Stop Wasting Money on Bookkeeping
Updated: Oct 12, 2021
Stop Wasting Money on Bookkeeping & start investing money in Strategic Bookkeeping.
Let me explain the difference & how you can save or make 10 times what you spend (on your Bookkeeping).
Bookkeeping is a cost whereas Strategic Bookkeeping is an investment.
Bookkeeping is up to date, accurate, accounting records
Strategic Bookkeeping is a 5 step numbers method designed to optimise your business for profit and cash
Here’s the method
To gain a deeper understanding of how to use this method, step by step, you can read these articles, designed to educate you on how to use your numbers to get cashed up, optimise your profit & build your dream business
Or, if you’d prefer, you can attend our Webinar where I’ll personally show you exactly this and you can register here.
I’ve also done a short video explaining why you might consider firing your bookkeeper & hiring a strategic bookkeeper.
When you get Strategic around your numbers, they become like a springboard for your success.
There are 3 main problems small business owners face when it comes to bookkeeping.
Behind: they’re Behind on the Bookkeeping & BAS & losing sleep
Blind: If they’re not behind, they’re still flying blind. In the dark about their numbers & what it all means. They don’t understand how to compare their business to their peers (with industry benchmarks), set & monitor targets and ultimately, they don’t know how to optimise for profit or their cash.
Stuck in the grind: they’re stuck working in the business instead of on it. They know that if they could sit down, analyse & plan, they could grow their business but it just never happens.
Strategic Bookkeeping has the power to solve all of these problems. Let me explain how.
If you’re behind on the books then your number 1 job is to get caught up as soon as possible.
There is no successful business owner who doesn’t know & use their numbers.
DO NOT hire a bookkeeper, hire a Strategic Bookkeeper. Here’s how to spot the difference (when hiring someone to do your catch-up bookkeeping job).
A Strategic Bookkeeper has a process for doing catch up work which involves planning & prioritising so that she can save you time & money
A Strategic Bookkeeper knows how to handle the ATO and negotiate on your behalf to reverse fines, interest & set up nice, management, payment plans
A Strategic Bookkeeper will swap your hard earned cash for a good night’s sleep because you’ll know, from the get-go, she’s got your back & you’re in good hands
A Bookkeeper on the other hand doesn’t have a specific process for catch-up work & this means it’s going to take a long time, cost a lot of money & add to your stress.
One of the best results that I ever had with a catch-up bookkeeping job was with a client named Jaye. Jaye was about 3 years behind on his bookkeeping & he was resigned to the idea that getting it up to date meant paying us lots of money & getting a massive bill from the ATO.
When Jaye first called me he was really stressed. The ATO was on his back & he was losing sleep worrying about debt. The thing is, other than fines and interest, he didn’t actually have any debt yet, because he was 3 years behind on his books. But he was resigned to the idea that once the books were brought up to date he’d have to face the BAS bills & work out what to do.
He felt this way because actually, he’d already been through this once before. Yes, Jaye had been behind on the books before. He’d engaged a “Bookkeeper” to bring him up to date and they’d done just that. For his hard earned cash he got a big fat ATO bill to pay.
So as you can see, Jaye had a good reason to feel the way he felt. But what Jaye didn’t know is that this time, he’d engaged with a Strategic Bookkeeper.
So, as I do with all my catch-up clients, I went about the process of assessing Jaye’s situation so I could plan & prioritise his job. Now I’m not going to lie, this was a head scratcher. Not the actual work, but the Strategy that led to the result.
As I delved deep into the products Jaye sold, his turnover, the platform he sold them on & who he sold them to, I began to formulate a plan that would ultimately result in Jaye not only owing the ATO $0.00 but receiving a refund as well.
I personally dealt with his ATO account manager & his tax accountant. I had all fines and interest reversed. I had his GST registration canceled retrospectively & Jaye received a refund from the ATO.
We saved Jaye over $30,000 & the refund he received from the ATO was greater than the fee we charged him.
Jaye asked me about 6 times if this was really true & correct. And yes, it was.
Blind. If you are not behind on the bookkeeping, you might still feel like you are flying blind.
Most business owners don’t understand the numbers or how to use them to grow their business & make more profit and cash.
They aren’t aware that there are industry benchmarks that can help define what their numbers should look like.
They feel like they’re in the dark about their obligations, their business performance and what to do about it.
A strategic Bookkeeper will shine a light on the numbers and make it all clear.
A strategic bookkeeper is interested in using your numbers to move you from where you are now to where you want to be in the future. To optimise your business for profit and cash. And this doesn’t happen by accident, she has a methodical approach.
Our methodical approach involves
And the action we help our clients take centers around operations and habits
Stuck in the grind
If you are stuck in the grind, always working in the business and not on it. Then, hiring a strategic bookkeeper is the first step to change that.
To explain that further, I’ll use an example.
Bryce runs a trade business and has a few staff. Bryce has long struggled with being stuck in the grind, always on the tools or putting out fires or doing all the other jobs that have to be done when you run a small business.
Put another way, he’s 100% reactive, only able to deal with what’s right in front of him. The business is controlling Bryce rather than Bryce controlling the business. As a result, he’s working long hours & the business is not living up to the dream.
We’ve been working with Bryce for just over 6 months and even though he has been deep in the trenches of the grind, we’ve been able to help him
create a plan for his business so he knows where he’s going and what he needs to do (and hold him accountable to his plan)
proactively look ahead to the future so he can plan out his marketing activities and know what staff to hire (in advance)
hire administration help & improve his recruitment processes
identify & get smart around gaps in his selling systems
Start on standard operating procedures to truly
And all of this work comes from the numbers because the numbers tell the story of what is happening now & what action is needed to move ahead.
Even though Bryce is still crazy busy, by using a Strategic Bookkeeper he is forced to spend quality time working on the business rather than just in it. Even a couple of hours a month makes a big difference.
In financial terms during the last Quarter, Bryce’s profit was 3 x the previous quarter.
Here are 3 free tools to help you use your numbers to get cashed up, optimise your profit & build your dream business.
© The Strategic Bookkeeper PTY LTD / Commercial in Confidence / All Rights Reserved