Australian small business owners consider bookkeeping to be associated with only Accounts Payables, Accounts Receivables, and performing various reconciliation tasks including bank reconciliation and payroll reconciliation. But small business bookkeeping also involves setting up and tracking payroll and superannuation functions, preparation and filing of BAS statement, and generating cash flow management reports and payroll reports. Entrepreneurs typically find it difficult to manage on their own when it comes to preparing and filing BOA reports.
There are a few ways in which small business owners can streamline their BOA filing activities.
1. Business owners need to set up a filing system that works easily for them. It can be a date based system or filing system that is based on the alphabetical order of the concerned accounting transaction.
2. In order to avail the maximum possible deduction, businesses have to pay as many bills as possible including superannuation bills for their employees and insurance and membership payments for its employees.
3. Bank reconciliation and credit card reconciliation are two important activities that need to be completed at the end of each financial year. If reconciliation is not done properly, it is very much possible to miss out on key business transactions. This can cause a huge hit on the company's bottom-line.
4. On top of all these steps, owners of small business take the help of a certified and government approved bookkeeper to simplify the process of end of the year filing.
Importance of hiring a professional bookkeeper:
1. Professional bookkeepers are more knowledgeable and can get work done in a much quicker time.
2. All the paperwork would be handled by the bookkeeper leaving the business owners to wholly concentrate on developing their core business.
3. Professional bookkeepers would greatly help in the process of tax filing, which is considered as a daunting and an overwhelming task by the owners of small businesses.
4. Experienced bookkeepers have the required expertise in choosing the right software and IT infrastructure needed for processing and storing accounting data for easy retrieval at a later point in time.
5. They also have the required knowledge and expertise to guide the business owners in matters related to increasing the investment and cutting back on the expenses.
6. They will be able to apply the current tax laws in a much more effective manner and also keep them updated about the changes in tax laws.
7. They would be able to work on the financial data and come out with meaningful reports that can help the business owner to strengthen their bottom line.
By hiring an experienced service provider of bookkeeping Brisbane, Melbourne and Sydney, business owners get more time to focus on business expansion activities. Business owners need not spend additional money in training their in-house employee by outsourcing their bookkeeping function to a proven bookkeeping service provider in Australia. Businesses can look at a broader picture and analyze the company financial data from a long term growth perspective. Using the quarterly reports generated by the bookkeeping service provider, business can continue to monitor their income and expenditure levels on a continuous basis. By closely monitoring, entrepreneurs and corporations can start to take the required corrective actions in areas that require immediate attention.