Six tips to great bookkeeping

Excellent Bookkeeper

If you own a small business, you need a good Bookkeeper. Many start-ups, as well as existing business owners, tend to neglect this aspect of their business by the end of the year (EOFY).

According to the law, each company must maintain accurate and up-to-date records.

I cannot emphasize the importance of organizing your accounts from the beginning, implementing and using simple Bookkeeper software that meets your needs.

Here are six helpful tips to help you track down and reduce stress during the EOFY:

  1. Give time each week and devote to accounting

It is very important to be upstairs. Regular exams will help you find out how your business is going and check cash flow.

  1. Open a new bank account for your corporate income and expenses.

It is important to separate personal transactions from commercial transactions. Over time, you can apply for a professional credit card and apply the same conditions.

  1. Get accounting software that meets the needs of your business.

If you do not know which software to choose, you can contact a business consultant or Bookkeepers Melbourne who can advise you better before buying. We prefer to use MYOB accounting solutions.

With cloud-based software, one of the key benefits is that you can access your financial data anywhere and anytime or ask your accountant or accountant to check your information.

Your files will always be copied regularly in the cloud. However, do not forget to keep backups of your financial data as an additional security measure. With desktop software, you must back up your files regularly.

  1. Obtain all tax and compliance obligations

All companies must register with ABN and if the turnover exceeds $ 75,000, it is necessary to request GST registration. You must also keep receipts for all acquisitions to claim your expenses.

If you hire employees, you must register to retain your wages. Here you pay the employees and deduct the tax on your behalf. You must also complete and request a monthly / quarterly business at the ATO.

With the help of an adequate Bookkeeper and configuration software you can get this information at your fingertips. So create systems that will help you simplify and automate business processes to be compatible.

  1. Keep your receipts

ATO is required to keep records for at least five years.

Voices to be saved and available on request:

  • Invoices and receipts provided for sales or services provided by your company.
  • Invoices for goods, services, or other business acquisitions purchased for your business.
  • Payments made to employees and other organizations on their behalf, such as pension funds and taxes on taxes.
  • All financial statements, including the income statement and the financial statements.
  • Information on the tax return.
  • Bank accounts and credit card statements
  • Inventories are recorded at the end of the financial year and in the balance sheet, etc.
  • Everything else has a monetary value for the company

You can create digital files on your computer to store this information or keep a well-organized book.

  1. Or get a good accountant

As your business grows, you may need to hire a major Bookkeeper, bearing in mind that even this service is not taxed.

Recruiting an accountant helps you focus on developing your business, making sure your records are up to date.

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Why the Bookkeeper Steals Your Money

Hiring a competent person to keep your books makes good business sense and in some cases is required by law.  Not only do they bring a skill set to the business that keeps costs in line, they can offer a snap shot of the financial health of the company, suggest strategic moves, and create company policies and procedures to track cost more efficiently.  They help the company maximize profits as much as possible, using every tactic they can to make a dollar out of 15 cents.  They’ll suggest shortcuts like using Groupons to make purchases of office supplies, and for purchases from stores like Home Depot if they know a 40% discount will help the bottom line. The very skills that make a bookkeeper so valuable are the same ones that can be used against you if the person has ulterior motives.  The news if rife with stories of bookkeepers who have stolen thousands, even millions of dollars from companies by falsifying records, setting up bogus accounts or submitting fake time sheets, as one bookkeeper did to her undoing.

Bookkeepers steal your money because they can.  In fact, a study found that one-third of students at a business school said “yes” when asked if they’d be willing to take a chance at netting $100,000 even if they knew there was a chance of going to prison after getting caught.  There are a number of reasons bookkeepers give for embezzling money from contractors or employers.  In the case of the time sheet cheat, she faced a messy divorce and had no money for her children’s school fees.  Taking advantage of a lax supervisor who signed practically anything she put before him, he signed off on time sheets for an employee from a temporary agency for weeks after the employee had been let go.  At the time, the bills from the temp agency came to the bookkeeper, and no on in the departments saw them or approved them.  She got caught when the temp agency noticed the irregularity in the number of employees they had sent and the higher number the company was paying them for.

Unfortunately, many bookkeepers are never prosecuted because the fraud is considered a victimless crime.  With advanced technology, cheating is getting harder to do.  It behooves the company owner to be diligent and prevent fraud by keeping an eye on the checks that are written and signed, keeping separate accounts for payroll and other expenses and balancing your petty cash drawer if you have one.

