it’s more likely that they supervise the bookkeeper or junior accounting staff. In a public practice the accountant may do similar but usually across many different clients, rather than just working for one company.

Registered Tax Agent

A Tax Agent is similar to a BAS Agent, but instead of specialising only in the GST laws, they are also covered for taxation laws, and can prepare and lodge Tax Returns. Usually a tax agent works in an accounting practice, preparing tax returns for individuals and companies. And sometimes an accountant or bookkeeper working within a small business may also be a Tax Agent. As the BAS Agent meets standards to get registered, so does a Tax Agent.

Virtual CFO

Many people these days call themselves a Virtual CFO, VCFO or Virtual Chief Financial Officers, but many that call themselves would really be Virtual Accountants or Virtual Financial Controllers.

A CFO is part of the C-Suite, ie the CEO, CFO, CMO, CTO, CXO and all the roles starting with the letter “C”. It’s very fashionable for small business owners to call themselves CEOs. Or CEO and Founder, but normally a CEO is someone who has stepped in to take over the founders role when the company is growing.

In reality a CFO works for an ASX listed public company, or a large corporation. So technically Virtual CFO isn’t the right term. But hey! It sounds cool so we call ourselves CFOs and CEOs!

Financial Controller

A financial controller is the same as a CFO, except for a small business. This is the real term that most Virtual CFOs would be referring to. A financial controller is basically an accountant; a senior accountant who reports directly to the business owner or company director. This person is responsible for assisting the business owner to roll out their financial plans. What that looks like in practice is, the business owner has a vision. And in order to achieve that vision they will need to rely on other highly-skilled individuals who can advise them, and then help design and implement their plans.

A business owner would rely on advisors in the area of marketing, production, finances or accounting, legal, technology and sales. When a business gets to a certain size they are going to need someone who is more involved in their business than their external accountant/tax agent. But they would needs a higher level of advice and support than what they can get from their bookkeeper/BAS agent.

The financial controller would be responsible for all of the bookkeeping, BAS, payroll and taxation, although it’s unlikely they would do any of that work themselves. Normally they would have a bookkeeper working under them, if that was financially viable for the business.

The financial controller would be responsible for ensuring that good accounting and financial record keeping systems are in place, and that the accounts are accurate for decision-making by the owners. They would be responsible for reporting to the business owner on various aspects of the financial or management accounts.

Financial accounts include the profit and loss and balance sheet. The management accounts include sales reports, or production reports. A financial controller would manage the company asset registers too.

And a financial controller would oversee the whole finances of the business on a regular basis and be on the lookout for how they can increase profitability and cashflow of the business. This could be done by watching closely for opportunities to reduce costs, or increase income.

Have you outgrown your bookkeeper or external accountant for this level of support?

What we do at Off The Hook Bookkeeping, is combine the Virtual CFO role with the bookkeeper/BAS agent role. We step in as you are growing and have outgrown only working with your bookkeeper and your external accountant once per year.

We step in and give you that extra level of support, and we can provide you with a bookkeeper, or work alongside your bookkeeper.

Our goal is to help you transition into being able to have your own internal financial controller, or bookkeeper.

The post When To Hire A Virtual CFO Instead Of A Bookkeeper appeared first on Off The Hook Bookkeeping.

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So you’re wondering how much bookkeepers charge in Melbourne? As you search Google and jump from site-to-site you’ll be hard pressed to find bookkeepers with prices on their websites.

The reason most bookkeepers don’t put prices on their sites is that they don’t want to be judged as “expensive” without having a chance to connect with the person.

The industry average is $65 per hour in Australia, which is still very low compared to your accountant who will be charging you $150 per hour for their junior staff, $250 per hour for senior staff, and $400+ per hour for partners. I probably don’t need to convince you that you shouldn’t get your accountant to do your bookkeeping, unless you love wasting money!

So given that the industry average is $65 per hour, that means 50% of bookkeepers charge less than that, and 50% charge more.

So how much should you pay a bookkeeper in Melbourne? 

It’s only natural that capital cities will attract higher prices. I work as a mentor to many bookkeepers in Australia, and a bookkeeper in a country town very often charges a lot less per hour than someone in the city. It makes sense! In the same way cafes in the city charge more for coffee and food. 

Bookkeepers in cities have higher costs of living, higher wages, and higher rent (unless they are virtual bookkeepers like us).

Many of the bookkeepers I mentor charge upwards of $70 per hour, and some charge more than $80 per hour.

