Did you know that by 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
Using Contract Bookkeepers will save you money
Correct Book Keeping
Most mistakes with the 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.
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.
The more you know about your business, the better informed your decision