Sydney-Bookkeeping.Com.Au

Bookkeeping records the flow of money in and money coming out of your business. A fundamental factor of any healthy small businesses in and around Campbelltown, Bankstown, Sydney CBD and Northern Beaches, Australia, is whether there is more money flowing in, than is flowing out.

Tracking the flow of money in and out of your business occurs through the recording of each transaction by the person responsible for your bookkeeping. Contact us NOW and we’ll help you determine whether there is more money flowing in, than is flowing out of your business.

In basic terms there are four sources of income, and four reasons why money flows out of your business.

Depending on your business, income is generated through the sale of goods and services, or the sale of business assets. Other sources of income can be through loans to the business, either from yourself, or money that you have borrowed from relatives, friends, or formal channels such as financial institutions.

There are very few businesses that incur no expenses to generate the income. Thus money flowing out of your business will be to pay bills for overheads, such as power, telecommunications, rent, wages etc.

Other expenses include buying or replacing assets to run the business. Then there’s your remuneration, as drawings etc, and also your business may lend money to others.

The recording of each transaction by your bookkeeper is critical to protect all parties concerned. Each transaction should be supported by the appropriate documents. When the Australian Taxation Office decides to audit your business, they will often need to see all your supporting documentation.

Your bookkeeper needs to ensure that all the documentation is filed in such a way that it can be easily traced. Each transaction recorded in the bookkeeping system should be supported by the relevant documentation also.

Consider the day that a piece of equipment fails, and you wonder if it’s still under warranty. Your bookkeeper should be able to tell you when you bought the equipment, how you paid for it, and also be able to located the documentation relevant to that equipment.

A logical and ordered filing system is just as important as the balance sheet or P & L reports for your business. For more information or a free appraisal of your bookkeeping system, contact one of our Campbelltown, Bankstown, Sydney CBD and Northern Beaches bookkeepers NOW, and we’ll help you determine whether there is more money flowing in, than is flowing out of your business.

Before you realise, Easter will be upon us, then the end of the financial year

A client asked us today whether he should make the final balloon payment on his earthmoving equipment, even though he still has 12 more months to pay it off

We’re not registered tax agents and can’t advise whether he’s better paying the lump sum before the end of this financial year, or whether he should carry the payments over into next year.

If your bookwork’s not upto date, how do you make an informed decision about your tax liabilities?

If you don’t have your bookwork upto date, or if bookkeeping is the last thing on your mind right now, then how can you make an informed decision about your tax liabilities for the financial year ending 30 June 2009?

How do you know if you should make a lump sum payment on your vehicle lease this year? If you ask your accountant, you’ll most likely be told that without seeing any upto date figures for this financial year, your accountant cannot give you an informed answer

To prepare for the end of the financial year is not as difficult or as daunting as the task may appear. In fact, the ATO offer you encouragement to get your financials upto date with the quarterly BAS requirements.

Look no further, stress no more, simply contact us, as we provide an outsourced bookkeeping service. Our mobile bookkeepers can come to your premises, work on your computer, or pick up the paperwork and take it away to return with neatly filed and documented set of accounts ready for you to take to your accountant

Do you know that saying:”A Little Knowledge is a Dangerous Thing”? When applied to an accounting software package like Quickbooks or MYOB, it can become costly.

Many clients around Revesby, Panania, Padstow, Picnic Point, and suburbs to Liverpool and Bankstown, Sydney, NSW, Australia have contacted our professional bookkeeping service after having difficulties keeping on top of their bookkeeping. Contact us for more details

Use an efficient and simplified system to keep your book keeping in order, your books upto date and produce reports so that you have an accurate and current record of where your business is each week.

They’ve been shown just enough to be able to enter data and produce reports. However the reports that are generated are not a true reflection of their business.

This can happen through incorrect allocations of funds, or looking for ways to by-pass certain automated features built into accounting software packages.

The GST and BAS Nightmare

For clients in industries such as those involving food, the GST component can become a real nightmare. An example may be when purchasing raw food without GST, then preparing and selling food items that now have GST.

