Bookkeeping

Bookkeeping is the financial equivalent of keeping a diary. All transactions, both incoming and outgoing, are recorded in an accounting system. This method guarantees a well-organised digital log of all monetary transactions. You can see exactly where you are financially, and when tax time rolls around, you’ll be ready. No unpleasant tax surprises result from accurately recording income and expenditures. In a nutshell, accurate bookkeeping ensures tax compliance and smooth financial operations. 

Today’s professional bookkeeper or registered BAS Agent does work beyond traditional transactional entries;they leverage technology to automate processes, provide real-time financial insights, and ensure that all transactions are compliant with tax and financial regulations. With an emphasis on efficiency and accuracy, today’s professional bookkeeper plays a pivotal role in guiding businesses toward sound financial decisions in a digitally-data driven economy. 

Embracing appropriate bookkeeping systems and processes is the key to running a successful business. It provides a comprehensive picture of your business’ financial health, allowing you to make informed decisions and plan successfully. It keeps you tax-ready, provides better visibility on your profitability and cash flow, and protects you from making costly mistakes.

By keeping organised financial records, not only do you free up time to focus on building your business but your stakeholders and investors can have confidence in the numbers. Good quality bookkeeping is the foundation upon which your business’ financial success is built.  

If your business often grapples with complex financial transactions or you find yourself dedicating extensive time to financial tasks, a professional bookkeeper might be necessary. One challenge many businesses face is payroll. Ensuring timely and compliant employee payments amidst complex and changing payroll legislation can be daunting. Also, if you’re having trouble understanding or maintaining compliance with ever-evolving tax laws, or as your business expands and demands more sophisticated financial management, a bookkeeper’s expertise can be invaluable.

A professional bookkeeper not only provides clarity on your business’ financial health and guarantees that records are accurate and compliant, but they also free up your time. This allows you to focus more on your core business activities. Hiring a bookkeeper provides a combination of peace of mind, precision, and assurance, especially when navigating the complexities of payroll and tax legislation. 

In Australia, a professional bookkeeper can offer a wide range of services tailored to meet the unique needs of your business. Here’s a breakdown of what you can expect a businessDEPOT professional bookkeeper to do for you as a business owner: 

• Maintain accurate records of all financial transactions, ensuring they’re compliant with Australian standards. 
• As registered BAS agents, our bookkeeper scan manage and lodge Business Activity Statements [BAS] and provide advice on Goods and Services Tax [GST], PAYG instalments, and other tax-related matters. 
• Manage employee wages, superannuation contributions, leave entitlements, and single touch payroll lodgements. They’ll also stay updated on Fair Work and the Superannuation Guarantee requirements. 
• Track and manage incoming and outgoing payments, ensuring that invoices are sent out, paid on time, and that bills are processed and paid. 
• Generate financial statements like profit and loss statements, balance sheets and cash flow forecasts to provide insights into the business’ financial health. 
• Ensure that your business’ financial records match up with bank statements, identifying and rectifying any discrepancies. 
• Set up, maintain and troubleshoot accounting software systems like Xero, MYOB, and QuickBooks, ensuring you have the latest updates and can seamlessly access your financial data. 
• Monitor outstanding debts and develop strategies to manage and collect those debts efficiently. 
• Assist in setting financial goals, creating budgets and forecasting future financial scenarios to support strategic planning. 
• Work closely with your accountant, especially during tax time, to ensure your financial data is ready and accurate for tax planning and tax compliance. 
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The exact services a professional bookkeeper offers might vary based on their expertise and the specific needs of your business. 

It depends on various factors but at businessDEPOT, we take a value-based pricing approach.  

Here’s a breakdown of how we determine our fees: 

• Size and complexity of your business – The intricacy of transactions and industry specifics play a role in cost determination. 
• Volume of transactions -A higher number of monthly transactions usually translates to more bookkeeping work, which can impact pricing. 
• Services required – From basic data entry to specialised tasks like payroll management, the breadth of services affects the cost. 

• Software and technology – Integration with certain accounting software or advanced technological solutions may have a bearing on the price. 
• Experience and qualifications – Our team’s expertise and credentials are factored into our pricing. 
• Frequency – The regularity of bookkeeping, be it daily, weekly, or monthly, can alter the price. 

At the heart of our pricing strategy is the principle of value-based pricing. We assess the true value and benefits our services bring to your business, ensuring that the price reflects the tangible and intangible benefits you receive.  

This approach ensures our clients receive the utmost value for their investment. 

For a quote that suits your business’ unique needs, we encourage you to reach out to us directly. We’re committed to delivering exceptional value through competitive and transparent pricing. 

While closely related and often used interchangeably these days, bookkeeping and accounting do have distinct roles in the financial landscape of a business.  

At its core, bookkeeping involves the consistent recording and organising of financial transactions, ensuring data is accurate, complete, and systematic. In Australia, many bookkeepers are registered BAS agents, meaning they are qualified to manage and lodge Business Activity Statements [BAS] and handle specific GST and PAYG related tasks. 

Accounting, on the other hand, delves deeper into the analysis, interpretation, and presentation of that financial data. Accountants use the records maintained by bookkeepers to prepare financial statements, offer strategic financial advice, and ensure compliance with taxation laws. Many accountants in Australia are registered as Tax Agents, a title that requires specific qualifications.  

In the realm of bookkeeping, we harness a suite of cutting-edge software and tools to ensure accuracy, efficiency, and convenience for our clients.  

Beyond the foundational accounting platforms like Xero, MYOB, and QuickBooks, we integrate apps such as Dext, LightYear and Hubdoc. These powerful tools use Optical Character Recognition [OCR] technology, allowing our clients to effortlessly capture supplier bills and receipts, converting them into digital data in real-time.  

The integration of these apps not only streamlines the process of data entry and record-keeping but also ensures that all financial documentation is organised, accessible, and up-to-date. By embracing these technological advancements, we’re committed to providing a seamless and comprehensive bookkeeping experience for our clients. 

Bookkeeping can include payroll services, but it depends on the scope of services provided by the bookkeeper or the bookkeeping firm.  

Bookkeeping generally involves recording, organising and maintaining the financial transactions and records of a business. Whilst payroll services involve calculating employee wages, making necessary deductions (such as taxes and benefits) and disbursing payments to employees.