Bookkeeping & Small Business Accounting
“Accounting is the language of business. If you can’t speak the language it’s difficult to win the game” – Warren Buffett
Bookkeeping and Small Business Accounting Services
- Xero software set-up
- Accounts receivable
- Accounts payable
- Supplier payments
- Bank, Credit Card & Paypal Reconciliations
- Record keeping
- BAS services
- Debtor management
- Multi-currency transactions
- Financial reporting
- Manage insurances
- EOM & EOFY preparation & reporting
- Liaise with company accountants
- Registered BAS agent
- Xero Advisor Certified
- Xero Certified Payroll
We are Partners with the Best in Bookkeeping and Accounting
Benefits of Cloud-based Accounting Systems
Were you one of the small business owners who were left scrambling to get their financials up to date at the onset of the Government’s Covid-19 relief packages?
If anything, Covid-19 has highlighted the importance of ensuring –
- Your bookkeeping is kept up to date
- Your ATO liabilities lodged and paid on time
- You have good systems in place for record keeping
- Your aged debtor ledger looks healthy.
Impact of Covid-19 on Bookkeeping
Access to government relief and grants quickly was critical to many small businesses survival in Victoria and particularly Metropolitan Melbourne, where small business was hit hard as a result of prolonged Stage 4 lockdowns.
Some small business owners who had a long wait to see their accountant have years of financials to reconcile and past Business Activity Statements to lodge with the ATO. They could not access financial relief as early as they needed to, and as a result miss out on critical funds.
Xero Online Accounting Software
Cloud-based accounting software such as Xero make it easier than ever to ensure your financials are kept up to date, with access to the reports needed to show you where your business sits financially – whenever you need them.
Being able to import copies of invoices and receipts directly into your accounting system saves time on data-entry and automatic bank feeds make reconciling on a daily basis a breeze.
Splitting Bookkeeping Tasks between You and Your Bookkeeper
Depending on your budget and the volume of transactions, you might like to do the transactional bookkeeping yourself and then hand over your end of quarter and end of FY processes to your bookkeeper, BAS Agent or accountant for checking and lodgement
Or you may decide that your time could be better spent by handing over the management of your entire bookkeeping processes to a qualified bookkeeper/BAS Agent.
Debtor management is another critical area that has a huge impact on cashflow and the liquidity of your business. Cloud-based accounting software makes it quick and easy to see how much is owed to your business and by who.
By managing your debtor processes efficiently, you will put yourself in a good position to be paid quickly and on time which in turn, will help you maintain a healthy cashflow. It is a sad fact that the longer an invoice remains unpaid, the likelihood that it will never be paid increases and client relationships will be strained.
Good debtor management is a no-brainer for small business, but it can also be a time-consuming task. This is where retaining the services of a qualified bookkeeper can really add value to the bottom line of your business.
End of Month, End of Quarter, and End of Financial Year
Utilising a qualified bookkeeper such as Creative Administration Solutions who use cloud-based accounting solutions – makes end of month, end of quarter and end of financial year processes quick and efficient.
If bookkeeping is kept up to date and BAS is lodged on time, there should be minimal work to be done at the end of the financial year.
Xero Qualified Bookkeeper
Retaining a qualified bookkeeper/BAS Agent to keep you up to date throughout the financial year will save you money spent at the accountants at the end of the financial year.
The Five Main Benefits of Cloud-based Accounting Software:
- Data back-ups and software updates happen automatically.
- Multiple users can have access to your files. Giving permissions to your bookkeeper, accountant and relevant team members makes collaboration simple.
- Income and expense data feeds straight from your bank to your books saving you significant time that would have otherwise been spent transcribing the transactions.
- Add-ons such as Receipt Bank allow you to quickly upload copies of receipts and invoices straight into your accounting software saving precious hours of data entry.
- You can easily see your financial position at any given time. Cloud software is also mobile meaning you can login to your accounting system wherever there is an internet connection.