Archives for bookkeeping category
When potential clients contact our Revesby, Panania, Padstow, Picnic Point, and suburbs to Liverpool and Bankstown book keeping service, they often ask us: “what is your hourly rate for bookkeeping?” Read more… »
Why does good book keeping mean good record keeping for businesses in Revesby, Panania, Padstow, Picnic Point, and suburbs to Liverpool and Bankstown? Well, we’ve talked many times previously about the importance of good record keeping to save money on your bookkeeping fees.
Recently a client from Liverpool approached us with an A4 archive box full of suppliers’ invoices, and a coupe of bank statements, for the 2008 – 2009 financial year.
We were just given the box, and asked to record all the transactions – we had no idea of the nature of the business, no opening balances – nothing. We looked through the paperwork and proceeded to find a pattern of transactions.
how good record keeping can save money on your bookkeeping fees
We’ve many years experience as bookkeepers, and were able to work out how many of the payments were made, though it proved to be quite a challenge, owing to the way that the client has been keeping the paperwork, such as:
A simple extra 30 seconds each time the client made a payment would have saved us a few minutes in trying to track down what the client had done. All those extra minutes turn into hours, and turn into increased fees for their book keeping
Secretarial Service wants MYOB training
Had an email from a secretarial service in Parramatta – that’s how it works with your online admin. The lady wants some MYOB training, so that she can “do the bookwork” for one of her clients. Read more… »
Business Activity Statements, for business owners reporting quarterly, are due on 28 July 2009.
For many small business owners and especially for their bookkeepers, July is always a busy time of year in Australia.
With end of financial year reporting, together with reporting of the 01 April to 30 June quarter, businesses that are behind in their paperwork can struggle under extra pressure that they really do not need
Cash flow has certainly tightened up in the economy. As bookkeepers, we’ve seen that invoice payments are being dragged out longer and longer, as suppliers wait to be paid by customers, and service providers wait to be paid by their clients
The phone’s been ringing as desperate business owners in a panic wanting help with their MYOB and Quickbooks files. In most cases, they can simply email us the files and we’ll have a look at their reporting and can generally work out where the problems are within a short time
One lady contacted us after spending two days trying to reconcile her Quickbooks bank accounts. We had a look at her file and solved the problem in 35 minutes. Look at the time and stress she would have saved if she had contacted our bookkeeping company when she first noticed that there was a problem
As a small business owner we encourage you to focus on what you do best, and we’ll do the rest
Desperate phone call from a bookkeeping client in Bankstown: What to do about unpaid accounts? Our professional bookkeeping can help small businesses chase up unpaid accounts.
You know the “good cop” / “bad cop” thing. Get the bookkeeper to get on the phone and chase up those unpaid accounts before it’s too late. As the recession that we had to have deepens, more small businesses will experience bad debts. It even happens at the big end of town.
If you don’t have a handle on your bookkeeping, then you can quickly find that those clients owing you money have nothing left to pay you with. Many operators get caught up in getting the job done, and forget to chase up payments of previous jobs.
Our bookkeeping service can help you keep a closer eye on your unpaid accounts. We can get on the phone for you. We can reconcile your accounts, track all your payments and receipts- and do so many other things to ensure that you have your financials in order.
Don’t get caught in the trap of skimping on your bookkeeping – it can be a false economy to look at saving money by spending so much time on your paperwork. Hand it over to the professionals and focus on what you do best: running your business. Contact us today for a free quote.
Could 80% of BAS forms really be completed incorrectly? Apparently this is the figure that the Australian Taxation Office estimate when reviewing Business Activity Statements.
Are You Paying More GST than You Should?
When you consider that many small business owners around Revesby, Panania, Padstow, Picnic Point, and suburbs to Liverpool and Bankstown believe that bookkeeping is an expense, rather than an investment, it is hardly surprising that so many people who have no idea what they are doing complete Business Activity Statements.
Many clients approach our professional contract bookkeeping service because they realise that a mobile bookkeeper can save them heart-ache and stress in getting their paperwork upto date.
Speaking to a client in Bankstown last week, it transpired that he had absolutely no idea what was involved in running a business from the financial aspects. As long as there was money in his pocket at the end of each week to pay the bills, he was happy.
When the first BAS form arrived on his doorstep he just figured he’d guess what figures went where and hope that it would all sort it self out at the end of the financial year
The crazy thing is, that by having to report quarterly Business Activity Statements, small businesses are being encouraged to record their business activities every three months.
If you leave it all for your accountant at the end of the financial year, then guess what? It’s all too late.
If you’re now faced with a large tax liability after the end of the year, there’s nothing you can do about it. Whereas if you are aware of the situation beforehand, then there maybe avenues that you can follow to reduce your tax liability. We are not registered tax agents and cannot give guidance in such matters, so you need to speak to your accountant.
We’ll look at your bookkeeping and assess your requirements. It’s not uncommon for us to find some major savings for our clients. Contact us today for more information.
Bookkeeping – Tax- Free Stimulus Package Bonus to $900
Bookkeeping: A Tax Free Lunch on the ATO? As bookkeepers around Revesby, Panania, Padstow, Picnic Point, and suburbs to Liverpool and Bankstown, NSW, Australia, our clients often ask about meals as a tax deduction.
With the new Australian Government Tax- Free Stimulus Package Bonus to $900, how many free lunches would that get?
So if you want a free lunch, then the Australian Government one-off tax-free payments of up to $900 for eligible taxpayers, could be your ticket
As bookkeepers, we can sort out the documentation, set up a bookkeeping system, key the relevant data into an accounting software package, and get all the figures ready for your accountant or registered tax agent to then assist you with lodging your tax return. Contact our mobile bookkeeping service now to get your bookwork up to date.
