Xero Certified Partner | Bookkeeping Services

Bookkeepers have quite a varied role and while most mistakenly believe they only deal with basic number inputting, it is far more complex than that. Certified bookkeepers can deal with many financial matters within a business and you may be surprised with the services they can provide. What should you expect when hiring a Bookkeeping Services ?

Gathering Basic and Advanced Financial Information:

The books of a business can tell an owner so much about their business as a whole and the numbers do really count. In essence, a bookkeeper can create financial reports and analysis which can then be used to assess certain areas of a business. For instance, if you wanted to gather a report containing what monies have been spent on materials per month and what is recouped via paid invoices, bookkeepers can write a detailed financial report. This could then be used to see which areas are costing you more; however, bookkeepers can also carry out basic weekly bookkeeping for the business.

Bank Reconciliation:

This is quite a foreign concept to most and it isn’t hard as to why thousands of owners struggle to understand what bank reconciliation means. However, bookkeepers can offer this service and it can be useful for spotting errors. The way bank reconciliation works is very simply; the bookkeeper will obtain records from a bank for a certain period of time and compare these records to the cash balance records from the company. This is the time when the bookkeeper can pick up on potential errors made.

Checking Trial Balance Sheets:

Trial balance sheets may appear to be an accounting task but in reality it is a bookkeeping task and one which every bookkeeper should carry out. Bookkeepers should take the accounting worksheet and go over it with a fine-tooth comb to check everything is correct and in order. This is also the time when bookkeepers can pick up on any errors or mistakes made. However, it is a crucial service as it can prevent simple mistakes from becoming worse.

General Ledger Keeping:

The main service provided by every bookkeeper is to maintain financial ledgers of the day-to-day dealings of the business. This is a crucial part because without it a business cannot run. Every cent coming into the company and going out is recorded (either in single or double entry system) in these ledgers. Bookkeepers will also deal with accounts payable and accounts received which means they list every transaction the company owes and which it is owed also. Basically, every transaction made by the company is recorded and checked by the bookkeeper.

Know What to Expect:

For thousands of small business owners they often struggle to understand fully what to expect when choosing bookkeeping services. It can be exceptionally confusing if owners have never dealt with bookkeepers before and for many they have missed out simply because they aren’t aware of the additional services available. You can hire a bookkeeper for complete business financial services.

If you are small or medium size business owner and you struggling about the managing your business financial services then you need to hire certified Bookkeeping Services provider firm like account-consultant who can help you in manege all your financial needs like accounting, payroll, tax return & preparation, accounts payable & receivable and much more.

If you are still confused about the what are you looking for what your business need, then you can contact us here, we help you in all your business financial needs.

Thousands of businesses worldwide outsource in some way or another and it’s increasingly popular to hire an outsourced bookkeeper. This may sound a little strange to those who know very little about outsourcing, though it has become very much possible to Bookkeeping Outsourcing Services today. However, what are the reasons as to why a small business should consider outsourcing their bookkeeping services?

Reason to Business Outsource Bookkeeping Services:

A Bookkeeper Offers Quick Turnaround Times with Quality:

It’s important to remember bookkeepers who don’t work as part of a large bookkeeping firm, have only a few things to keep their reputations alive. Firstly, bookkeepers rely on affordable prices and quality work. If they hand back a company’s books with several errors on them then they are less likely to be rehired and very unlikely to get work elsewhere. Secondly, bookkeepers need quick turnaround times in order to keep their clients happy and this is the biggest reason why small businesses need to outsource. Professionals know the competition is huge for them and unless they provide quality work in a short space of time, they won’t go far.

Freeing Internal Resources:

Small businesses don’t usually have a large team of people behind the scenes and look to double-up the workload as much as humanly possible. Unfortunately, having a member of the team dealing with their regular job as well as the bookkeeping services can often be a troubling thing. Sometimes the employee takes away precious hours that should be dedicated to their regular duties but are instead focused on bookkeeping. It’s fast becoming a problem for small businesses but when you outsource to a bookkeeper you remove this issue.

You Get the Full Story from a Professional Bookkeeper:

Hiring bookkeepers who are friends or family members are great but if they aren’t qualified they potentially hurt your business. It’s the same with allowing employees who have no real experience or qualifications to deal with bookkeeping; disaster is looming large. However, when you outsource and hire an bookkeeper you can learn much more than ever before. You can get a clear picture of your finances and can actually learn whether or not the business is in a strong position to expand or stay afloat for the upcoming months.

Reducing Office Space:

An important reason why small businesses should outsource bookkeeping services is down to lack of room. A small business doesn’t have a large office building, in fact most start off with a home-based office and eventually expand into a larger office but even then the space is tight. Being able to reduce office space, even by only one or two people, could make all the difference. Bookkeepers don’t have to work within the office when you outsource which is a real saver.

