The day-to-day bookkeeping of your financial accounts is vital for many reasons:
- Keeping accurate business records
- Analysing the performance of your business
- Staying compliant with record keeping obligations
- Maintain records of who has and hasn't paid you for your services
- Ensuring cash-flow will be sufficient to maintain your business
- Track inventory, products, services, segments, jobs, etc
- Monitor compliance with tax obligations
Handing over a box full of receipts, bank statements, invoicing books, etc at year end leaves your business open to a raft of problems. Aside from it taking a long time for an accountant to sift through (and therefore increasing the end of year fee), a common issue is not knowing how much tax you should be paying quarterly which results in an unexpected tax bill at year end that you haven't budgeted for.
Whether you look after your accounts personally or hire some help, it is vital to keep up to date knowledge of how your business is performing.
Recent improvements in technologies can make day-to-day bookkeeping far from the time consuming task it used to be. For example, if you use cloud based software such as Xero or QuickBooks Online you can have your bank statements automatically downloaded into the software to save manual data entry.
Anyone can claim to be a bookkeeper, but you need experience, training, and knowledge to do it well. The biggest problem business owners face here is that often they have no idea if their bookkeeper is doing their accounts correctly or not - not until their accountant has to run their eye over it at years end. All our bookkeeping clients are either serviced or reviewed by a qualified accountant on a regular basis - and best of all we fix any of our own errors at no cost to you (as it should be).
We offer fixed fee solutions for clients that would like to have the day-to-day stuff handled by a professional with prices starting at $150 per month, including BAS lodgment. For more information, simply contact us.