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In a tight economy you need to ensure that you have a handle on what money you owe and to whom, and what money is owed to you and by whom.

As a small business owner in Campbelltown, Bankstown, Sydney CBD and Northern Beaches you need to ensure that you have a handle on your cashflow. If you do not have a bookkeeper, or book-keeping system in place then contact us here for details

If you do not use an accounting software package such as Quickbooks or MYOB, if you do not use a bookkeeper, or have a bookeeping system in place then you could be heading for disaster. Unlike Kevin Rudd’s government, most likely you do not have an unlimited supply of cash,
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Many small business owners in Sydney struggle with keeping their bookwork up to date. Yet good record keeping is an essential part of any successful small business.

As a successful Sydney business operator, how can you make an informed decision about your business if you don’t know where you are at financially with your business? You may have an excellent understanding of your business, and can say that you have all the information in your head. That’s why having a bookkeeper as part of your team is so important.

Since many small business owners can not afford a full time bookeeper, they choose to outsource their book-keeping requirements. That’s where our team of Sydney bookeepers can help with your bookeeping.
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Can your business survive a tax audit?

The Australian Taxation Office have been engaged in extensive programs of visiting Small Businesses to check if they are keeping adequate bookkeeping records. Can your business survive a tax audit? Contact us for a review of your bookkeeping system

Section 262A of the ITAA 1936 requires that a person running a business to keep records that expalin and record all transactions. The documentation must be kept for a minimum of five years

If the ATO find that your bookkeeping is inadequate, then the taxpayer will be informed and advised to improve the record keeping operation, and your business will be revisited in six months.

The ATO has a list of records to be inspected and will contact you for a suitable time to review your bookkeeping and record keeping procedures

Can your business survive a tax audit? Contact us for a review of your bookkeeping system

Disclaimer: We are bookkeepers skilled in establishing and assisting with bookkeeping systems, we are not registered Tax Agents and cannot give advice in relation to tax matters.

Struggling with your Business Activity Statement (BAS) lodgment?

You can email your MYOB / Quickbooks data file and we can do any adjustments and even lodge the BAS on your behalf

It’s time for the Business Activity Statements to be lodged! They are due in 27 days, and things get pretty hectic for bookkeepers in the weeks before the BAS are due for lodgment with the Australian Taxation Office (ATO)

We get enquiries from small – to medium sized businesses (SME’s) as they suddenly realise that the paperwork is all too much, and they need help in getting the bookkeeping upto date on time.

Many bookkeepers will be fully booked in the weeks leading up to the Australian Taxation Office (ATO) deadline, and so last minute requests from clients can take some juggling of the calendar.

So when new clients contact us wanting urgent help, they need to get back to us with the same urgency to secure our services.

We rarely have to turn new clients away – as we have an excellent network of bookkeepers who we can call on to help out in times of need.

If you are needing a bookkeeper for the Business Activity Statement (BAS) lodgment that is due 28 October, then contact us right now so that we can schedule some time for you.

Remember, it’s never too late – and we may even be able to get an extension to the deadline on your behalf

Happy New Financial Quarter!

For some business owners the BAS is a pain in the neck

As we enter Q2 for 2008/09 the world of finance seems to be in turmoil, but guess what? The Australian Taxation Office still want you to lodge your Business Activity Statements.

Regardless of what’s happening (or not) in Wall Street or George Street, businesses around Campbelltown and Bankstown still need to get their bookwork sorted out for the quarter ending September 30 2008, to have the BAS done by 28 October 2008.

Are you struggling with your bookkeeping?

For some business owners the BAS is a pain in the neck, so they brush it aside and put it in that special place, the “TOO DIFFICULT Pile”

Trouble is, that really doesn’t fix the bookwork, and without a bookkeeper, or someone who’s got a handle on the bookkeeping, those Northe Beaches business owners that are not addressing the problem may soon find that they get fan mail from the ATO.

Contact Us today, and we’ll help you get your bookkeeping sorted out

PS – We are not Registered Tax Agents, we are recognised BAS service providers by the ATO