Book keeping is an essential part of any business to meet Australian Taxation Office (ATO) requirements.
Employing a full time or part time bookkeeper is not an option for some businesses. An independant bookkeeper to do the bookeeping can save time and money for businesses. contact us for more information
Benefits of engaging an independant bookkeeper include:
- By paying hourly, you only pay for what you use, so you’re not paying for downtime.
- You reduce overheads by not having to pay (Pay As You Go) PAYG tax, holiday and leave loading, Superannuation, Workcover, sick pay and meal breaks.
- In quiet times you’re not paying for another staff member that you don’t need.
- You can claim all expenses involved in engaging an independent bookkeeper.
- You’re not having to pay to train a staff member to do your bookkeeping, and then find that your staff member has moved on before you see any benefit.
- By engaging an independant bookkeeper you are paying a fully trained expert in their field, saving you time and money
- No training necessary
Being Independent Bookkeepers, we have a duty to our clients to keep updated with current (Goods and Sevices Tax) GST & Tax rulings as well as Accounting Software. Having a bookkeeper make your records ‘accountant ready’, you save on accountancy fees.
Book keeping fees will be less than if you use an accountant to complete these regular tasks.
Bookkeepers should be expected to:
- Record receipts/payments and complete bank reconciliation
- File records
- Work out instalments for PAYG
- Complete the Business Activity Statement (BAS)
- They may also be able to:
- Offer training in the use of software
- Collect debts
- Write cheques (ready for your signature)
- Assist with quotes
Correct Book Keeping
Most mistakes with the Business Activity Statements (BAS) and general accounting procedures is made because of the wrong installation of software and the wrong accounting codes used.
The bookkeeper should make contact with your accountant to ensure the Chart of Accounts is set up as the accountant requires. To ensure that software is set up correctly, you require someone who understands the specific software you are using as well as accounting procedures.
The more you know about your business, the better informed your decision
As well as assist you with your income tax (which will now have to correspond with your BAS returns), an accountant should be able to give you assistance with the development of your business, by offering:
- To prepare Cash flow projections
- Cash Flow Management
- Financial analysis
- Assistance costing/pricing
- Referrals to a network or professionals to advise with financial advice, superannuation, workplace agreements, succession planning, venture capital, marketing, IT, e-commerce, mentoring, marketing etc.