One advantage of the introduction of the GST was initially to force you to review your finances on a quarterly basis resulting in a greater awareness of your ongoing financial position.
This has led to many small businesses utilising a computerised accounting software package such as MYOB or Quickbooks to do the hackwork and present you with the necessary reports and if required even the BAS itself.
However, owning the software does not make you a bookkeeper, and whilst the software companies have done their best to make the packages easy to use, the operator still needs a basic understanding of bookkeeping.
We’ve helped many small business owners with book-keeping, and we can help you. By outsourcing your bookkeeping needs you can free up your time to do what you do best in working your business, while we do what we do best, working on the bookkeeping side of your business.
The work of a bookkeeper is not the same as that of an accountant. Indeed, many accountancy firms employ or subcontract bookkeepers to prepare the figures for their financial reports.
Bookkeepers enter all the data, invoices, receipts, dockets, and match up the money that comes into a business with the money that goes out of the business.
The bookkeeper will reconcile the bank accounts, make sure that all the figures entered into the general ledger match the figures on the bank statement.
Accountants will look after the taxation matters of a business – they are professionally qualified and keep upto date with all the updates and changes in tax laws and rulings from the Australian Taxation Office.
The finer points of accounting and taxation are best left to the professionals whose job among other functions is to keep you updated with changes in taxation as well as maximise your deductions. Your book keeper should be able to prepare a reconciled trial balance.
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