Why your spouse isn’t the best bookkeeper for your business

While it is commonplace to hire your spouse as your bookkeeper, you may not be aware that your business could benefit from more than just recording financial transactions and producing invoices.

Enlisting the services of professional accountants and business advisors will allow you to go beyond just keeping your books in check.

Understanding the importance of tax compliance, having a business strategy and getting advice on lending and finance to grow your business are all aspects of running a business that bookkeepers generally don’t oversee.

At LDB, we help small businesses with these elements to ensure they can thrive and move in the right direction.

Here are some of the benefits of using certified financial and business advisors in addition to your bookkeeping:

Professional and accredited advice

While your spouse may be able to undertake the bookkeeping fundamentals of recording transactions and operations, they may not be aware of the finer details.

Constructing balance sheets, profit and loss accounts, cash flow and other financial statements can be tricky and confusing.

Financial and business advisors at LDB can take care of these areas of running your business and point you in the right direction to take your business to the next level.

Hiring an expert will also ensure the potential for costly mistakes, such as data entry flaws and lost transactions, is minimised.

Industry-specific knowledge

Certain industries, such as the building and construction industries, have very specific tax requirements, which your bookkeeper may not be privy to.

At LDB, we work with a range of industries and clients, and can tailor our service to your needs.

We are familiar with the intricacies of each industry and can enlighten you about industry-specific tax claims or potential business opportunities that could benefit you in the long-run.

Not just bookkeeping

In addition to accounting, we cover a range of services, including business advisory and lending and finance.

This kind of advice is invaluable for small businesses looking to grow, to make their money work harder for them or to make the most of tax offsets.

An outside perspective can make a world of difference to the future of your business.

Our finger’s on the pulse

Being a small business owner or sole trader often involves juggling multiple tasks at once, and things can be overlooked.

While paying your bills on time is important, LDB can advise on latest industry developments and changes to tax laws to ensure your business is compliant and operating at its best.

Talk to the experts

Invest in the peace of mind that comes from knowing your financial information and business plans are in reliable hands.

To find out more about LDB’s small business services, call (03) 9875 2900 or fill in the contact form below.