Understanding all aspects of your financials is key to the successful running of any business, but it can be a major downfall for some. Having a good bookkeeper can not only ensure you don’t ‘muddy the waters’ but can also be used to set budgets, KPIs and address any financial weaknesses.
This and more is covered in my interview with Chris Stenhouse, Business Manager at Professional Booking Services (PBS).
The Melbourne-based family business was founded in 1983 by Chris’ mother. Though he is now a successful bookkeeper, Chris’ background was in technology, having worked for Apple for seven years.
Built from the ground up by Chris’ family, the company continues to grow and is now located in its own purpose-built premises in Melbourne’s Notting Hill. From there it provides full financial and administrative solutions to businesses throughout Australia and overseas.
Working across all industries, PBS bookkeepers support businesses with turnovers ranging from $50,000 to $12million.
Topics covered in this episode:
- Chris’ favourite clients – Allied Health Professionals
- Every business owner needs a finance team – what’s the difference between a bookkeeper and an accountant?
- What makes a good bookkeeper?
- Chris’ advice on how to know if your information is being wrongly recorded – know what you’re looking for
- The importance of a good rapport between the bookkeeper and business owner
- Making bookkeeping love happen – conference calls, phone calls, emails
- Teaching the basics to business owners
- Better understanding your cost of sales
- Learning to account for other business expenses
- Chris’ thoughts on how often fees should be increased
- How bookkeepers can set up a budget for business owners
- Understanding your earning potential through budgets and billable days
- New ideas in the industry – direct debit reports
- Building your budget from nothing
- Setting KPIs with your bookkeeper – you always want to stretch your business
- The importance of testing and measuring your business before any change takes place
- The financial habits of allied health business owners
- Chris’ advice for keeping an eye on the trends and how often business owners should be checking their financials
- Bookkeepers are for every business owners – no matter how small
- The importance of getting your financials in order from the beginning – a bookkeeper’s knowledge of GST needs to be ‘spot-on’
- What are profit losses and balance sheets and what are the differences between them?
- Accounting for unusual expenses correctly
- Monthly reviews of your financials are key to protecting yourself from surprises
- Chris’ tips on dealing with debtors – have a set time before you write them off, chase them up and bill in advance
- Chris’ thoughts on connecting your practise management software to your cloud accounting
- What Chris learned from ZeroCON
- Chris’ tips on staying on top of your payable reports
Find out more about PBS on their website.
Follow them on Twitter.
PBS on LinkedIn.
Chris Stenhouse on LinkedIn.