Outsourcing Makes Sense for Small Businesses:

Large companies may not find outsourcing to be the most effective solution for them personally however 9 times out of 10, small businesses disagree with this. It does make perfect sense for a small business to consider outsourcing bookkeeping services. It could make things much easier in the long-run and hiring a bookkeeper is so simple today.

Contact us here for Outsource your Bookkeeping services for your business.

Trying to save money by doing the bookkeeping yourself can be very costly. We’ve identified 10 danger items to be aware of.

Simple bookkeeping mistakes can become very costly, not only by incorrect allocations, but also in the time that’s spent tracking down the source of the errors.

Bookkeeping is a task that many business owners hate doing, and is often rushed, left to the last minute, or carried out late at night after a hard day at the office or on site. It’s time like that when the mistakes are made, and incorrect bookkeeping can expose owners to substantial fines if discovered by a Tax Office audit.

Here’s a list of ten common mistakes made by small business owners in DIY bookkeeping

1. GST

This is still an area of confusion particularly for start-up businessess. We often see sole traders charging GST without being GST registered.

2. Claiming GST credits without realising that your supplier is not registered fo GST

3. Claiming GST without valid tax invoices

4. Not understanding the accounting software package

As accounting software packages are simplified by programmers, they seem to get more complicated for the end user. Many of the functions are confusing for the business owner who may have no understanding of double entry bookkeeping. This can lead to business owners doubling their work in an effort to create the desired reports, and therefore producing inaccurate bookkeeping records.

5. Incorrectly allocating the data entry can result in missing valid tax deductions that should rightfully be claimed. Your accountant will generally not have time to go through each item, and may not fully understand your business. So if you’ve allocated data incorrectly, you r accountant may also miss those claimable items

6. Missing deadlines for Business Activity Statement (BAS) and PAYG lodgements

You could be subject to fines and penalty payments

7. Superannuation contributions -

Under the Superannuation Guarantee legislation, you are required to pay 9% of an employees ordinary time earnings – many small business owners are unsure what constitutes ordinary time

8. Bank reconciliations – many businesses do not understand the purpose of, or how to reconcile the bank account with the data entry – causing room for errors

9. Failing to issue invoices regularly

This can badly effect your cash flow, as well as leaving your business wide open to overdue debtors being overlooked

10. Backing Up your records

We’ve all experienced an inexplicable failing of our computer, be it a power surge or the hard drive just crashing – or even the computer being stolen. Where would you be if you’ve got no back up of your accounts?

You should make it a habit to back up every night, every week, and every month

Free Strategy Session

More importantly we’ll review your financials, and show you how to manage your cash flow, increase your income / revenue, and reduce your taxes.

Are you looking for a Bookkeeping Outsourcing Services?

Contact Us trustworthy outsourcing solutions for your business.

Both a legal obligation and a business management tool, bookkeeping must be carried out rigorously, whether by an accountant or someone from the company. But what exactly does this mean for small businesses?

In Quebec, each company must keep up-to-date paper or electronic registers and keep them at the disposal of the competent authorities for six years. At any time, they can be requested by Revenu Québec for verification and must be made available to them within a reasonable time.

If the form of the books is not imposed, the information contained therein must make it possible to verify:

• The company's income and expenses, to be reconciled with receipts and disbursements;
• The amounts collected for the GST and the QST;
• Amounts of taxes paid, requests for credit or refunds of input tax;
• The useful information used to calculate source deductions and employer contributions.

At the same time, the supporting documents must also be kept for six years. It's about:

• Daily statements of turnover, invoices, cash register tapes and daily statements from credit card Payment terminals;
• Daily expense records, checks, canceled checks, credit card statements and receipts;
• Mileage statements for each motorist combining professional and personal use with the same vehicle;
• Supporting documents for travel;
• Supporting documents for fixed assets;
• The register of employees, with an indication of their salary and deductions made for each;

The different accounting systems

There are several accounting systems that are to be assessed according to the needs of the business.

• Single part accounting or cash accounting: transactions are recorded only once, either as expenses or as income. For clarity, the entries are grouped together in a one-page table called the income journal, and the outputs on another, called the expense journal.
• Double-entry or accrual accounting: transactions are recorded twice, once on credit and once on debit. Whatever type of bookkeeping services is chosen, the system must be reliable, precise, consistent, easy to use and understand, in order to allow easy access to the necessary information at any time. Procedures for checking the accounting entries must be put in place, and first of all the bank reconciliation which makes it possible to compare the bank's entries with those recorded in the accounts. It is done at least once a month upon receipt of the bank statement.
• The accounts can be kept in the form of spreadsheets, but this system is relatively cumbersome, the functionalities limited and part of the errors are only detectable at the end of the year, that is to say at the time to release the financial statements. Conversely, accounting software saves time, limits errors, automatically calculates taxes and makes precise financial forecasts. Today, most are available online and many are free or inexpensive.
• Good bookkeeping certainly helps meet legal obligations, but it is also an essential management tool. By rigorously following your accounts, you know the performance of your business in detail and in real time. It is thus possible to compare them with the results of past periods, to make forecasts and to make informed decisions.