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8 key expenses contract bookkeepers should not forget

Smart Bookkeeping


As a contract bookkeeper Melbourne it means that you are working for yourself and in setting your rates there are certain expenses that you should always keep in your head. You are your own boss which offers its perks however you have to be extremely careful with setting your rates.


  1. Personal Leave/Annual Leave/Superannuation for bookkeepers – Since you are your own boss it is up to you to set your time off from working. In setting your rates is important that this be taken into consideration as you will be paying for your own leave. As it relates to superannuation if you decline yourself this payment then you will also be declining yourself retirement.
  2. Profits – The goal of everyone is to make a profit. It is your benefit to set up a reasonable projected income and then add a profit margin to your pricesso that you can use it later on.

Basic Expenses

  1. Meals, Mileage & Travel – As a contract bookkeeper you will be required to do your duties for your client in an accurate and efficient way. If you have a car and will need to travel to your client’s business then this expense should be included somewhere in your fee. Based on the client you are working for there may also come a time where you have to overnight somewhere and this is where meal cost comes in.
  2. Equipment – This expense is one that would be calculated into your fee over a longer period of time. The main equipment required for bookkeeping is a computer which can last many years as long as you maintain and care it.
  3. Insurance – Everything happens at different points in a person’s life and mistakes do happen as much as we may not want them to. It is wise to factor in your insurance expenses into your pricing so that you can protect yourself as well as your equipment.

Other Expenses

  1. Professional Development & Training – Bookkeepers know that there are changing laws that govern bookkeeping. This expense can be spread over a longer period of time as you can determine when you want to make updates or additions on your education in bookkeeping.
  2. Utilities – The cost of bills such as water and light can be factored into your pricing but does not have to be a big factor. After maybe a month or two of working you can make an easy estimate of what you will need to pay and then factor it into your fees.
  3. Unexpected Expenses –You will not always know what is coming up a month or a year from the present. It is important to have a way to cover unexpected costs that may arise while you are working.

The most important expense of bookkeepers Melbourne is their income. A bookkeeper can set their realistic basic income as an hourly or annual projected figure. Once you are aware of your expenses you can set a realistic and reasonable rate for your bookkeeping services, see more:


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Seven Bookkeeping Tips to Save Time and Money  

Few small business dealers consider the process of bookkeeping as a hectic job that deviates them from running their real business. This point of view makes many people nervous, and they may start doubting their knowledge and services due to fear of the Internal Revenue Service. But, the fact is you don’t need to get bored by dealing your accounting affairs. To make a business successful, the owner should not take bookkeeping negatively and take help of a bookkeeper to manage the finances professionally.

Bookkeeping saves you from a lot of complications and makes it easier to set up your accounts in a very efficient way. Manual handling of finances may involve more mistakes and it is easier to find them and correct them. Here comes the ease you get while integrating various bookkeeping software with your business system.

Many online bookkeeping services are working day and night for providing you this comfort like Bookkeepers Melbourne. Whether you need professional help of an account or guide of experienced a bookkeeper, just visit to get the time saving and less costly bookkeeping services.

Tips to achieve time and money saving bookkeeping

  1. Use bookkeeping software

The first step of the process of bookkeeping is to install a reliable bookkeeping software such as QuickBooks. It is not just a responsibility of your bookkeeper, but it is necessary that you should be familiar with the software too. You should know how to check reconcile accounts, make reports and communicate with your employees. You can take help of online bookkeeping companies for getting the latest versions of the software. can assist you in this.

  1. Scan your paperwork

Different companies which provide online bookkeeping services like Bookkeepers Melbourne have launched the software like QuickBooks. This software has a tool named NeatReceipts that can audit-proof the records and saves a lot of time and money.

  1. Avoid Cash

Instead of using the cash, prefer to go for the debit and credit cards. Whenever you get the money from ATM, you receive a receipt slip, which means it is easier to keep a record of your money in this way.

  1. Separate the personal account from business account

Keep the details of your personal account distinct from the business account. This makes the bookkeeping simpler and retains your privacy too.

  1. Keep a backup

Instead of bulking your draws with the paper records and documents of last ten years, allow your bookkeeper to make a backup of the bookkeeping software and to save a copy of all the necessary tax returns and personnel documents on a flash drive. You can also use online data storage for storing these files.