It can become very confusing for business owners to know how much they should be paying.

Do higher bookkeeper fees equal a better quality bookkeeper?

Don’t make the common mistakes that many business owners make.

Believing that higher cost equals better quality.

And that if you pay peanuts, you get monkeys!

Both of these statements CAN be true but they are not necessarily true in all cases.

I know this from personal experience because I’m a small business owner! I’ve had to hire my own bookkeeper and honestly I didn’t have a great experience. 

Firstly it was really hard to find someone who I could connect with. I want to Google to find my bookkeeper because I know TOO MANY bookkeepers in the industry so I had to find someone I didn’t KNOW already.

Then when I did hire someone, I had a bad experience.

  • My $80 per hour bookkeeper was far too busy for me because I was small. It wasn’t worth her time.
  • My $70 per hour bookkeeper was far too detailed, wanting tax invoices for small items and recurring subscriptions (every single one!)
  • My $45 per hour bookkeeper didn’t complete tasks, and often left things undone, so that I had to resolve them myself.
  • My $25  per hour bookkeeper was an absolute legend! 

So as you can see, higher fees doesn’t equal better bookkeeping, necessarily.

Fixed Price Bookkeeping Packages

We gave up our hourly rate quite some time ago because we believe that hourly rate billing puts all the risk onto YOU the business owner. When a bookkeeper charges you by the hour there is no incentive for them to work quickly, in fact, there’s an incentive to work slowly.

All our bookkeeping, accounting and consulting is on fixed fee monthly packages, so you can plan ahead and know what to expect. 

 

The post What Are The Most Current Bookkeeping Melbourne Rates? appeared first on Off The Hook Bookkeeping.

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As your business grows you, you may find yourself outgrowing your bookkeeper. There are some great bookkeepers out there, that are highly skilled and quick, up-to-date with technology. And some can even help you with more advanced accounting work like budgeting, or helping you predict future cashflows, or plan for major purchases.

You may or may not have thought hiring a Virtual Chief Financial Officer (aka Virtual CFO or VCFO).  Many business owners still don’t really know the difference between an accountant, a bookkeeper and a financial controller.

And then there’s Tax Agents and BAS agents, and it all just gets a bit overwhelming. Also, different people may hold different definitions of each one.

Bookkeeper

Is responsible for data entry, recording transactions and organising your paperwork. A bookkeeper needs to work under the supervision of a BAS Agent or a Tax Agent in order to be allowed to do any work related to your BAS, including coding GST or recording payroll. The exception is if the bookkeeper is your direct employee, and then they can do all of the above, but it’s a good idea that your accountant oversees the quality of their work.

Registered BAS Agent

Is responsible for the same tasks as a bookkeeper except they can do the BAS related work, supervise junior bookkeepers, lodge BAS Statements and other GST related tasks.

A BAS Agent is an ATO Approved bookkeeper who is registered with the Tax Practitioners’ Board. A BAS Agent has met the minimum requirements of a Cert IV in Bookkeeping/Financial Services, 1,400 supervised hours lodging BAS in a 4 year period, ongoing professional development to stay registered, and professional indemnity insurance.

But just because someone is registered doesn’t guarantee they will be good at what they do, but with a BAS Agent you’re protected by Safe Harbour laws and the Tax Practitioners’ Board code of conduct.

Accountant

An accountant can work inside a company, like a senior bookkeeper or they can work for an accounting firm (or public practice). In a company they may do bookkeeping work, but it’s more likely that they supervise the bookkeeper or junior accounting staff. In a public practice the accountant may do similar but usually across many different clients, rather than just working for one company.

Registered Tax Agent

A Tax Agent is similar to a BAS Agent, but instead of specialising only in the GST laws, they are also covered for taxation laws, and can prepare and lodge Tax Returns. Usually a tax agent works in an accounting practice, preparing tax returns for individuals and companies. And sometimes an accountant or bookkeeper working within a small business may also be a Tax Agent. As the BAS Agent meets standards to get registered, so does a Tax Agent.

Chief Financial Officer

Many people these days call themselves Virtual Chief Financial Officers or VCFOs, but many that call themselves would really be Virtual Accountants or Virtual Financial Controllers.

A CFO is part of the C-Suite, ie the CEO, CFO, CMO, CTO, CXO and all the roles starting with the letter “C”. It’s very fashionable for small business owners to call themselves CEOs. Or CEO and Founder, but normally a CEO is someone who has stepped in to take over the founders role when the company is growing.

