Frequently Asked Questions

why should i get a bookkeeper, if I can do it myself?

A Bookkeeper is the financial record keeper for a business. We record and organise the financial transactions in a businesses accounting software and ensure everything has been accounted for correctly.

Whilst Bookkeeping seems to be straightforward and easy to handle, more often than not business owner’s find themselves drowning with trying to keep their accounts up to date. Usually this comes down to the fact that they simply don’t have enough time to commit to their accounts, and they aren’t prioritising the importance of keeping their books up to date.

Without having the knowledge and experience of a Bookkeeper, the information being entered may not be correct or properly accounted for. This can potentially cause issues down the track with regards to GST, Tax and other compliances that are required from a business. And ultimately cost and extra time to have it corrected.

If you’re considering whether you need a Bookkeeper or not, take the leap and hire one!

It will certainly help you out in more ways than one. In the short and long term it will save you time, headaches, stress and money!

Never underestimate the power of a great Bookkeeper!

When should I contact a bookkeeper?

As soon as you start to think about your business as a bookkeeper can help you take the next steps. We can discuss your business's requirements and record keeping, along with your compliance with ATO and other statutory regulators.

Many businesses decide to bring a Bookkeeper on too late, when their accounts are a mess and they need to be sorted out or brought up to date. This can be a very costly and stressful process that can be avoided if the choice is made early on to hire a Bookkeeper from the get go to keep everything in order.

With regards to your business, the best outlook to have is that the bookkeeping provides the foundations of your business. It ensures everything is running smoothly and is compliant in the eyes of the law and that everything is accounted for. It also provides a clear view of how a business is tracking financially. Additionally, it makes your accountant’s life much easier and thereby they are able to do their job easily and efficiently.

What is the DIFFERENCE between Bookkeeping and Accounting?

Bookkeeping and Accounting are often two jobs that go hand in hand. Many business owners easily get confused between a Bookkeeper and an Accountant, and question why they need both professions to assist in their business. It’s true that some Accountants will provide the services that a Bookkeeper does however they will generally do so at a much higher rate, hence a Bookkeeper is far more practical and cost friendly for these tasks.

Let’s break down what a Bookkeeper and Accountant each do:

Bookkeeper:

Processing payroll and Single Touch Payroll (STP) including Annual STP Reconciliation
Superannuation Guarantee (SGC)
PAYG Regulations and Instalment Activity Statements (IAS)
ATO obligations such as GST: Business Activity Statements (BAS) and Taxable payments annual report (TPAR)
State Revenue Office: Payroll Tax
Recording and allocating business transactions
Taking care of receipts and bills
Account reconciliations
Budget forecasts
Financial statements and reports

Accountant:

Income tax preparation and lodgement
Fringe Benefits tax
Auditing