How a managed bookkeeping service can help your business

Male reading report sitting with laptop.

As a business owner, you want to run a successful business and often times end up wearing too many hats. Outsourcing some of your admin functions can seem daunting as you want to ensure you’re getting the right person. Bookkeeping is still seen as a mysterious job. What do bookkeepers actually do? How are they different from an accountant? Do you need both? 

The benefits in having a bookkeeper are outlined below.

  1. Free your time and get you on track

If you had more time to spend on other aspects of your business, what would you do? What could you achieve if you had an extra few hours each week?  Recently, we’ve had new clients come on board with accounts that required tidying up, going back a few years, and ensuring compliance with the IRD. This took our team a few days to complete while this task had been on our client’s mind for months. We removed the stress, the accounts are up to date, the IRD is happy, and the business owner is enabled to move forward.

We become your accounts department if you don’t have one providing a part-time managed service.

Often times a small business can’t afford to employ 1 -2 people to manage the accounts admin function. By hiring a bookkeeper you don’t need to pay an employee. Alternatively, we also work with your accounts manager if you have one. They become our main contact and we work closely together to ensure a seamless completion of your accounts.

  1. Accurate and transparent information

This has been a game-changer for all our clients, large or small. Having access to a set of accounts and financial reports that reflects how the business is performing is crucial. It’s not enough to simply read a report but to have that knowledge of what the data means, results in being able to make better business decisions.

Since a bookkeeper manages the day-to-day transactions of your business, they can spot trends that you may not be aware of. As you make changes in other areas of your business, they can show you how these changes impact your financial health. They also can spot signs of danger well before you may, and help you create a plan to reduce or eliminate them.

Client Example:

Custom Reports have been huge value to our clients.  A client managing commercial properties came to us with some tidying up that needed to be done in their Xero accounts. We had to go back 12 months to get the correct information showing as we needed it to, but utilising P&L reporting and tracking the client can now see data per building and per tenant and see how much the buildings are costing and returning. They can compare buildings and monitor each one – see repairs, maintenance, any OPEX, and non-recoverable costs associated with the buildings, even legal and valuation costs and go back to a 12-month view if required. 

  1. We go beyond Bookkeeping

Bookkeeping as a profession has shifted in recent times. It’s no longer simple data entry. We offer services such as business consulting, year-end projections, payroll management, and various project work.  We know business owners need more support that you may not find with your accountant or elsewhere. Our certified bookkeepers can provide the advice you need to help you reach your goals.

How we work:

When you engage Red Office, we become part of your team. You’ll get a main bookkeeper / accounts manager and a back-up as well. Gone is the traditional one person per client approach. We have a hub system that works for us. This is all covered in our hourly rate or monthly fee – whichever structure works best.

We prefer to work in Xero but if you’re not, it’s not a deal breaker. We’re cloud bookkeepers meaning we work with cloud software. This is important for both yourself and for us providing data security and efficiencies all around.

We’ll go through a thorough onboarding process and ensure we understand your business. We set up systems, processes and do what is required to make the transition seamless and stress-free.

Are you ready to learn how our Red Office Bookkeepers can help you? Visit our Bookkeeping page and get in touch with us to arrange a time to chat!

Red Office