In reality a CFO works for an ASX listed public company, or a large corporation. But hey! It sounds cool so we call ourselves CFOs and CEOs!

Financial Controller

A financial controller is the same as a CFO, except for a small business. This is the real term that most VCFOs would be referring to. A financial controller is basically an accountant; a senior accountant who reports directly to the business owner or company director. This person is responsible for assisting the business owner to roll out their financial plans. What that looks like in practice is, the business owner has a vision. And in order to achieve that vision they will need to rely on other highly-skilled individuals who can advise them, and then help design and implement their plans.

A business owner would rely on advisors in the area of marketing, production, finances or accounting, legal, technology and sales. When a business gets to a certain size they are going to need someone who is more involved in their business than their external accountant/tax agent. But they would needs a higher level of advice and support than what they can get from their bookkeeper/BAS agent.

The financial controller would be responsible for all of the bookkeeping, BAS, payroll and taxation, although it’s unlikely they would do any of that work themselves. Normally they would have a bookkeeper working under them, if that was financially viable for the business.

The financial controller would be responsible for ensuring that good accounting and financial record keeping systems are in place, and that the accounts are accurate for decision-making by the owners. They would be responsible for reporting to the business owner on various aspects of the financial or management accounts.

Financial accounts include the profit and loss and balance sheet. The management accounts include sales reports, or production reports. A financial controller would manage the company asset registers too.

And a financial controller would oversee the whole finances of the business on a regular basis and be on the lookout for how they can increase profitability and cashflow of the business. This could be done by watching closely for opportunities to reduce costs, or increase income.

Have you outgrown your bookkeeper or external accountant for this level of support?

What we do at Off The Hook Bookkeeping, is combine the Virtual Financial Controller role with the bookkeeper/BAS agent role. We step in as you are growing and have outgrown only working with your bookkeeper and your external accountant once per year.

We step in and give you that extra level of support, and we can provide you with a bookkeeper, or work alongside your bookkeeper.

Our goal is to help you transition into being able to have your own internal financial controller, or employee bookkeeping team.

The post When to hire a virtual chief financial officer instead of a bookkeeper appeared first on Off The Hook Bookkeeping.

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If you’re based in Melbourne and you’d love to catch up for a coffee, let me know!

I love to get out and about with my clients for a casual business meeting.

Some of my favourite cafes;

Gourmet Girl – 21 Salisbury Ave, Laburnum

Lily Loves George – 18 Chapel St, Blackburn

Peddler – 295B Springfield Rd, Nunawading

Penny Drop – 913 Whitehorse Rd, Box Hill

White Mojo – 182-184 Whitehorse Rd, Balwyn

Babble – 4B Izett St, Prahran

Darling Cafe – 2 Darling St, South Yarra

St Ali – 12-18 Yarra Pl, South Melbourne

The Dihnersaw and his Fionsay – 3/475 Toorak Rd, Toorak

Whyte Cafe – 1122 Glen Huntly Rd, Glen Huntly

Rhapsodys – 793 Rathdowne St, Carlton North

Kotch Lane – 49 Blessington St, St Kilda

Down The Rabbit Hole – 8/22 Newmans Rd, Templestowe

Yarralicious – 486 Warrandyte-Ringwood Rd, Warrandyte South

The post Meet Your Virtual Bookkeeper In Melbourne For A Coffee appeared first on Off The Hook Bookkeeping.

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Seven years ago I was the manager of a bookkeeping practice. I’d dreamed of having my own business one day but my excitement and passion was long gone.

In 2010 I quit my bookkeeping career forever

I travelled the world for almost four while trying to decide on a new career. Leading up to my resignation, through my whole career, if you weren’t on MYOB I wouldn’t bother working with you.

When people had started to talk about Xero and the “cloud.” I was skeptical.

I started a free trial of Xero Accounting Software

When I first tired it I thought “What on earth is this?” The layout and navigation was unfamiliar.

In 2014 after my travels I decided to do something that went against the “bookkeeper grain”. I bought a Mac! I still didn’t know what I wanted to do with my life so I considered trying to do something more creative, otherwise I would have to start bookkeeping again.

“MYOB on a Mac isn’t as good as on a PC…I wonder what that Xero software is all about,” I thought.

By this stage the cloud was very well known and trusted, everyone was using it; so I started a free 30 day trial of Xero.

