Many people get into business because they are good at something and/or they see a gap in the market.

Let’s say you’re a great electrician with a great reputation in the industry. One day you decide you want to open your own business. That eight-hour work day now not only needs to include your electrical work, but you also need to factor in a whole host of other elements into that same day, such as keeping your business compliant with the ATO. As you can imagine this takes away from your money earning potential.

Many people underestimate the work involved in running a small business, but luckily you don’t have to do it alone.

We’ve picked up on a few signs where it might be time to outsource your bookkeeping to Odyssey Business Knowledge

  1. Providing a service these days is very different to days gone by. Many people expect payment terms, so it’s not simply turning up at a job and getting paid, you need to keep on top of all your debtors. As they say, cashflow is king, so you need to ensure that people are paying their bills, but this can be time consuming. Letting debts fall by the wayside is dangerous and can severely affect your cashflow, but taking yourself out of your business to chase your debtors means you have no capacity to earn more income.

What can you do? Call Odyssey Business Knowledge. We can chase customers for money, get your cashflow back in order and take care of those invoices. What’s the point in doing the work if you’re not going to get paid for it?

  1. Always knowing where your business is at is imperative. Keeping up to date with your business transactions is a necessity. As your business grows however, the paperwork can become more demanding and more time-consuming. As you concentrate on your core business, you might not notice the warning signs that your business is in trouble. Let Odyssey Business Knowledge keep you up to date with your record keeping, we can identify any patterns and consult with you when needed, so you can always be proactive in your approach to business.
  2. Using the example of the electrician, when you became an electrician no one showed you the ATO guidelines and how to comply with them. So, who’s showing you now? As your business grows and the compliance gets more and more complicated you might want to consider talking to Odyssey Business Knowledge. We can keep your business compliant. We do this all day every day, so what might be a time-consuming task for you will be a simple job for us, so it won’t end up costing as much as your time is worth.

At Odyssey Business Knowledge we provide a full spectrum of bookkeeping services at an affordable fixed price.