How a Small Business Owner and Bookkeeper can Work Together

What does a Bookkeeper or BAS do? How can they help you fulfill your obligations as a business owner? What do you expect from qualifications and experience?

Because you need a Bookkeeper

Keep all the up-to-date records so you can receive accurate financial statements and help you meet the legal requirements for keeping the records.

To help reduce end-year accounts Due to careful processing throughout the year, tax agents require less adjustments.

In order to avoid subsequent penalties, make sure that the GST, the required disbursement and retirement liabilities are respected.

Free your time to work on your business and do not try to carry out better tasks by a Bookkeeper.

Obtain information about patterns, trends and cycles, areas of growth or reduction and potential problems.

Minimize the risk of fraud by closely monitoring your accounts and conducting ongoing audits and guarantees.

The presence next to him is someone who can advise and support you in many aspects of your business, from day-to-day business and business systems to review the business goals and achievements of your business goals.

Accounting process

Checklists:

Should be used for consistent professional accounting.

  • Sales process:
  • Includes sales orders, billing, payment receipt, and tracking of past due payments.
  • Buying process:
  • Includes purchase orders, invoices, vendor payments, and stock management.
  • Payroll Process:
  • Includes employee setting, payroll cycles processing, and retirement statements, held on required compensation and workers’ rights.
  • Banking:
  • This involves reconciliation of all bank accounts, sales outlets and credit cards used for businesses.
  • Verifying Accounts:
  • It’s easy to assume that “software is always right” but problems can occur for various reasons in accounts, as well as before preparing the BAS or other reports.
  • Reporting to the owner:

Balances must be checked regularly, providing reliable reports, usually monthly and quarterly.

Bookkeeping is an essential part of any business venture.

To simplify the process, always note your receipts, especially for transactions over $ 80. The need to back up your business documentation will help you when it comes to approving deductions for tax returns. Look for reimbursable charges so you do not pay your pocket money.

Make sure you identify and correctly classify your employees for tax purposes. Get your account closer to your books every month to make sure all numbers are over. Back up all financial documents, preferably in paper and electronic format, in case of technical problems. Also pay attention to all your deposits, so you know exactly what’s happening in your business account, so you’re less likely to pay taxes on money that is not income. Stay on top of your business accounts and keep track of them.

You and your accountant, for success

A professional Bookkeepers Melbourne focusing on the regular activities required to conduct business in financial and accounting capacity can also provide reliable advice and valuable information about areas of your business that affect profits. This will allow you to concentrate on delivering quality products and services to your customers and will lead you to further success.

Read more here: https://www.shopify.com/blog/15334373-small-business-accounting-101-ten-steps-to-get-your-startup-on-track