What is bookkeeping?
Bookkeeping involves the process of recording, analysing and interpreting the financial transactions of a business or individual. A bookkeeper’s duty is to set up financial statements so that an accountant can easily perform legal and tax management in a timely manner.
A skilled and compliant bookkeeper should be able to produce financial records that give business accurate information about its financial activities.
Records must be kept that are accurate and true for a period of at least 5 years from the date that the documents were prepared, obtained or the transaction completed, whichever occurs the latest. Some records, such as payroll, must be kept for a minimum of 7 years.
A good contract bookkeeper is able to:
- Set up accounting systems and software properly.
- Enter transactions.
- Perform checks, reconciliations and end of year processes.
- Ensure they are up to speed with legislative requirements and management reports.
- Undertake payroll duties and compliance.
- Prepare BAS returns, as a registered BAS agent or under the supervision of a registered BAS agent.
- Provide general business administrative support.
What bookkeeping services can we do for you?
- Sales invoices: Preparing and issuing sales invoices to ensure they’re accurate and are sent out on time.
- Payment handling: Arranging regular weekly or monthly payments.
- Cash flow: Calculating the future availability of funds on a weekly or monthly basis.
- BAS & GST Services: Ensuring you are complaint with ATO.
- Bank Reconciliations – compare your internal records with bank statements in order to identify and rectify any discrepancies
- Profit & Loss Statements – generated monthly and/or annually that reports the earnings of a business by stating all relevant income and all expenses that have been incurred to generate that income.
- Cash Flow Management – manage your cash flow to ensure you have cash when you need it. This is the most critical aspect of your business.
- Financial Reporting & Analysis – key information about the financial state of your business in language you can understand.
- Accounts Payable & Receivable – identify money you owe suppliers and money that is owed to you by your customers.
- Credit control – create systems that help you with aspects of giving credit, such as assessment of clients before granting credit, credit application, collection, and follow up procedures. It includes chasing customers to ensure your invoices are paid in a timely fashion.
- End of financial year processes – take away all the pressure associated with ensuring your books are ready for the end of financial year.
- Budgeting – forecast your income and expenditure in order to identify how much you can afford to dedicate to particular expenses.
Why choose H & R Accountants for your bookkeeping?
- We are accredited by the ICB (Institute of Certified Bookkeepers) and keep fully up to date with all legal changes related to bookkeeping.
- We will visit your office (when you need us to).
- We will deal with ATO and companies house on your behalf.
- We are local to you.
- We will take away all the accounting burden from you.
- You get an exceptional service for a fixed (and affordable) price.
Why we insist on regular bookkeeping?
While running a business, it can be difficult to keep track of how much money is coming in and going out of your business each month. Not keeping a regular track of your business related finances could easily lead to nasty surprises. And, as a business owner you would not want nasty surprises right?
That’s why, we at H & R Accountants insist on regular bookkeeping. If bookkeeping is done regularly, you will have complete control of your business finances. You can make well informed financial decisions for the future of your business.
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