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Utilising the leading cloud technology, we have efficient processes to make managing your day-to-day bookkeeping, payroll, invoicing & bills, and lodgement obligations a breeze. Having accurate, real-time data is essential for any business who is looking to grow. That's why we have a team of pro's here to help you.
If you are struggling with inaccurate data, being behind or spending hours on the books, there are ways we can help to manage your day-to-day record keeping, leaving you the ability to keep your eyes on the prize.
Keeping good records also allows you to better manage your business. It allows you to make important business decisions based on up to date data, better manage your cash flow, helps with paying bills on time, and managing your tax and superannuation commitments.
A bookkeeper maintains the financial records for your business. It is their responsibility to complete accurate, timely and tidy data entry and bank reconciliation so you (as a business owner) will always have correct & detailed financial information about your business. Having this is crucial to managing your business - The reports that bookkeepers can produce allow you to see exactly what you have and you can make better business decisions based on current and solid information.
The main duties of a bookkeeper is data entry (balancing the books), bank reconciliations (checking the books against bank statements and source documents) and providing monthly reports to communicate your businesses financial position. There are other duties, though, which can include accounts receivable and payable, payroll processing, tax filing, end of year reporting and liaison with your accountant.
Your record keeping and accounting systems are the bedrock of all your business decisions, without which your chances of success drop greatly. Ensuring you are on top of your bookkeeping and record keeping will:
Bookkeepers are there to help your business run smoothly. If you’re a business owner, you already have plenty of hats to wear and often keeping on top of the books is low on the priority list (and can be quite a complex chore!). A bookkeeper will help by both taking the responsibility off your shoulders so you can focus on strategy and growth, and also by ensuring your financial information is accurate and up-to-date consistently so you will have a great understanding of your cashflow (making sure you never run out of money).
Being a "platinum" partner may not mean much to you, but it means a hell of a lot to us! We've used Xero for well over a decade and helped many growing businesses implement this award-winning software to completely revolutionise their lives. Being a Platinum partner simply means we're experts in getting you up and running in little to no time!
You must keep records of all transactions related to your business’s tax and superannuation affairs, including records that support the information you include in your tax returns and reports- external site.
The records you need to keep depend on the tax and superannuation obligations of your business and the structure of your business (sole trader, partnership, company or trust).
The Australian Taxation Office (ATO) requires that:
Under tax law, you must keep records of income tax, goods and services tax (GST), payments to employees and other business payments for five years after they have been prepared. There are also record keeping requirements for many other measures including workers compensation. Under Australia’s workplace relations system, you need to keep employee information such as time and wages records for seven years.
The ATO is moving towards all electronic records. So, now may be a good time to go electronic. Some advantages of digital record keeping include:
The most commonly used accounting software around right now would be Xero, MYOB, Quickbooks, Reckon, and Sage. There are a great many software’s out there and we’d recommend doing research on the costs and features of each before committing (as it really depends on your business needs).
From the two main competitors - Xero and MYOB - the key differences to consider would be:
Interested in reaching out? Fantastic! We're here to support you with our approachable mix of professional savvy and genuine care for your business. Kick things off with us over a coffee and some down-to-earth number talk.
Have Questions ? We’re here to help
A bookkeeper manages your financial records, freeing up valuable time for small business owners to focus on growth strategies. They take care of tasks like data entry, bank reconciliation, payroll processing, invoicing, and filing taxes, ensuring you have accurate, up-to-date information about your business's financial status at all times.
Bookkeeping is crucial for maintaining accurate financial records, which helps small business owners make informed decisions, manage cash flow, and comply with tax and superannuation obligations. By investing in bookkeeping services, you can also ensure that your financial records are up-to-date, allowing for efficient tax preparation and minimizing errors that might lead to potential discrepancies.
Electronic bookkeeping streamlines business record-keeping with features like automatic tallies, ready-made reporting, and real-time data access. It's also more environmentally friendly, saves storage space, and allows for easy backups to protect your financial records. The ATO is moving toward all-electronic records, making it a timely investment for your small business.
Accurate bookkeeping ensures that your payroll records are up to date, helping you manage employee payments, calculate taxes and superannuation contributions, and comply with legal requirements. A well-maintained payroll system can also provide valuable insights into your business's cash flow, allowing you to make informed decisions about hiring and other investments.
Popular accounting software options for online electronic bookkeeping include Xero, MYOB, Quickbooks, Reckon, and Sage. Each has different features, costs, and levels of customization, so researching and comparing these options to find the best fit for your small business is essential.
When selecting a bookkeeping service, consider their expertise in your industry, pricing, available services, and reputation. It's also essential to assess their familiarity with the accounting software you use and their ability to adapt to your specific business needs. Check client reviews and seek referrals from fellow business owners to ensure a reliable, trusted bookkeeping partner for your small business.
Can’t find the answer you’re looking for? Please contact to our team.
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