A Bookkeeper's No-Go Zones

Are you aware of what your bookkeeper can and can’t do? I often get asked by my clients to do things well outside my scope. However, this just comes down to people not having a clear understanding of the difference in roles between bookkeepers, accountants, financial planners and legal eagles. So today, I’m bringing you a short and snackable episode on a bookkeeper’s no-go zones, where we either tread lightly or don’t venture into at all. 

Now, you might be thinking, what’s the problem with my bookkeeper dealing with all my financial matters? For starters, to provide services for most things numbers-related, you need specific training or registrations. That means you shouldn’t ask your financial advisor to complete your tax return or your bookkeeper to write your employment contract terms and conditions. 

Unfortunately, it’s not uncommon to find people offering a mix of any and all different services without the relevant licences. However, there can be serious implications for your business if the person doing work for you is not actually qualified in a certain area. I take you through some of the common no-go areas that people assume bookkeepers can help with, and discuss the specialists you should be engaging to complete these tasks instead. 

It’s crucial to ensure your business is compliant in order to avoid high penalties or any legal disputes that may unexpectedly arise. So if your bookkeeper puts their hand up to do certain things for you that may be outside their wheelhouse, you need to be aware of the implications, both legal and financial. 

I hope this episode gives you some valuable insight into ensuring your financials are squeaky-clean, so that you can continue to grow your business with much more clarity and peace of mind! 

LINKS

Previous episode mentioned: Bookkeeper vs. Accountant

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