We often get calls from bookkeeping clients requesting a bookkeeper to sort out their bookwork and get them upto date so that they can lodge their tax returns.
Our bookkeeping service can go to your premises and work on-site, or we can organise pick-up of your documentation and work at our offices.
The Australian Government Stimulus package of Tax Bonus payments refers to your personal tax return. So if you are self employed sole-trader, have a business partnership or a small business owner, you’ll need to have the figures prepared for your business so you or your accountant can calculate your earnings for the year 2007-08. Contact our mobile bookkeeping service now to get your bookwork up to date.
The ATO advises that you won’t have to pay tax on your payment nor will you need to report the receipt of your tax bonus on your income tax return. The tax bonus won’t be included in your separate net income for tax purposes.
To benefit from the Australian Government’s Tax Stimulus Package Bonus you’ll need to get your bookkeeping upto date and have your 2007/08 tax return lodged by 30 June 2009
Is the ATO using this to chase up tax returns, or is the government trying to stimulate the economy?
Apparently already 7.4 million people have already lodged their 2007-08 tax return, and they’ll start receiving their payments from Wednesday 8 April 2009.
If your 2007-08 taxable income was $100,000 or less and you paid tax, you could be eligible to receive a tax – free bonus payment of up to $900.
Is the Government trying to stimulate the completion of tax returns, or is it trying to stimulate the economy?
We should stress that we are not registered tax agents, and so any matters regarding taxation must be referred to your accountant or tax agent.
Contact our Revesby, Panania, Padstow, Picnic Point, and suburbs to Liverpool and Bankstown mobile bookkeeping service now to get your bookwork up to date, so you can lodge your tax return and benefit from the Tax- Free Stimulus Package Bonus to $900, and have a tax-free lunch on the ATO
We’ve spoken on a number of occasions about the proposed changes to tax legislation, and how that affects bookkeepers, and ultimately the effect it will have on the small business owner.
We received a response from Matthew, Executive Director, Institute of Certified Bookkeepers Ltd:
I came across a recent article you have posted. Feel free to accept or ignore my thoughts below but I did think I would pass on a few responses
I share many of the concerns your article makes reference to and a review of
recent newsletters and comments, submissions about the proposed law will see that we have been making the same comments to government that they are not prepared to listen to nor accept.
By and large bookkeepers are not the problem, they aren’t always 100% perfect but most bookkeeping is performed by the owner or employee. Accountants are not perfect either.
I am concerned about the underground bookkeeper and that many will become
more underground.
I am concerned about the cost increase to business that will be necessary
for the Bookkeeper now BAS Agent to meet all their regulated obligations.
(Interesting that some others feel that costs should go down as a result of
this new system…)
Keep up the good work
Thanks
Matthew
——————–
Executive Director
Institute of Certified Bookkeepers Ltd
No sooner have we finished lodging BAS for the December Quarter, to find the January – March 2009 Quarter will soon be due. Contact us for HELP
Quarterly BAS
Most businesses submit quarterly, and the 1 January – 31 March 2009 (Quarter 3) BAS is due 28 April 09 for lodgment and payment with the Australian Taxation Office (ATO).
A new client contacted us out of desperation. Struggling to prepare all the documentation for the Business Activity Statement, she could not get the figures to balance.
We suggested she email us the MYOB data file, so that we could get a clearer understanding of where she was at with her bookwork. Contact us for HELP with your BAS
“I had trouble with my MYOB files and contacted Carol and her team and they were just excellent.
They listened and then explained what they could do to help.
Everything was done speedily, efficiently and most of all cost effectively.
They emailed me how to send my files and worked on them that day!
Most of all “they listen” and don’t treat you like a dummy!
It got me out of a potentially tricky situation and literally saved the day!
Thanks Carol.
Liz Bird”
Monthly BAS
If your business submits the (BAS) Business Activity Statement monthly, then 21 March 09 was the due date for lodgement and payment of the February 2009 monthly activity statements
Superannuation Guarantee Contributions
Also on that date are due the Quarter 3 Superannuation guarantee contributions (1 January -31 March) contributions to be made to the fund by this date.
If you are struggling to complete your BAS form, contact our team of Panania Bookkeepers for HELP
As bookkeepers servicing the suburbs to Liverpool and Bankstown area, we are often asked: “What Bookkeeping Records Do I Need?”.
When a business gets started, the first thing you should do is to make sure that you keep track of all the costs involved in setting up you business, so that you can set up a book-keeping system correctly from day one.
If you need some help in establishing your bookeeping, then contact us right now.
What’s become a nightmare for her, is a bookkeeper’s dream
A new Padstow bookkeeping client has been running her graphic design business for over a year operating on one bank account for everything. She’s made her book-keeping become a nightmare for her by using the same bank account for both her personal and business expenses. That makes our job as mobile book keepers quite an interesting challenge. We have to ask her which items on her bank account relate to business, and which are personal.
What Bookkeeping Records Do You Need?
The type of business you operate affects the type of records you need to keep for ATO purposes. You should have your bookkeeper set up your books using an accounting method that clearly shows your income for your selected tax year.
From a bookkeeping viewpoint there are a few basic bookkeeping matters that every small business owners should focus on to reduce the fees you will otherwise have to pay your bookkeeper or accountant
Depending on your business, whether you are located in Bankstown or Liverpool, you should get into a habit of keeping records daily
The Australian Taxation Office requires you have supporting documentation such as invoices and receipts for all transactions incurred in running your business such as purchases and sales. You might generate invoices electronically using an accounting software package such as MYOB or Quickbooks, or you may hand write your invoices using an invoice book Read more… »
Here's 10 things that you can apply in your business IMMEDIATELY
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2nd Quarter: 28/02/12
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