Small businesses play a pivotal role in the Australian economy because they contribute 44% of the Australian workforce and 33% of the country’s GDP. The business landscape includes 97% of all businesses that dominate sectors like construction, professional services, and agriculture.
Running a small business is both risky and rewarding. Any business demands a lot of hard work, dedication, and perseverance to overcome failure and attain success.
Nevertheless, small businesses encounter hurdles and barricades that delay becoming profitable in the current competitive landscape amid the complex legal and regulatory requirements.
In this post, we have clarified the challenges faced by small business owners through statistics.
Here are a few factors that affect small businesses in case of improper bookkeeping.
• Time constraints due to spending a considerable amount of time in bookkeeping
• Lack of necessary bookkeeping knowledge
• Poor cash flow management due to inaccurate bookkeeping
• High occurrence of compliance errors and
• Lack of software and technological insights.
We have elaborated on every specific challenge small businesses face and what progress occurs when small businesses outsource bookkeeping services.
The benefits of outsourcing bookkeeping services include time efficiency, absence of errors, better cash flow management, tax compliance, and the ability to leave behind the worry of managing complex software tools.
This article helps small businesses looking to upgrade their overall performance output by outsourcing bookkeeping services, including accounts receivable, accounts payable, procurement, employee reimbursement, bank entries, GL, coding, and reconciliation.
Ultimately, this post helps you understand how we at Sundaram Business Services are best suited to execute bookkeeping services in a productive and streamlined way that takes small businesses to higher standards.
A few of our milestones: We have delivered over 144K+ hours of work, attended to 16K+ financial statements and tax returns filed yearly, generated 200K+ invoices per year, and saved around 36K+ in cost savings.
Sundaram Business Services is a business process outsourcing company with offices in Australia, India and the UK. With over 20 years’ experience in the Australian market in providing outsourced teams to Australian businesses across Accountancy, Portfolio Management, Self-Managed Super Funds, and Mortgage Broker Support, our business becomes an extension of yours.