Discover our bookkeeping service in Australia and contact here our accounting firm now.

Bookkeeping is a crucial component of any successful business. It ensures that your business stays organized and on top of all financial obligations, to make sure you can focus on the more important aspects of your company.

The most daunting challenge for small businesses are keeping up with the ever-changing tax laws and regulations. Bookkeepers help to make this process less painful, as they have extensive knowledge in accounting practices and will be able to provide guidance when it comes time for taxes.

For many entrepreneurs, there may not seem like much value in hiring someone else to manage their books - but bookkeeping professionals will be able to save you money by helping identify where your budget needs adjustments or cutting out unnecessary expenses.

Why is Bookkeeping Important?

Did you know that bookkeeping is the process of recording financial transactions, classifying them for accounting purposes and summarizing or reporting on them? In other words, bookkeeping is a vital part of running any business. If you're an accountancy professional with an interest in expanding your knowledge and experience, this blog will be perfect for you. Bookkeeping services is important for bsuiness and personal financial health.

Who Can Help?

We are here to help. Whether you need assistance in understanding your taxes, want to find an accounting firm that will give you the best service for a price that doesn't break the bank, or just want someone to talk over your options with, we're here for you.

With how essential bookkeeping is to the success of your small business, it makes sense to prioritize it and put a lot of effort into making it happen.

Let us put in that effort for you. We’re here to help you and your business succeed.

Contact us here Bookkeeping Services for Small business.

It is not just important to find a great XERO Certified Advisor. It is crucial to maintaining a good relationship with them as well. Since they manage your accounts, you need to have an ally in your bookkeeper as you should be comfortable to discuss business financial transactions with them. Recently, XERO researched that when a business does not work out 65%, entrepreneurs cite financial issues as a reason. So, forming a cordial relation would be of utmost importance.

When you Hire a Bookkeeper at firms like Account-Consultant do not just play with numbers, they are also expert storytellers. They would tell you where your business is standing, and what you need to do to achieve your goals. If you have a long-term relationship with your bookkeeper, they would also help you with the subtle nuances of your businesses like operational issues as well as integrating with clouds. So, it is essential to have a solid foundation for this relationship, and there are a few steps to ensure this.

Points To Discuss With Your Xero Certified Advisor

• Remain organized: Keep your paperwork arranged, not only would your Xero bookkeeper thank you for it, but you will also end up saving your time and efforts.

• Communicate your needs: Before setting up your meeting with your Xero certified advisor, you need first to decide what you need their services? Are you looking for just bookkeeping or compliance or do you expect them to help with their contacts as well? Once that is done, find a partner who would work just as you need.

• Real-time collaboration: The best way you both can work together is if the numbers exchanged in real time. Using cloud technology would help with that. Let them know all the details on time so that they can provide the best services.

• Referral: Being an entrepreneur yourself, you know the value of referrals. Refer your XERO bookkeeper to others.

Contact Us for a successful relationship between you and our Accounting Partner would mean a higher probability of your success. So, invest wisely!

We cater to you whether you have 1 or 2 employees or if you have 1 or 2 hundred employees. We guarantee your satisfaction. This is why we offer no contracts for you to sign, if you are not 100% satisfied with our Small Business Payroll Services we do not expect you to continue to have us do your payroll.

Account-Consultant Payroll Services employ experienced and trained payroll administrators who are certified thru the Australian Payroll Association. This assures you that our administrators have the training and knowledge of all the regulations that are in the Labour Standard Act and tax laws as governed by Revenue Australia for your area.  Having trained staff will insure you that you will not be on the wrong side with Revenue Australia with respect to your payroll.

We understand the competitive nature in our Australia workforce.  You want to hire and retain the best and most suitable people to work for you and not your competitor.  Grumbling employees unhappy with incorrect pay or late pay is not what you want.  Account-Consultant Payroll Services understands this therefore we want to insure your employees receive their pay correctly and on time.

Paying employees by cheque is becoming a thing of the past; Account-Consultant Payroll Services utilizes much more efficient and effective ways of paying employees than the use of cheques.

One other major reason why we are right for you is accessibility. We do not have complicated automated answering systems;  your call is answered by a knowledgeable and caring person who will give you the Xero Payroll Certified service you deserve.  Should you choose to communicate by e-mail your messages will be addressed promptly. Service cannot be overly emphasized; services is in our name and who we represent.

Contact us here for Payroll Services for Small Business on affordable pricing and Quick turn around time.