Our Services
Data Entry
The key to accurate and relevant financial and management reporting starts with data input. Unfortunately, this also tends to be the most time-consuming part of bookkeeping/accounts and therefore tends to be the first area where corners are cut and mistakes are made. Fortunately, there are a lot of good programs and resources out in the market now that can assist with a large proportion of manual data input. However, it is still important that you have someone who understands your business, your goals and has excellent attention to detail to ensure that the data is accurate and representative of your businesses operations, whilst ensuring that you meet your GST and PAYG reporting obligations, with as few errors as possible.
Accounts Receivable
The management of money coming in to a business or that is owed to a business is critical to cash-flow and therefore operational success. This area includes tasks such as credit management, invoicing, debt collection, receipting of funds, banking, customer service/relations but also directly impacts revenue reporting and analysis. It is critically important for this area of your business to be managed closely, efficiently and effectively to ensure you are receiving funds when and how you need them and that you’re reflecting your Accounts Receivable (asset) balance accurately as this flows through to your balance sheet. Delays to this process can be costly to your business and it’s future growth.
Accounts Payable
The management of money going out of a business or that is liable to suppliers/vendors outside of the business also directly impacts cash-flow and operational success. This area includes tasks such as supplier account/credit requests, purchase orders, supplier invoice entry/review, supplier statement reconciliations, Aged Payables review and reporting and processing supplier payments via bank/credit card. Managing your Accounts Payable in a way that works for your business can ensure you hold on to your cash for as long as possible making it work for your business. Accurately reflecting your Accounts Payable balance is essential as this also flows through to your balance sheet and will affect financial reporting and your ability to obtain funds when needed.
Reconciliation
Reconciliations are required to ensure that the accounts of a business balance. This essential process ensures that errors can be picked up and corrected and is integral to ensuring that management and financial reporting is reflective of reality, can be used to make meaningful decisions and to ensure that statutory obligations are met appropriately. Good reconciliations will pick up duplication of data, missing data, errors in data, minimising the risk of missing payments/receipts or duplications of payments which can be incredibly damaging to a businesses reputation and cash-flow.
Reporting
The key to accurate and relevant financial and management reporting starts with high-quality data input. Unfortunately, this also tends to be the most time-consuming part of bookkeeping/accounts and therefore tends to be the first area where corners are cut and mistakes are made. Fortunately, there are a lot of good programs and resources in the market now that can assist with a large portion of manual data input. However, it is still important that you have someone who understands your business, specific goals and has excellent attention to detail to ensure that the data is accurate and representative of your businesses operations. All whilst ensuring that you meet your GST and PAYG reporting obligations, with as few errors as possible.
Payroll / Superannuation
Staff are an essential component of any business. Therefore, ensuring that staff are paid correctly (in line with their contract and any relevant employment conditions and laws) and on-time is critically important. Payroll can include tasks such as setting up appropriate payroll settings in your accounting system, on-boarding new employees, managing timesheets where required, processing payroll on-time, ensuring deductions and other government compliance obligations are met, reviewing/filing and paying Superannuation Guarantee Obligations (SGC) obligations, preparing and issuing payslips, preparing and finalising Income Statements, handling all Single Touch Payroll obligations. There can be significant financial penalties (and damage to reputation) when employee and government obligations are not met. Having a BAS Agent to assist in identifying these areas will help mitigate these risks.
BAS / IAS / TPAR / FBT
A Business Activity Statement must be lodged by businesses, who are required to be registered for GST (Goods and Services Tax), to report on various tax obligations. These tax obligations include GST, PAYG (Pay As You Go) Witholding, PAYG Instalments, FBT (Fringe Benefit Tax) Instalments, Luxury Car Tax, Wine Equalisation Tax and Fuel Tax Credits. When a business isn’t registered for GST, or has more substantial PAYG obligations, the ATO may require you to lodge an Income Activity Instalment (IAS). Taxable Payments Annual Report (TPAR) is an annual report that must be completed and lodged when a business makes payments to contractors or sub-contractors. FBT is a benefit provided to an employee and can have implications for both employees and employers. An FBT Annual return relates to the period 1st April – 31st Mar each year and is usually required to be lodged and paid by 21st May. All of these statutory reporting obligations can and should only be assessed, reported and lodged by the registered business owner, an employee of the registered business owner, an Accountant/Tax Agent, or a BAS Agent.
Accounts / Office Management
Some small to medium businesses may have other Accounts or Office Management related tasks that they require assistance with in order to streamline operations or to offload tasks they don’t have the time for. It could be something simple like reviewing or sending emails, creating documents, creating job advertisements, setting meetings, booking flights/accommodation or other ad hoc tasks. If there is something you think we may be able to assist you with that will free your time to focus your attention better on business growth, please just ask!
