How to Work With a Bookkeeper While Staying in Control of Your Finances
Outsourcing your bookkeeping can bring a huge sense of relief. It frees up your time, reduces admin noise and helps keep your BAS, payroll and super obligations on track. But outsourcing does not mean stepping away from your finances completely. The most confident business owners stay involved at the right level. They understand what is happening in their accounts and keep clear boundaries around financial controls.
This is not about distrust. It is about having a financial setup that protects you, supports your bookkeeper and keeps everything transparent and easy to manage.
Here are some practical ways to stay in control of your business finances while working with a bookkeeper.
1. Keep Subscription Ownership of Your Accounting Software
In Xero, we recommend you should remain the subscriber or file owner.
Your bookkeeper and accountant can then be added with Advisor access.
This ensures:
You own your subscription
You always have full access to your financial records
You can decide who is invited or removed
You stay in control if circumstances change later
It is a simple but important safeguard.
2. Never Share Your Personal Banking Login
Your bookkeeper should not need, and should never ask for, your direct bank login.
Most Australian business banking allows you to:
Give read only access, or
Allow them to prepare payments that you later approve
This means:
Your bookkeeper can process payroll runs or supplier payments
You retain the final authorisation
There is always a clear, documented workflow
It keeps things clean and well governed.
3. You Approve All Payments
Even if your bookkeeper prepares payroll or creditor batches, you approve them.
This keeps you connected to:
Who is being paid
How often
How this compares month to month
Business owners do not need to run payroll. They simply need to stay aware of it.
4. Confirm Bank Detail Changes Directly, Not by Email
Invoice fraud is increasingly common. It usually appears as a supplier asking you to update bank details by email.
A simple protection:
If a supplier advises new bank details, call them on a number you already have on file to confirm
Do not rely on email alone. Both you and your bookkeeper need to have this as a strict policy.
This is an essential internal control for businesses of all sizes.
5. Understand the Basics of Your Reports
You do not need to learn accounting. You do not need to code transactions.
But you should know, at a high level:
Whether your business was profitable this month
How much of your bank balance is already spoken for (GST, PAYG, super)
Whether your cash flow is stable or tightening
What is changing over time and why
Your assets (what your business owns) and liabilities (what your business owes)
A good bookkeeper will explain this in plain language.
You should feel comfortable asking questions until it makes sense.
6. Set a Regular Review Rhythm
The real value is not in the data entry or the reconciliations.
The value is in understanding what the numbers mean.
A simple review rhythm could be:
Monthly or quarterly catch up
Look at cash balances, payroll, liabilities and trends
Discuss any operational changes coming up (hiring, pricing, time off, equipment purchases)
This prevents surprises and builds financial confidence over time.
7. Shared Responsibility Creates Better Outcomes
Your bookkeeper brings skill, structure and consistency.
You bring the context and decision making.
The most effective working relationship is one where:
The bookkeeper handles the systems and compliance
The business owner remains informed, curious and engaged
Communication is open and routine
This is where financial clarity becomes a normal part of running the business, not something stressful or confusing.
Conclusion
Outsourcing your bookkeeping does not mean removing yourself from your finances. It means creating a structure where the day-to-day work is handled professionally, while you stay connected to the bigger financial picture.
Clear controls are not about distrust. They are about ensuring your business remains stable, transparent and easy to manage as it grows.
When both sides understand their role, the result is calm, confident financial management.
Disclaimer
The information in this article is general in nature and provided for educational purposes only. It does not constitute personal financial, legal, or tax advice and should not be relied upon as such. Every business has unique circumstances, and we strongly recommend consulting with a registered tax agent, BAS agent, or legal advisor before making decisions about your company setup, payroll, or financial systems. While care is taken to ensure accuracy, laws and software functionality may change over time.
