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The role of the bookkeeper is to maintain financial records, create financial statements and streamline your financial affairs. A successful bookkeeper contributes to your business by identifying and eliminating any errors that could cost you money. Overall their services help you to focus on the Read more


3491
Shoebooks

Business administration and support

Shoebooks takes your stress away with tailored bookkeeping, payroll and accounting software solutions. SME's can take advantage of: · outsourced ac... Read more

Cremorne, VIC 3121

12 Followers
680 Views
Efficient Tradie

Finance, insurance and banking services

We work with Tradie's to turn around their businesses and get their cash flowing smoothly. We help you get paid on time so you can pay your bills onti... Read more

6 Views
The Bookkeeping Store

Finance, insurance and banking services

We love bookkeeping – it’s that simple. Whether we work with you or train you to complete your own books, we bring passion to a process that is... Read more

South Penrith, NSW 2750

9 Views
AGI BOOKKEEPING

Finance, insurance and banking services

AGI Bookkeeping gives varying relationship to our clients depending on what client truly needs. We give a stunning Bookkeeping affiliations and specia... Read more

13 Views
Qbiz Consulting

Accounting

Quality Business Advice, Tax and Accounting Services & Business Mentoring in Albury Wodonga. Contact us today at http://www.qbizconsulting.com.au. Read more

Baranduda, VIC 3691

4 Views

Bookkeeping

The role of the bookkeeper is to maintain financial records, create financial statements and streamline your financial affairs. A successful bookkeeper contributes to your business by identifying and eliminating any errors that could cost you money. Overall their services help you to focus on the day-to-day running of your business, maximise your claims and protect you from administrative errors.

What do Bookkeepers actually do?

A bookkeeper's role is to ensure that your financial records are accurate and up-to-date and that you are lodging the appropriate information with the ATO when required. Depending on the size of your business and the complexity of its financial affairs, a bookkeeper may also assist with much of the day-to-day management of your business finances.

Your bookkeeper will also prepare all of your financial data so that it can be analysed and reported on by your accountant. While your bookkeeper may offer you some information or guidance when requested, it is your accountant who you should turn to for financial advice, not your bookkeeper.

Some of the common tasks done by bookkeeper's include:

  • Processing invoices, receipts, payments, and other financial transactions
  • Processing and maintaining your payroll system
  • Preparing initial financial statements
  • Reconciling accounts and preparing reconciliation reports
  • Managing your accounts receivable and accounts payable, i.e. amounts owing by debtors, and amounts owing to creditors
  • Calculating GST
  • Preparing and lodging your BAS
  • Designing, establishing and reviewing accounting systems

What should I bring to a meeting with a bookkeeper?

When you have selected a bookkeeper, you will need to provide them with all of your records and information so that they can set up and maintain your files properly. For privacy and security reasons these documents are typically stored on the business owner's premises, with the bookkeeper having access to them in their working hours.

Documents for Master File:

  • Incorporation Document of Business Entity
  • Opening Trial Balance
  • Income Tax return of Last Year
  • Electronic Bookkeeping files

Sales:

  • Invoices Issued to the clients/customers
  • Details of Advance Payments received from     
  • Client/Customer Payroll
  • Payroll Details of employees
  • Details of salary paid and calculation     

Cash & Bank:

  • Cash Receipts
  • Cash Payment book
  • Bank Statements
  • Credit Card Statements
  • Cheque Stubs
  • Invoices received for Expenses Incurred
  • Receipts/Invoices for purchase of Fixed Assets
  • Receipt of Payment of Taxes    

Inventory:

  • List of Inventory items involved in business     

Other relevant Transactions:

  • Summary of any major event during the year
  • Payments to Shareholders
  • Loan Statement for loan taken from bank/ financial institution
  • Details of Withholding tax paid (If any)
  • Returns filed with tax Authorities
  • Any Correspondences with Government Authorities

When should I consider hiring a bookkeeper?

It's wise to engage a bookkeeper as soon as your business starts trading, as you will need to keep detailed records of all income and expenses from day one. Usually a bookkeeper is only needed for a few hours a month in total, though the frequency and total time will vary based on how many responsibilities you would like them to take on.

New business founders are often incredibly busy getting their venture off the ground, and trying to stay on top of your financial records and reporting obligations is just an added stress and distraction. Delegating this responsibility to a qualified bookkeeper frees up your time and energy to focus on building a profitable business and getting money through the door.