  1. Automate your mileage

Don’t take the pain of keeping a manual record of your business. Go for software and mobile apps.

  1. Review your strategy

Spend some time in going through the business plan you are following, payroll functions, taxes, etc.

A latest and a more efficient way of managing your finances is to take help of a bookkeeper. Many online bookkeeping companies can help in providing the required services like Bookkeepers Melbourne. Just visit the official site,, to know the details. They will tell you the effective, time saving and less costly ways to make bookkeeping fruitful for your business.

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Outsourcing of Bookkeeping Services

Most of us find it challenging to decide whether to outsource bookkeeping services or not. Despite the fact that it might be difficult for you to make your decision it is important for you to know that bookkeeping services are very important in any business whether small or big. Therefore if you are an employer ensure that you give bookkeeping services an upper hand because these are very important services that should not be overlooked. There are several reasons that can be used to testify that indeed outsourcing bookkeeping services is very important and can be used to improve the profitability of your business. Bookkeepers Melbourne are among the best bookkeepers that we have in the world and this is because of the quality of services that they offer.

Despite the fact that most people choose to tackle these services on their own, there are several risks attached to this which might affect the operations of your business. Handling of bookkeeping services is not an easy task and therefore only experts can be able to do this work and produce perfect results. Bookkeeping and bookkeeping goes hand in hand and therefore to handle either of the services you need to have knowledge on the same. Outsourcing the accounting and bookkeeping services may be expensive at times but what matters most is who is handling these services. Ensure that bookkeeping services in your company or business are handled by an expert. Here are some of the reasons why it’s a viable option to outsource bookkeepers:

It gives you peace of mind

Why do you think outsourcing bookkeepers will give you peace of mind? It’s simply because you cannot handle all the bookkeeping activities by your own and therefore it’s advisable for you to hire somebody else to handle these services on your behalf. This is one of the greatest deals in your business that is aimed at giving you peace of mind. Ensure that you are handing the bookkeeping responsibility to an expert who has experience and who is able to handle these services in a professional way. This gives you the confidence that you’re financial accounts and other bookkeeping services are well taken care of. Find out more information here.

Consistency of office work

Outsourcing bookkeeping services is one of the greatest ways of enhancing consistency in the office work including accounting and bookkeeping services. The likelihood of an error or fraud occurring when you outsource these services is low and it reduces office politics.

Its time saving

The primary benefit why you should outsource these services is because it gives you enough time to deal with other important issues in your business. What you need to know about time is that this is an extremely valuable commodity that should be taken care of. If you outsource a bookkeeper you will be able to find time to focus on the development of your business. Last but not least, there are several bookkeepers in the world today but you need to be very keen when choosing one so that quality of services can be enhanced.

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The New Trend in Bookkeeping

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Hiring a bookkeeper is essential for companies of different branches. In several countries, companies are required by law to have a bookkeeper. And it is not only mandatory that one should have a bookkeeper, a competent professional will make the life of the company much easier. They are responsible for handling and interpreting company documents, prepare reports to assist the entrepreneur to manage and make better decisions and will provide advice. All this will avoid future headaches.

The return of inflation will be the mark of the 2015 crisis – a trend forcing its way

One of the main impacts of the economic crisis of 2015 on the lives of people and business enterprises will be the return of inflation at a rapid pace, especially in the first half. Inflation is already there for a long time and has been treated lightly and makeup through accounting gimmicks that will not survive for long.

Therefore, bookkeepers developed new ways to work, with new ideas we hear nowadays.

Regardless of improvements in the global economy basic prices of the economy, such as electricity and fuel will need to undergo a monstrous adjustment to offset the adjustments that were not given to contain artificially current inflation rates.

The result will be a giant leap in inflation with all the negative consequences that this can bring, as a real loss of purchasing power of wages and serious problems for the national productive chain. Bookkeepers Melbourne are able to help your company get rid of these issues and to have a better perspective for the future.

The new trend for companies and for bookkeeping professionals

Maybe it’s time to slow down some investments, postponing strategic decisions involving expansion of costly business and wait in order to have a better view of what’s to come around. It is certain that Brazil will not stop, but we will definitely observe a reduction of greater economic activity level even than we have felt in the last few months.

Therefore, the best option is to contact good bookkeepers Melbourne and have private help, since companies have new market strategies to stay away from the crisis.

