So why do you need a bookkeeper?
OK, at its most basic, bookkeeping means organising and managing all of your company’s business transactions.
A great bookkeeper (like us!) will not only do this and ensure you are always on top of your financial responsibilities and commitments, but help you identify other financial opportunities and pathways you may not have seen or considered.
Making it even easier, we offer services from tailored, cost-effective packages to onsite bookkeeping software and services training.
Accuracy is vital to the bookkeeping process. It provides the information from which accounts are prepared ahead of the accounting process. Each transaction, whether it is a purchase or sale, or change of loans, has to be recorded in the books
If you’ve tried to set up and run your own bookkeeping, you may be familiar with some common mistakes that are made including:
Not separating business and personal expenses, especially when you are using the same bank account for everything
Not accounting for GST correctly, potentially costing you more in GST returns or leading to fines from the ATO for incorrect data lodged
Using the wrong accounting method. Do you use cash accounting or accrual accounting?
Not reconciling bank accounts regularly and therefore not picking up any errors as they occur.
Not knowing the difference between profits and cash flow. Money in your pocket or bank account does not necessarily mean your business is profitable!
Dismissing small petty cash purchases as insignificant, however, these can add up over time
Paying your staff incorrectly and not calculating PAYG properly resulting in a headache for the employees come end of year tax time
Writing off major purchases as expenses rather than treating them as capital items