Skip to content

Things To Look For When Outsourcing Your Small Business Bookkeeping

When you are in need of regular accounts reporting and maintenance, it is always in your best interest to hire a professional who is well versed in how to keep your books in order. While most small businesses can't afford to hire a dedicated staff member to handle these operations, outsourcing bookkeeping can be the easiest and cheapest way to get everything you need.

First of all, you need to consider your needs. If you have been handling your books easily so far, think about whether your time might be better spent in other areas of your business. If one of your employees has been handling this for you, consider whether their skills are best utilized in this area, or whether you are better off having them focus on what is in their job description.

If you've been keeping your bookkeeping in-house, consider how outsourcing these tasks will make your business more productive. If so - and this is likely the case - you'll be able to focus your efforts on expanding your business. When this happens, if you don't already have someone handling your books other than you, you'll end up scrambling to find someone and translating your processes. On the other hand, if you already work with a company that handles your contracted bookkeeping, you'll easily be able to increase their workload and keep systems streamlined.

You'll want to be sure the company you work with is reputable, and is licensed or accredited as needed. Check to see if they mention what software and processed they use, as the best companies will have bookkeepers well versed in many different types of accounting software.

It is always a good idea to look around for reviews and recommendations of a company. Be weary of glowing reviews on the company's website without mention anywhere else on the web; it is far too easy to post fake reviews to mislead potential customers.

You'll definitely want to consider the terms of the contract you have, and how easy it is to cancel or change services as needed. You don't want to end up locked in a long-term contract with a company that doesn't provide satisfactory services. Look at things like mandatory minimum billing hours, as some companies may promote low hourly rates that are quickly compounded by limits and fees.

Remember that this company will be handling sensitive financial information, so make sure you are working with a legitimate business before handing over any payment or information.

Finding Your Dream Career In Finance

People already established in their jobs or those deciding on a career path to follow commonly grapple with the task of choosing the right job for them and the best suited field of study.

When planning a major career shift, there are a few questions you could ask yourself to help make the decision, like,

  1. If you could swop jobs with one of your friends, what job would you choose?
  2. Is there a job you’ve always dreamt of yourself doing but obstacles and life got in the way?
  3. What qualities do the people around you value the most? Often people will say you’d make a great this or that.
  4. If you had the right education, what job would you do?
  5. What subjects would you be most interested in?

As Steve Jobs said “you can’t connect the dots looking forward; you can only connect them looking backwards”, so what has interested you in the past, what have you been exceptionally good at? Use this to make your choice.

If working in finance has been a dream or if you wish you could be your own boss and open your own finance and mortgage broking business, perhaps becoming a mortgage broker is the career for you.

Finding your dream career needn’t be a complicated task, whether you’re looking to make a drastic change or simply a minor shift. Although there are so many options available in finance, with a Diploma of Mortgage Broking there are a number of options available to you whether you want to work in a finance and mortgage broking franchise or a bank or credit union, or if you’d prefer to move from work site to work site operating as a mobile lender for a bank or credit union, or establish your own company.

With the course offered by us, you also get access to industry experienced and qualified trainers who know the business and can advise graduates on the ins and outs of the finance and mortgage broking industry.

Because the Diploma of Mortgage Broking has no entry requirements, you don’t have to be afraid that you won’t qualify.

If financial restraints have held you back in the past or if you can’t afford to pay tuition fees and support your family at the same time, there are payment options available. You may also qualify for VET FEE-HELP.

Once you’ve decided on the right course to study and the path you would like your career to take, then begins the task of choosing the right training provider.

We are preferred because our trainers are industry experts and the experience we provide students is personalised. We also offer unique employment pathway programs, helping facilitate the transition into the finance and mortgage broking industry.

Australis graduates are preferred in their respective industries and valued in the competitive job market. With flexible learning options, including online and blended learning, your learning experience is on your own terms.

You can also receive recognition of prior learning, so you can fit your learning timetable into your schedule. Adults who are supporting their families, working and studying at the same time find this particularly beneficial.

How to Get Your Payroll Right

Getting payroll right is a very important task for a business, particularly when you consider the fact that USA had about 3 billion pounds added to its deficit due to a payroll related error. While such a huge error is unlikely to be repeated easily, mistakes in payroll can still be very costly for smaller businesses. The following article will describe in detail on what you need to do to for getting your payroll right and how you can do it.

According to HM Revenues and Customs in the UK, its is the sole responsibility of employers for keeping records on salaries and deductions. This is the case whether they administer their payroll in-house or use an external payroll services company. The payroll legislation requires you to do the following:

Have employee details - Always make sure you give correct details about each staff member which include personal data along with tax codes and national insurance numbers. Its imperative you include the name of relevant accounts office in HMRC and your PAYE (Pay As You Earn) reference.

Keep Proper Records - Maintain records of national insurance contributions, gross income, student loan deductions, tax deducted through PAYE, statutory payments such as sick pay or maternity pay, along with all taxable expenses and benefits.

Inform HMRC - HMRC will need either a Full Payment Submission (FPS) or an Employer Payment Summary (EPS) or sometimes even both depending upon the amount paid to your employees.

Ways to set up a proper payroll system

Payroll accounting can be a tedious job requiring each detail to be meticulously filled out and making sure all norms are complied with. Any business with a strong bookkeeping ethics can get payroll set up pretty easily. There are various payroll software which are available in the market to help ease the process.

A payroll software will help you recording employee details, calculation deductions, working out statutory pay and reporting the information to HMRC. You can choose between free to use and paid-for software depending upon the number of employees in your business. Free to use software are eligible when you have less than 10 employees in you business. All payroll software however, have to be tested by HMRC first to ensure that the software can report PAYE information on a real-time basis. The list of HMRC recognised software are enlisted in the government website ( itself. It is also important to note that if you change your payroll software then you may not be able to continue with same employee payroll ID. In such cases its essential that you notify this by putting 'Yes' in the 'Payroll Changed Indicator' of the Full Payment Submission(FPS) to avoid any miscalculations.

In case your firm doesn't have a solid bookkeeping practice then its advisable to outsource the job to a firm specialising in payroll accounting. Outsourcing payroll accounting helps you focus on your business activities while at the same time ensures that your firm is following HMRC's rules and regulations. It is also great idea to outsource payroll when setting up a business as this allows you to expand your business without having to worry about the extra accounting.

Whichever way you do it, getting payroll right is very essential for the success of your business. Ensure that you follow the norms properly to avoid making headlines in payroll related errors.