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.

For more info: http://www.bookkeeperco.com.au

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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 http://www.strategicventureassociation.com/the-new-trend-in-bookkeeping/ 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 http://www.accountingweb.com/practice/growth/why-bookkeepers-should-embrace-technology-to-enhance-their-career.

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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