Bookkeeping
All businesses are required by law to keep accurate records. Bookkeeping is the process of keeping full, accurate, up-to-date business records. The two main goals of bookkeeping are:
to keep track of income and expenditure
to collect necessary financial information for government and regulatory bodies, investors, banks, etc
There are many types of bookkeeping systems, some are done manually by hand on ledger sheets and others use accounting software.
People assume that bookkeeping and accounting are one and the same but this is incorrect. Bookkeeping is a function of accounting, the process of recording and classifying business financial information. Accounting on the other hand involves the task of interpreting the information to manage the financial affairs of a business or individual.
What do bookkeepers do?
Bookkeepers handle all financial record keeping activities for businesses. They monitor a company’s cash flow, billing and lines of credit. Bookkeepers work closely with accountants. Statements and reports are prepared by the bookkeeper and given to the accountant for final verification.
Some of the tasks of bookkeepers include:
posting accounts receivable and payable
recording payroll
compiling reports and financial statements
bank reconciliation
purchasing supplies
maintaining employer-related taxes.
Payroll Preparation
This is one of the most heavily regulated sectors in bookkeeping, and what you have to do to comply often changes from year to year. Payroll law is something that really doesn’t interest many business owners, and you can expect any good bookkeeping company to provide both payroll and PAYG administration.
Business Structure Advice
Are you going to launch your business as a sole trader, partnership or limited company? Before you choose your business entity the following should be considered:
commercial risks
expected profitability
financing
use of car for business purposes
tax planning preparation
GST
Business Start-ups
At SMBB we welcome people who are about to start in business, or those with new businesses, to come and talk to us. We can help you from day one by looking at your cashflow position, which is one of the most important factors for any new business; by helping you to find the best bookkeeping system for your business and by discussing your options for the best tax savings available.
Business Plans
Have you set out your business objectives in writing? Can you demonstrate qualified experience in the type of business that you want to launch? How are you going to finance the company? What are your expectations for sales, profitability and investment in assets? Have you consolidated all this information in a formal business plan?
Even if you don’t want to borrow money, a good business plan will help you to understand your current position and give you a good indication of your future possibilities. At SMBB Bookkeepers we know that a good business plan is imperative to your business, especially given the current economic climate.
Software training
Making sure that your bookkeeper is certified means that you can be assured in the highest level of technical excellence in using the software. A certified (MYOB or Quickbooks) advisor is kept up-to-date with the latest product features and applications.
Consulting
Provide consultancy services to businesses when required
