Business Activity Statements
BAS Due Dates:
- 1st Quarter: 28 October 2016
- 2nd Quarter: 28 February 2017
- 3rd Quarter: 28 April 2017
- 4th Quarter: 28 July 2017
Bookkeeping – It’s an essential process for any small business, but one that is also challenging in terms of both attention and time.
Bookkeeping is the process of keeping complete, accurate, and up-to-date financial records. It encompasses a wide range of financial tasks including keeping track of accounts receivable and accounts payable, payroll, bank reconciliations, supplier reconciliation, and aged receivables and payables.
All of these tasks go towards helping the business prepare Profit and Loss (P&L) and Balance Sheet reports, BAS, GST, and IAS statements, and a range of budgets and estimates.
Utilising Irenas Parramatta Bookkeeping Services can help in three main ways: it saves you money, saves you time, and lowers your stress.
1. Saves You Money
There is so much documentation that Australian businesses must keep to abide by the Australian Taxation Office. Evidence is required for all taxation calculations and as part of your ongoing reporting duties. If you don’t, severe financial penalties can apply.
Parramatta Bookkeeping will assist in ensuring your ATO obligations are kept with precise information which is organised and current. Plus we can process transactions and records quickly and efficiently improving productivity and cutting down on your management time. Plus this has the added benefit of you won’t have to use an accountant for small tasks or wasting their time searching for documents.
2. Saves You Time
Experience is the key here. Irenas Parramatta Bookkeepers have the skills, resources, and experience to handle all of your financial paperwork with a speed and accuracy that neither you, nor many or any of your other staff, likely possess. Outsourcing your bookkeeping saves you from trying to handle complex and mundane tasks yourself or having to re-enter incorrect data at a later date.
3. Lowers Your Stress
Ensuring ATO deadlines are met and spending a lot of time and energy on tasks for which you are neither trained nor that you enjoy not only wastes time and money but generates stress. Irenas Parramatta Bookkeeping services are tailored to your needs so are cost-effective, convenient. We offer both offsite and onsite services and work out a plan to assist your required all go towards lowering your stress levels.
Running your own business has so many factors that need to be kept on top off for success. Reports of small business failure may or may not be exaggerated in the Australian context, but it remains true nonetheless that operating a small business comes with few guarantees of success.
Being aware of the hazards that lead to failure can help you to sidestep problems and set more realistic expectations for you and your business.
One of the top hazards for which businesses might fail is poor financial control.
That poor financial control leads to small business failure is a no-brainer. Common problems for small business include taking on too much debt, financial position (i.e. cash flow) rather than keeping meticulous records, and not retaining enough reserve capital to carry you through seasonal declines or unexpected hiccups. This is where Irenas Parramatta Bookkeeping Services can assist. It could save you a lot of cash in the long term and also be the difference between success and failure.
Contact Irenas Parramatta Bookkeeping today for a free consultation of what we can do to assist your business: (02) 9011 5337