A qualified, experienced, and knowledgeable bookkeeper can provide valuable advice and support to your business. With accurate and up-to-date financial reports, you can build projections or review historical information which supports business improvement. Your bookkeeper can work with you on-site or remotely, and you’ll always have access to your transactions with the help of cloud computing. Here are some ways your bookkeeper can help:
Record and reconcile transactions
Whether you use cash or accrual accounting, a bookkeeper can reconcile transactions quickly so you’re always aware of your cash flow and finances. Using bank feeds, invoices, and receipts, they’ll use your accounting software like Xero, MYOB, or Quickbooks, to match transactions with the correct accounting codes to ensure accuracy in future reporting.
Prepare activity statementsA bookkeeper with additional formal qualifications and experience can become a certified BAS agent. This allows them to prepare and lodge your BAS (GST) and IAS (Income Tax) with the tax office so you meet your reporting and payment obligations. As a BAS agent, your bookkeeper is bound by a code of conduct and required to undertake ongoing study to maintain their certification.
Accounts payable & receivableManaging accounts payable and receivable effectively is a key aspect of ensuring a healthy cash flow for your business. When you hire a bookkeeper near you, you’ll have someone on hand to invoice clients and manage debts if they become overdue, while ensuring your suppliers get paid on time.
Payroll and superannuationA bookkeeper is adept at managing payroll and superannuation, and will make sure your staff are getting their entitlements. From tax declarations at onboarding, through to payment summaries and early termination payments, your bookkeeper has the knowledge to ensure payments are calculated correctly every time. Payroll and superannuation are subject to constant change - it’s not something everyday business owners can feasibly keep up with. Your bookkeeper will be aware of changes that impact your business and ensure your processes and systems are updated so you continue to meet your obligations.
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