Bookkeeping Tips to Remember
Hiring an Expert Bookkeeper will:
- It WILL save you time.
- It WILL save you money, being up-to-date means bookkeeping hours are kept to a minimum.
- Your accounting software will generate your Business Activity Statements.
- With everything up to date you can generate reports as required or on a regular basis.
- Your books will be ready to go to your accountant once the June’s bank reconciliations, BAS, payroll and superannuation have been completed.
Tips For Smoother Processing
- Keep your business/s, personal & investments transactions separate. If the need arises, transfer funds to one account to the other, to provide extra cash flow.
- Have separate Bank Accounts – one for each of your business & one for each of the investments & separate ones for your personal transactions.
- Have a separate credit card for your business. Remember to keep the receipts.
- Check your paperwork against your statements to make sure it’s all there. Write any additional information on the paperwork that you think we need to know. Attach everything to the relevant month’s statement.
- If any purchases are brought by you personally, use the expense claim form to reimburse yourselves back & place all relevant documentation behind the form for processing.
- Make sure you have tax invoices for everything you purchase so the GST component can be claimed. No invoice will mean the GST cannot be claimed, as this is an ATO Ruling.
The growing manner of doing business online has also brought forth the idea of outsourcing bookkeeping. Remember, this can be a cost-effective method as it can save time and, in turn, money. A company employing this method may hire a bookkeeper at least once a month in order to keep records up to date. Many small business owners say this allows them to widen their focus on other essential parts of the business, making managing more encompassing. This, in turn, can lead to faster growth for the business.
Here at Irena’s Bookkeeping and Financial Services, we are able to offer a tailor-made bookkeeping services plan.
Give us a call today to discuss and we can work out a cost-effective approach to your accounts.