Our Bookkeeping & Compliance Service
We offer a broad range of bookkeeping and administrative services. What you need for your business will depend on the stage that your business is at and its needs. We are available for a discussion on how we can assist you.
How do we deliver this to you?
We work remotely with online systems that allow us to work in real time. We have a bricks and mortar office based in Goulburn NSW Australia, so you know where we are located and where your business is being looked after and by who.
What does this mean for you? You can know that your business administration is being managed without the need to employ staff or to have anybody at your premises, or we can complement the staffing that you have. Let your expert staff focus on what they do best and let us look after the administration. It also allows the flexibility to have access to skills that you may not have without employing a high value person, and to have a team so that they are covered when sick or on leave.
General Bookkeeping Services
Data Entry
We will allocate your bank transactions through automatic bank feeds in your business software to the correct categories and match to bills and match deposits to your customer invoices.
Why is this important? It is critical to get this right! These impact your financial statements, your fixed asset register, BAS, tax returns and other compliances such as TPAR and payroll reporting.
Bank Reconciliation
At the end of the month, we will ensure that your bank and credit card accounts reconcile to your bank statements.
Why is this important? This is how we make sure that all expenses and income have been included as this impacts your financial statements, your fixed asset register, BAS, tax returns and other compliances such as TPAR and payroll reporting.
Accounts Payable
Receipt and bill collection via DEXT or Hubdoc – this systemises the upload and filing of the original source documents that are critical for compliance and allows us to correctly allocate expenses.
Recording bills payable to your accounting system for approval or payment.
Providing periodical lists of bills outstanding to be paid.
Managing creditors by uploading approved bills to your banking software for authorisation if required.
Allocation of bills paid against payments from bank.
Why is this important? By responsibly managing your accounts payable (or creditors), you can monitor your current and future cashflow so that you can pay your tax compliances, suppliers, and employees on time. This also maintains your credibility with your suppliers and keeps you out of trouble with the ATO.
Accounts Receivable
Allocating payments received from your customers against remittances through your bank account.
Reconciling your customer accounts and providing periodical lists of money owed by your customers.
Invoicing your customers – this service is negotiated on a needs basis, sometimes invoicing is carried out in a third-party industry specific software platform and level of information varies.
Debtor control (chasing your customers to pay their bills) – this service is negotiated on a needs basis.
Why is this important? Invoicing your customers on time is critical to ensuring that your business has ample cashflow to pay its bills. Your customer cannot pay you if you do not invoice them. Managing the payment of those invoices is critical to maintaining your cash and ensuring that your customers do not default and trade within the terms you agree with them.
Payroll
We can process and manage your payroll through your accounting software, or we partner with Employment Hero.
Why is this important? Your employees must be paid correctly in line with awards or agreements. It is critical that this is carried out when the pay period is due.
Financial Statements
Preparation of Monthly or Quarterly profit and loss
Preparation of Monthly or Quarterly Balance Sheet
Compliances
Taxes
BAS – Monthly or Quarterly
Reconciliation of activity statement to balance sheet, end of period checks of the accounts and bank accounts.
Preparation of BAS via our practice software to be sent to you for review and signature and then lodgement with the ATO.
IAS – Monthly
Reconciliation of activity statement to balance sheet and payroll reports, end of period checks of the accounts and bank accounts.
Preparation of BAS via our practice software to be sent to you for review and signature and then lodgement with the ATO.
Why is this important? Business fail quickly if they do not keep up with their tax compliances and do not plan for the cashflow of these being paid by the due dates. The ATO will issue penalties for late lodgements and these must be managed correctly.
Payroll
Superannuation
Reconciliation of payroll reports, upload to clearing house for review and approval by you.
Payroll tax
Preparation of relevant payroll tax obligations by the due date
LSL obligations
If you are in an industry and in a state or territory that requires LSL to be lodged, we will reconcile and process this by the due date.
Why is this important? There are strict rules around the payment of employee obligations and the ATO and Offices of Revenue take this seriously. These must be processed and paid by the due dates.
End of Year
TPAR (Taxable Payments Annual Reporting)
If you are in an industry that the ATO has nominated as required, you must lodge a TPAR with the ATO by the due date whether you have employed subcontractors during the year or not.
We will reconcile your subcontractor payments with your financial statements and ensure that the correct figures are captured and reported to the ATO by the due date.
STP (Single Touch Payroll)
If you have employees and run payroll, you must finalise and lodge the STP with the ATO by the due date.
We will check and reconcile the payroll, process and lodged the STP.
LSL (Long Service Leave)
End of year lodgements by the due date as required.
Why is this important? There are deadlines that these must be finalised by, the late lodgement will impact your employees being able to finalise their tax returns, and/or, there are penalties that can be applied by the relevant bodies.