It would be quite simple to just get the robot to write a blog post.
But it’s been done… Sure I could justify it as within Concept Bookkeeping we use smart tech with AI capabilities with Dext, Hubdoc and Lightyear. But to get a robot to write a post lacks a human touch. So let’s explore what ChatGPT thinks of outsourced bookkeeping in Australia… With corrections following each paragraph.
Outsourcing bookkeeping can be beneficial for small businesses for several reasons:
Outsourcing bookkeeping to a third-party provider can be more cost-effective than hiring an in-house bookkeeper. Small businesses may not have the resources to employ a full-time bookkeeper or invest in expensive software and technology needed for bookkeeping. Outsourcing allows them to pay for bookkeeping services only when needed, reducing their overall expenses.
ChatGPT has a few good points here. Yes, 100% hiring an in-house bookkeeper is more expensive than contracted bookkeeping. Resources are less of an issue than our bot believes, as the PC hardware requirements for browser and service based software solution such as Xero are minimal. And along with cloud-based storage solutions being offered as service plans with monthly costs rather than expensive one off costs this bot has mostly garbled this first point.
Professional bookkeeping service providers have trained and experienced bookkeepers who are knowledgeable about the latest accounting laws, regulations, and software. This expertise can help small businesses ensure that their financial records are accurate, up-to-date, and compliant with all relevant laws and regulations.
Give the bot a clap. As a Bookkeeper and BAS Agent I’m registered with the Tax Practitioners Board (TPB) and required to complete 90 hours of CPE over a 3-year period. This was updated 1st of July 2022 and increased the requirement by 45 hours… Yeah, it’s quite a bit. Considering the complexity of compliance, tax implications and a closer focus on security this increase in education requirements makes perfect sense.
3. Time Savings:
Bookkeeping is a time-consuming task that requires a high level of attention to detail. By outsourcing their bookkeeping needs, small businesses can free up their time and focus on core business activities, such as product development and customer acquisition.
Okay, maybe I was a bit harsh on our little bot, it’s right on point here too. Would you rather be working on your business? Doing the aspects that you love? Charging for services that you are trained in? Or taking way longer to complete bookkeeping tasks (likely uninformed about the implications/compliance/requirements) than an outsourced bookkeeper.
Another scenario that needs mentioning here is where the significant other has been drafted to complete the books. Guess what, they aren’t trained either, and I’d bet they take just as long as you to complete the bookkeeping. This creates tension in the relationship and if your Accountant has to fix errors created due to lack of training they are going to charge you more!
Outsourcing bookkeeping can be especially useful for small businesses that are experiencing growth. As the business expands, bookkeeping requirements become more complex. Outsourcing allows small businesses to scale their bookkeeping needs in a cost-effective and efficient way.
Little bot makes a point here. As the business expands bookkeeping requirements do change and become more complex. For example if you are in a Trade and have been processing your books yourself the sudden change of adding 1 staff member feels massive. It is vital to collect employee information to meet your requirements straight away. It is also required to keep this information for 7 years. I could easily write another 300 words on payroll requirements here.
5. Improved Decision Making:
Accurate financial records are essential for making informed business decisions. By outsourcing bookkeeping, small businesses can have access to accurate and up-to-date financial information, which can help them make more informed decisions.
100% right there little bot. With up to date information you have the tools to make informed business decisions, but there is more. With good financial information you will report taxes correctly to the ATO, you can more easily and quickly apply for financial loans allowing you to grow your business, and your End of Financial Year reporting will be easier and less stressful with less information requests from your Accountant… And less of a shock with the bill amount…
Overall, outsourcing bookkeeping needs can provide small businesses with cost savings, expertise, time savings, scalability, and improved decision-making capabilities.
Which means more time for you to work on the aspects of the business that you excel in. And less worrying about compliance and accounting requirements- or dread wasting your precious weekends wading through paperwork.