My first reaction was “this is fun!” and my second reaction was “it’s so easy to use! Maybe I will get back into bookkeeping after all. With this kind of software I can be creative and do bookkeeping at the same time.”

My passion was renewed: I started my bookkeeping business

New possibilities appeared ahead of me as I thought “Maybe I can start my own business.” That was something I always dreamed of doing. It was decided; I applied to become a BAS Agent.

Six years later that little spark of hope I had has turned into an accounting, bookkeeping and consulting practice: Off The Hook Bookkeeping (based in Blackburn, Melbourne east).

We have been Certified Xero Partners since the beginning. We have a small, growing team. We have vision to help our business owners who are experts in their field, and positioned for success to do meaningful work. We also help them to get organised and run a paperless office. 

And we are all about results: increase profit, cut costs, and smash goals.

We are passionate about helping owners of established or growing SMEs to lay a great foundation for their business (a reliable bookkeeping system). The best part helping them get out of a mess or achieve their financial and business goals.

Work is meaningful again

Running a business with purpose means it’s not just a job; it’s actually fun!

We have strategically decided to be a “Xero Only Practice”. Some bookkeepers think offering multiple software will attract more business. That may be the case if you’re a small sole trader with a handful of clients. But as business grows multiple software packages can be a time-sink.

We believe our resources are better spent looking after clients than juggling accounting software. We allocate some of this time that would be otherwise wasted to gaining a deeper understanding of Xero add-ons such as Receipt Bank. Or other cloud software like PandaDoc. This allows to customise and automate our clients business.

We are a full service bookkeeping and accounting practice, which means we don’t work with clients who still want to do their own bookkeeping (except for sales invoicing).

We work as your “accounting crew”. Our vision is to help you to eventually establish your own team. (If that’s what you want!)
Essentially, we come in and work as your “accounting crew”. We’ll take a look at what you want, and help you achieve YOUR vision. Maybe that means building your team, creating a financial strategy, or streamlining your bookkeeping.
Whatever it means for you and your business, we’re here to help. We’ll build your foundations and fill your bookkeeping gap until you need an in-house accountant or bookkeeper.
While we’re waiting, we set up all your systems and processes, and facilitate the handover to your permanent staff when the time.
That said, if your business model is based on a virtual outsourced accounting team, we can develop a long-term working relationship with you and your time.

Our clients love Xero because it helps us do our job to the very best of our ability, and we have all the support and training we need from Xero.

We love Xero

There are many reasons for giving the thumbs up for Xero Accounting Software. But most importantly because it’s the catalyst for a whole new career.

I promise, you’re going to love Xero, and if you’re an expert in your field, positioned for growth and laser-focused on doing work that matters… and if you want ROI on your virtual bookkeeping service: we’d love to be a part of your crew and help you increase income, cut costs and smash business goals.

<3

Amy Hooke

The post Xero Accounting Software makes work meaningful …again appeared first on Off The Hook Bookkeeping.

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Are you a bookkeeper who want’s to do meaningful work?

Off The Hook Bookkeeping is a virtual accounting, bookkeeping and consulting crew who work with business owners who are experts in their field, positioned for success and laser focused on doing work that matters.

We work hard to make sure our clients get an ROI: Increase income, cut costs, and smash their business goals. Would you love to join us in our mission?

We’ve got a job going for a part time permanent employee bookkeeper 15 hours per week.

We are looking for a switched on bookkeeping-guru to join our team.

If you’re…

  • An absolute Gun at Xero and Receipt Bank
  • Rocking the suburbs with Google Sheets
  • BAS Agent or nearly registered
  • 3+ years experience
  • Cert IV in Bookkeeping or above
  • You definitely need to love double-entry accounting.
  • You’re a motivated person able to manage own workload, work unsupervised and meed deadlines.
  • Great communication and customer services skills

then you should definitely apply.

Above award rates. Work from home with flexible hours. Join an awesome team.

Send an email bookkeeper@offthehook.com.au with your resume, relevant cover letter telling us why you’d love to join the team.

You will only be contacted if we think you will be successful in this application process.

Are you a business owner who loves to do meaningful work?

Eek! You’ve stumbled on the wrong page, but that’s ok. We’ll join your crew, to increase income, cut costs and smash goals with our virtual accounting, bookkeeping and consulting service that’s focused on YOUR goals, outcomes and ROI.

The post Are you a savvy bookkeeper who loves Xero and Receipt Bank? We have a job for you! appeared first on Off The Hook Bookkeeping.

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