Credit restrictions – will bookkeepers be able to leap this?

Companies suffer a lot from the effects of the economic crisis of 2015, especially those that rely on abundant credit to maintain their business. As a matter of economic coherence, guidelines governing the decisions of the financial market, contrary to what happens in the current economic team, the banks should reduce their credit lines, both physical and legal entities.

With the instability in the economy, the risk of default increases and this causes immediately the banks to increase the rigidity of their conditions for granting credit. The result will be a much more difficult scenario to obtain financing in the private institutions. If you need professional help, only count with the best, visit and get the best services.

Should entrepreneurs prepare for crisis?

Bookkeeping assistant

For entrepreneurs, the best recommendation is to prepare for potential hard times ahead, always counting with the help of Bookkeepers Melbourne. I’m not talking of despair and discouragement, because contrary to what many people think, times of crisis can be times of great business opportunities.checkout this latest news for more details.

The Baron de Rothschild said that the best time to make money is when blood runs in the streets. As public banks are in the same situation, and even for regulatory impositions, also will not have to avoid the reduction of credit, thereby making obtaining loans would become an additional challenge for companies in this time of crisis.

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4 Most Common Bookkeeping Mistakes

Bookkeeping Mistakes

The role of the bookkeeper is essential to the financial health of individuals and legal entities. The counter has several important assignments and when it acts with mastery is extremely useful in various aspects.

However, the opposite may also occur. There are some flaws that, when committed, can severely compromise not only the analysis and the financial statements, but also the very decisions made by management.Read about their comments about bookkeeping.

Want to discover the 4 fatal mistakes that an accountant cannot commit? Check carefully the post today:

Launch wrong values and downgrade

The rush to make a financial statement can be decisive for the counter bid amounts incorrectly. This impacts more than the demonstration itself in several fundamental processes and reports to the operation of any enterprise, as the income statement and the balance sheet.

Conducting monthly conferences, for example, can reduce this type of situation, but it is essential that the accounting professional redouble attention in time for the launch. If you want to find out whether your company has done this, contact Bookkeeper Melbourne.

The downgrade is another issue that can lead to errors counter. As we know, the legislation and the market are dynamic and are constantly evolving. Many professionals are limited to statements, releases and statements, but forget to keep an eye on current tax laws. It is commonplace for companies to end up losing exemptions or facilities because of this lack of attention. Although the counter does not turn a tax, it is essential to stay connected in new cases of law, regulations and standards in which it operates.

Bookkeeping Mistakes

Duplicate entries

Duplicate entries are some of the commonly made errors by bookkeepers. It may seem trivial, but the fact is that it causes a severe impact on the financial health of the company. Check daily to confront them with business accounts is a great way to avoid this and can be done by way of a meeting, by any person accompanying the accounting at the close of business.

Don’t stimulate capital reserve

The role of the bookkeeper goes beyond the analysis and management of numbers. It must indicate the surest ways for the financial health of the enterprise. It is very common for companies to commit to the payment of its obligations, not bothering to save, but the fact is that it is very important that it create a capital reserve. This can be essential to ensure that the management does not get caught by surprise with additional expenses, such as legal payments in the event of layoffs.

Missing the tax calculation

The tax calculation in a company is one of the most complex areas of accounting and therefore is more susceptible to error. It usually indicates how to properly fill taxes. Missing this information is a disaster: the corporation can lose money or managers could receive notification of the responsible agency.

In addition, these bookkeepers need to generate payment guidelines and periodic statements. If there is a mistake in the calculations, the company may be impaired. Advanced systems automated accounting can help to avoid this.

These are the most common bookkeeping issues that can be harmful to a business. Attention and good practices are always good ideas so that this does not happen. You got any questions? You want to make a suggestion? Visit for extra information on the matter.

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Smart Bookkeeping Choices for Your Business

Smart Bookkeeping

In the exercise of business activity, several important decisions dictate the direction your business will take. The road to success might depend on whether you have chosen a good or a bad bookkeeper, since they are the key operation for any successful company. The counter will be one of his first consultants, deserving more care in its hiring. And to help you explore this competitive market we help you make the right choice.

On the other hand, someone who is incompetent can not only cause headaches, but also serious legal problems. Unreliable counters cannot pay taxes, pay the most (which is very bad), miss the company code, errors in payroll, make late payments and still charge services that were not combined. Already realizing that a bad counter is something we want to avoid with all our strength, and if you need help always count on

What should a good bookkeeper do?

