What is the point of having a bookkeeper at all?
Having a bookkeeper is like having an essential business ally. Someone you can trust to always be on top of it all when it comes to those constantly changing regulations in the financial world. They're also someone you can lean on for the basic advice as you start out, helping you make key decisions about accounting software and systems and being with you as you grow.
A good bookkeeper will also help you master your vital functions. Money in, money out and all the reports in between, so at a glance,
you can have control and clarity of your numerical empire.
When it comes to your business you want concise information, and strong bookkeeping practices will provide that in spades.
So, let's demystify what you need to know about your bookkeeping to ensure a solid foundation to grow your financial success.
Let's Dig Into Bookkeeping
Bookkeeping shouldn't be thought of as being boring because real success is never boring, and when bookkeeping is done right, success will come easily.
But you need the solid foundation first.
There are 2 main types of bookkeeping which you're going to need:
The Crusty Facts Of Bookkeeping
Since March 2010 when the Tax Agent Services Act 2009 (TASA 2009) came in to effect, it is illegal to engage a bookkeeper who is not a registered BAS Agent to perform BAS services for your business for a fee.
Bookkeepers found practicing in this way are subject to heavy fines and penalties. So BAS services, because they can only be performed by BAS Agents (like us!) are not the same as general bookkeeping services.
BAS Agents and Tax Agents are monitored by the Tax Practitioners’ Board.
So by engaging our services you can be assured that you are legally supported as we comprehensively adhere to these legal requirements
ensuring we are fully across your needs as you grow.
So What Are "BAS Services"
Okay, so stay with me here, this is a little crusty too but it's important to have this explained because you need to see the bigger picture and how it impacts you and your business.
So here we go, this is what BAS Services include
Providing Advice - No doubt you have wondered about what you are entitled to. It's one of the top three things we're asked about when it comes to bookkeeping. BAS Services otherwise officially know as "BAS Provisions" includes the following -
So as you can see, there's a lot to consider and you want to be able to have an open and frank discussion in a relaxed environment where you can feel free to ask the questions that of greatest concern to you and be assured you'll receive practical advice that's unique to you and your business.
Interpreting The Law - It'll seem like greek to you but it's like a second language to us. Being able to advise and ensure adherence is incredibly important to your business security and reputation we'll help you get it right and interpret it correctly.
Statement Preparation and/or Lodgment - Keeping on top of all of your statements be it your Business Activity Statements (BAS), Instalment Activity Statements (IAS), Employee Payment Summaries (aka STP Finalisation aka Group Certificates aka PAYG Payment Summary) and not to be forgotten, Taxable Payments Annual Report (TPAR - reporting contractor payments). These are all essential lodgements to running your business smoothly and fulfilling your legal requirements as a business owner. But of course, they don't all apply to everyone and having that explained to you is just as important and we'll help you out there too.
Reviewing Data - If you glaze over at the prospect of reviewing data, then you can leave it to us. With data revision we cover off on -
So if driving data and creating reports is not your thing then ensuring that a professional can get it right for you will take the pressure off and get you back to doing what you do best - which is the whole point of doing this at the end of the day.
Data Entry - If this is mind numbing for you, and you know it's not what you do well, then let us do it instead because it's what we're best at. We can enthusiastically fulfill the following data entry requirements -
Superannuation - This is people's future we're talking about here! You want to get it right. You need to understand what
the percentage is, who it's being distributed to and ensure it's easily and clearly identified in payroll. Processing employees’, and your
own, superannuation through quarterly submissions can be efficiently actioned when you understand it and you have the right systems in
place. We'll show you how.
But we'll also take you to the next level with Reportable Employer Superannuation Contributions (RESC) aka Salary Sacrifice and Additional Employer Superannuation Contributions that will ensure greater benefits come retirement.
Advocacy - Sometimes you need someone to speak the language and stand up on your behalf. Correspondence with the Australian Taxation Office can be tricky particularly in relation to BAS Provisions, dealing with matters relating to your Australian Business Number (ABN) and Australian Business Register (ABR), and those tricky questions and concerns relating to JobKeeper.
Software & Tax Codes - If you're registered for GST, then you need to have the right tax codes installed into your software. Having this right from the beginning will ensure smooth sailing for your future business growth and ease of reporting. What we're talking about here includes but is not limited to Xero, MYOB and other accounting platforms, Square, MindBody, other point of sale and payment/invoicing platforms. We'll help you understand why these are crucial.
Invoice Set Up - With every business consistency is essential. Setting up the look and information presented in your Tax Invoices, Adjustments Notes (Credit Notes), Remittance Advices and Statements will ensure that your clients will always have faith and trust in your brand.
Tax Settings - What the heck is a Tax Setting anyway? Let me explain. Your Tax Settings impact the outcome of the Activity Statements which we know needs to be spot on. Tax Settings influence -
Ensuring that your settings are correctly configured from the get go in relation to your reporting is crucial to saving you time and money.
Bookkeeping Services - Not Relying On Interpreting Or Applying Law
In case we didn't make it clear, there are times when you need a bookkeeper that's experienced and certified in the law, and other times when it's not a requirement. Knowing the difference of when to use the right person will impact your business. We can make it clear for you and remove the surprises because we know the difference and will keep you safe.
Here are some of the Bookkeeping Services that we also provide that don't rely on the application of Law or the interpretation of it.
Data Entry - For all of the other data entry that doesn't require the use of tax codes unless instructed by the client, BAS agent or accountant
Bank Reconciliations - Extremely important! You want to know that everything is balancing and recorded. We have the eye for detail and won't let anything slip by.
Sales Invoicing - Did you know there is a difference between Sales Invoicing that doesn't require GST and that
which does. With a Sales Invoice that doesn't require GST, a bookkeeper without a BAS agent licence can raise an invoice. However, if the
invoice requires GST, a bookkeeper must have by law a BAS agent licence.
The only way that GST can be legally applied is strictly by the instruction of the client, BAS agent or accountant.
You want to make sure you get it right and have the right person actioning that work for you.
Sales invoicing that does not require specific instruction or licences includes -
Expenses - When you don't have GST to consider, hence the legal requirement or instruction of client, BAS agent or accountant, expenses can still be tracked and recorded by your bookkeeper and also includes the following -
Reports - As with data entry, the preparation of reports, when not a BAS Provision, can easily be compiled by your bookkeeper. We'll take the following off your hands -
General Record Keeping - Keeping it all organised, clear and concise, will ensure control in the present but then in the
future when the time comes to sell your business, for whatever reason, you will be set up for goodwill. A well-presented business with
efficiencies is a highly desirable business. And...besides all that, it just makes your life easier.
Your time is better spent doing what you do well.
Let us make it easier. Have us do it for you.
We're all about removing the mystery and the anxiety.