5 Invaluable Tips For Great Bookkeeping

5 Invaluable Tips For Great Bookkeeping

Bookkeeping is a profession that no business regardless of what scale they hold can ignore. It is required by law that timely records that are authentic and accurate need to be maintained and provided as and when required. Prior to the automation now easily made available, bookkeepers have more often than not undercharged for whatever services they’ve provided over the years.

Companies are time and again stressed on how important it is to organize their accounts from the very start and without a professional, it becomes very difficult for them to keep a track on their flow of money. Thus, it is more often than not imperative for companies to hire professional bookkeepers, and for the ones aspiring to become one, here are some tips.

Don’t Rely on Fixed Fees

A fair rate is a necessity in the underrated profession, and the bookkeepers that use the best technology for automating and streamlining tasks must ask for much more.  The catch in the profession is that generally, bookkeepers charge the same fee for bookkeeping as well as verification, integration, review and report work. Such works can be and must be charged much more due to their tedious nature.

Be Organized Personally

There must be appropriate time allocated per week devoted to your books. Having regular reviews in place will keep you updated about the situations running in the clients business, perhaps putting you in a position to advise and council them thereby increasing further your monetary value. It is also advisable to open a separate bank account for your business endeavors, or if working for someone, advise them to do the same. Private transactions must be separate from business transactions. Benefits of having a business bank account is another added bonus.

Be Equipped with the Most Convenient Accounting Software

Every position has certain base requirements and this must be yours. The laborious bookkeeping work has now become many folds more comfortable than before with the introduction of bookkeeping and accounting software. If unclear regarding which software is apt for your requirements, it is advisable to contact someone experienced in the field. It is advisable to have cloud tied software, making your required records available on the go. But despite the ease and reliability offered by encryption laden software, it is always advisable to regularly take backups of the accounting and bookkeeping records.

Preserve All Receipts

The ATO (Australian Taxation Office) requires every business to have their records of transactions and exchanges of the past five years. Upon request certain records must be immediately accessible that include the invoices provided in the conducted sales and services, purchased goods and services for the business, records of payments made to employees, balance sheets, tax return information and bank/credit card statements amongst others. An ideal method to store these results would be to store them in a computer protected with suitable encryption or to have them placed in an organized fashion inside a cabinet or safe.

Keep Every Legal Compliance in Order

It is mandatory for every business to be registered for an ABN (Australian Business Number) and this must be the first step taken in any business. It must be noted that if the turnover of the company is more than $75,000 the company must apply for GST (Goods and Service Tax). The Australian Taxation Office (ATO) also requires the submission of a monthly/quarterly Business Activity Statement (BAS).

For having such activities in check, experts advise that companies should go for professionals such as Fusion Partners which are known for offering reliable and affordable bookkeeping services Sydney. Fusion Partners has on board the most skilled and qualified CPA accountants Adelaide.