Currently, the role of the bookkeeper goes far beyond simply performing calculations and presenting the financial position of your company. Through statements and periodic reports, it should carry out a genuine analysis of your accounts and instruct you in the strategic decisions to be taken.

He must have analytical skills and always be prepared to guide you clearly the best investment options and payment terms, according to the specific situation of your company.

For this, they have to become a real partner of your company, in order to minimize the taxes to be paid; to examine whether its selling price and profit margins are adequate; guide you to buy better use credits embedded taxes the price of their purchases; and even to plan the financial and tax organization of your company.

The key function of bookkeepers

Above all, a good accountant should maintain an open relationship with you, you presenting the legal process, deadlines, and how taxes are calculated. They must always be ready to explain the reason for each orientation or decision.

How to recognize the differential?

The differential of good bookkeepers usually also depends on the specific needs of your company.

For starters, a good difference is in the amount of services provided and the possibility of performing additional services that perhaps are necessary to your business, and provide agile and direct channels of communication. The key word for the first differential is availability!

For the second differential, the master word is updated. A good accountant should be up to date with market innovations, whether in accounting, legislative and labor, with the constant improvement of its employees through theoretical courses, or of the different management software on the market.

Smart Bookkeeping

This item also includes the quality certifications (as PQEC – Quality Financial Companies or ISO Program – International Organization for Standardization – International Organization for Standardization)continue reading it on this website to make sure about the details.

The bottom line

Another difference to note is linked to the adequacy of the bookkeeper with the profile of your company. To analyze this point you should be aware of the value of the fees charged, location, physical and technological structure, check the amount of existing customers, number of employees, number of customers per employee and mainly the profile of the accounting office customers. It is interesting that the counter operates already or has worked with clients in your industry to meet the specific issues in your area.

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Tips for Hiring an Excellent Bookkeeper

Excellent Bookkeeper

If you have or want to have a business, hiring a good bookkeeper is one of the most important steps. To help with this task, we split the process into four simple steps to help you choose the right contactor.

Do not end up with bad professionals!

Step 1: Set whether to an internal or outsourced professional

When hiring a bookkeeper the company has two options: an internal counter or a third party. The internal counter is an employee of the company, responsible for all of its accounting. Already outsourced is a professional or company to provide accounting services monthly to the company.

The internal bookkeeper is more suitable for large companies, with annual sales above 50 million, due to increased workflow. The outsourced counter is recommended for smaller companies, which generally do not have much accounting work, so to justify allocating one or two people for the whole day because of that.

At first, an internal counter has a better view of the business and the company’s strategy, while most contractors would focus if only in the bureaucratic part of the accounting service. However, there are some accounting firms that specialize in serving certain areas and that can have a strategic view of the business as good as the internal counter.

Step 2: Search for your bookkeeper

As we said, hiring an incompetent bookkeeper can bring much more trouble than help. So this step is very important to filter the good from the bad bookkeepers. A good research can start by visiting the accounting company websites to learn more about them and their specialties – a wonderful option is to have the help of . Some questions should be asked during this step to guide the research:

• Is the professional able to clarify my doubts?
• Does he have experience in the area of my company?
• Does he provide the services I need?
• It he licensed?

Step 3: Define the services to be provided

The entrepreneur must be fully aware of the kind of service that the company needs, what it can do on its own and what it needs outside help. The main types of financial services are: help to open company; payroll; audit and / or consulting; tax / tax and accounting services.

Note that if the entrepreneur has any questions about the services you need, it is not advisable to decide on their own. The ideal is to talk to the bookkeeper or office selected in the previous step to remove any doubts that exist. For a competent team of professionals contact has a strip of free space questions, which you can access anytime!

Step 4: Close the contract with the chosen accounting office

To start the service between the accounting firm and the client is necessary to sign a contract. It should cover the obligations between the parties, which is up to the counter and the company.

Excellent Bookkeeper

Another point that must be addressed by the contract are the amounts payable relating to breach of contract and the services provided.
According to data from the sector, an internal economy sector costs on average eight times for a small business to a third party service. Finally, the contract should also cover forms of payment for the service.

Hiring a bookkeeper for the company is not something complicated, but must be done carefully to generate the highest possible return for the company and avoid the problems that a botched accounting can generate.

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