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Some Signs That Your Business Needs A Bookkeeper

If you own your business then it means you run things with passion and enthusiasm and perform the tasks you love doing with utmost concentration. But like so many other business owners out there, recording the details of every financial transaction is probably not one of those tasks.

If the people you contract jobs to throughout the year are only a handful or maybe you work at home or you have no employees with minimum expenses made then you can attempt to handle your bookkeeping yourself by using software such as Xerox or simply by using Microsoft Excel.

But if your business is bigger than what has been described above in any way then you shouldn’t think about doing the paperwork yourself in order to save cost. This is because in reality what will happen is that you spend more money with your business accountant at tax time because he will have to sort out any oversight errors and correct what hasn’t been done right. Also, you risk making mistakes that may incur penalties and fines in the future or your account set up may just not give you an accurate representation of how your business is faring.

Aside having a business larger than what was described earlier, there are other signs that you need a bookkeeper and they include;

Being too busy to invoice: When you are too busy to send invoices then your cash flow may suffer and you risk missing an invoice altogether.

When your customers are late to pay or do not pay: This is another sign that you need a bookkeeper. When customers don’t pay on time it is wise to separate the face of the business from the process of debt collection to avoid any hitch to the relationship you have with the customer. The client relationship is maintained and the cash keeps coming in.

The question of if you are behind in your paperwork: In this case you are potentially missing claiming GST paid back from the ATO or deductions on your tax returns. Many people don’t realize there are time limits on how long after the event you can actually claim. As well as missing claims, being behind in your bookkeeping can result in you making decisions based on figures that are incomplete or wrong, meaning you can’t make educated decisions that your business depends on.

Another sign is when you’re hiring staff: When hiring staff members the regulations also increase. Due to this, some business owners decide to higher contractors and not employees wrongly believing that the rules won’t apply. Every situation needs to be evaluated on a case by case basis – especially if your contractor only provides labor. Professional bookkeepers can advise you what your legal obligations are as they are required to be up to date with the ever-changing rules of business.

If you are experiencing any of these signs with your business then what you need is a business tax agent or an accountant; you can find them in Melbourne. Opulent Accountants are the best Business and Business Tax agents in Melbourne who are highly qualified to provide your business with its specific solution from years of experience in the business and relevant IT skills.

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Moumita Ghosh
Moumita Ghosh
2020-11-18
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We've been meeting Dayan for years now and he is great with his advice and is very knowledgeable and pragmatic. We recently used his services to get the home loan for our house and he and his team went above and beyond to get us the best possible deal. Ishara in his team was super communicative and responsive in following through and made the process very easy for us. Highly recommend them!
Cara Neela
Cara Neela
2020-10-24
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Dayan and Hasi are wonderful, wouldn’t hesitate to recommend them! They went through all with a fine tooth comb to ensure all was correct. Thanks to you both and the Opulent team!
Jason Barry
Jason Barry
2020-09-29
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I was looking for a different accountant and was recommended to Opulent Accountants. I have been blown away with there service. I wish I moved accountant sooner. Platinum Plumbing Enterprises P/L
Afshin Koohestani
Afshin Koohestani
2020-09-10
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Uditha Illeperuma
Uditha Illeperuma
2020-09-08
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Opulent Finance gave professional advice for my unique home loan requirement. They respond quickly with the proper information. The process was smooth and I felt comfortable to deal with the team. The team is friendly and professional to deal with. Highly recommended for any one looking for finance.
Dinesh Fernando
Dinesh Fernando
2020-09-03
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Very happy with the service provided in getting my tax returns done. Mr. Dayan is very helpful and professional and has extensive knowledge in his field of expertise. Highly recommend if you are looking for a hassle free and prompt service.
Ronald Turner
Ronald Turner
2020-07-16
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Opulent were absolutely fantastic to deal with, they are competitively priced and incredibly proactive and friendly. For me I have been much better off using their fantastic services as opposed to doing tax returns myself. Sum was amazing, incredibly knowledgable and super friendly I'll certainly be back with Opulent next year
Milinda Wickramasinghe
Milinda Wickramasinghe
2020-07-05
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Opulent team has been fantastic and it has been truly a pleasure dealing with the team for more than 10 years. Dayan and Ishara have gone above and beyond to assist and communicated with me even when I was overseas. Excellent service has being provided in a professional and timely manner. I would highly recommend the team.
Chami Ranaweera
Chami Ranaweera
2020-04-28
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I have been working with Dayan last 9 years. All of my loans, refinance and tax are done through Opulent.Dayan and his team including Ishara are very helpful and easy to deal.
Edmund Lobo
Edmund Lobo
2019-12-02
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We were new entrants to the cattle farming scene. All the rules and regulations surrounding primary production can be very confusing. The team at Opulent Accountants walked us through all the steps, set up the necessary ABNs and Company / Trust accounts, filed the related pending BAS and Tax returns, and is currently keeping us up-to-date with all ATO related transactions. We recommend them highly to all.