There are many aspects to running a small or medium business. No matter the industry and no matter whether providing a good or service, the day-to-day operations of running a business can consume most of a business owners time.
If you are a small or medium business owner and struggling to find enough hours in the day to get to all the tasks involved of running a business, it’s time to seek assistance. While some business owners consider outsourcing certain tasks as a further cost to their business, this is not necessarily the case. Engaging the services of an expert in their field to manage certain tasks can allow you, the business owner, additional time to focus on other areas of their business.
Bookkeeping is an essential and crucial component of running a small and medium business and a task that is commonly outsourced. Engaging the services of a certified and skilled bookkeeper can free up your time and improve the financial management of your business.
Read below to learn how a certified bookkeeper can help your small or medium sized business including:
- Business Activity Statement (BAS) Services
- Manage or assist with accounts receivable and accounts payable
- Bank accounts and credit card accounts reconciliation
Business Activity Statement (BAS) Services
The Business Activity Statement (BAS) is a business tax reporting requirement issued by the ATO on either a monthly or quarterly basis. It is used for reporting and paying GST, PAYG instalments, PAYG withholding tax and other obligations. A certified and experienced bookkeeper can manage your reporting and ensure accuracy and prompt lodgement of your BAS statements. They can mitigate exposing your business to easily avoidable penalties for late lodgement, providing misleading or inaccurate information or failing to withhold the required PAYG amount.
Manage or assist with accounts receivable and accounts payable
Good cash flow is essential for any business. A professional bookkeeper can manage or assist with accounts receivable by ensuring invoices are accurate and issued promptly. Regarding accounts payable, a bookkeeper can manage or assist by ensuring invoices you receive are paid on time plus assist with debt collection by following up of outstanding payments promptly. The more up to date your accounts receivable and accounts payable are, the more accurate the current cash flow position of your business is.
Bank accounts and credit card accounts reconciliation
Bank account and credit card reconciliation involves reviewing and checking each transaction on a bank statement. The process of reconciling a bank account can involve having a record of all transactions, allocating expenses, collecting and sorting receipts, data and documents and then comparing the transaction amount matches to the outgoing amount in the corresponding bank account. This process typically occurs monthly or at the end of each quarter.
Bookkeeping Matters manage everything from general bookkeeping to compliance to reconciliation and BAS preparation and lodgement for sole traders and small to medium business
Bookkeeping Matters are in business because we’re driven to see yours succeed. We genuinely want the best for you and will go above and beyond to bring order to your finances, so you can spend time on the things that matter most.
Find out more about how we can improve the financial management of your business by booking a consultation today on 0423 003 552.
Disclaimer: The information in this article is general information only.