Make Sure Your Bookkeeping is Up to Date
If you own or run a small business you should understand how important it is to know where the business is at financially. To have an on-going clear picture of the financial performance of your business is critical.
This begins with BOOKKEEPING You may not need a professional bookkeeper full time but you definitely need one to at least come in on a regular basis.
In addition to basic financial information it is important keep up to date with the BAS, payroll and generally all the formal reporting to various Government authorities to stay out of trouble with the ATO.
Needless to say there is a list as long as your arm of all the things a really good and comprehensive bookkeeping service will provide. An efficient bookkeeper will give you peace of mind and allow you to concentrate on running and building your business.
Hire a Local Come to You Bookkeeping Service
Even in the smallest towns all over Australia you are likely to find someone who does contract bookkeeping for small businesses and who will come to your office to take care of your books.
Here is a check list of most of the items that can be looked after by your bookkeeping service provider:
- Entry of business transactions
- Entry of invoices and payments
- Monitoring of aged receivables
- Following up overdue debtors
- Bank Reconciliation – credit card accounts, loan accounts etc
- Preparation of accounts and reports, including profit and loss, balance sheet, cost centre profitability, cash flow
- Wages and salary full time, part time and casual
- Payroll from time sheets
- Superannuation remittances and PAYG remittance
- Leave calculations – annual, sick, long service and rostered days off
- Employment termination calculations
- End of payroll year – reconciliation of payroll accounts
- Payment Summaries, preparation of files for ATO, preparation of files for accountant
- Entry of bills and preparation of electronic files for upload to banking software for payment to suppliers
- Monitoring of aged payables
- Monitoring of cash flow
- Preparation of BAS and IAS returns, and reconciliation
- Superannuation payments and reconciliation of accounts
- Preparation of workcare returns
- Preparation of payroll tax returns
- Preparation of Employee Payment Summaries
Although the above accounts for most items there could be more.
If you are behind, or in a mess – Give yourself a big present and go hire a professional local bookkeeper and have business peace of mind.