Institute of Certified NZ Bookkeepers

What value does a bookkeeper add to a business?

Ask any small to medium business owner what the biggest scariest thing about the national lockdown for COVID-19 was and they are likely to respond: having to “shut down” their businesses within 24 hours.  This meant having to convert their business into an agile working environment at haste, and mobilise a team who were also coming to terms with the abrupt change.

Benjamin Franklin is famously quoted as saying there are only two things certain in life: death and taxes. But we would like to add a third certainty: currency. And while some might want to discuss reducing taxes, we would like to focus on increasing currency.

How does this relate to the bookkeeping profession?

Currency means that when there is money, there is a value chain analysis around the currency and that is what a really good bookkeeper offers.

Lisa Martin, Certified Bookkeeper and Executive Director at GoFi8ure in Wellington notes “the value bookkeepers add is knowing what you don’t know and providing certainty in the data and accounts that business owners need right now in these uncertain timesWe are worth our value in gold therefore there is currency in certainty

So how do we put these bold statements into practical terms you can relate to? 

Bookkeepers provide a variety of services to the general public and the types of assistance they are engaged for varies depending on what each individual business requires, but they all provide the same fundamental assistance to their clients:

Certainty: accurate data takes the guess work out of business

  • Keeping track of the intricate details – reviewing your data daily, weekly, monthly or even bi-monthly they keep your financial records up to date. 
  • Regular reconciliations based on bank statements also ensure accounts are up to date and you are paying the right invoices to keep your contracts intact.
  • Ensuring that when you invoice a customer it gets to the right person and ensuring payments are made.
  • Your data is correct which means you are claiming the right GST each time.
  • Not sure if you should or should not do something – your bookkeeper can provide a clarity and financial analysis to support your decision.

Currency: accurate data ensures your business will be financially successful

  • Ensures compliance with legislative requirements – ensuring your business is meeting their requirements to their employee obligations reduces the risk of error and penalties.
  • By keeping your creditors up to date, your suppliers and customers will remain happy with your services thereby increasing your businesses reputation.
  • They keep you on the right side of the ledger – the value chain analysis of having a good bookkeeper who knows what they are doing in your business will assist your business to thrive.

How do bookkeepers know the right from wrong?

Bookkeepers who are members of ICNZB have a plethora of resources available to them to ensure your business is operating legally and compliantly.  They are exposed to a number of educational opportunities throughout the year to keep them up to date on legislative changes and requirements.

During the lockdown period, the Association were also fortunate to call on our relationships with government organisations who were able to resolve our members queries directly and promptly. 

ICNZB Certified Bookkeepers also abide by a Code of Ethics which provides the fundamental ethical principles and values to guide our professional practice and professional relationships, to protect the integrity of the Association, the profession, and the recipients of bookkeeping services.

Want to engage a bookkeeper?

If you have read this article and found a new reason to justify engaging a bookkeeper in your business, search our directory for a Certified Bookkeeper near you.  We recommend interviewing potential candidates to determine if you feel they will be a good fit for you and your business.  Your bookkeeper is going to be an integral member of your team!  Mutual trust and respect are important. 

Read our tips on finding the right bookkeeper for you here >

  • 29 June 2020