Bookkeeping FAQ's
Do I need a bookkeeper
If you don't have the experience to manage a proper set of
books you may need assistance from an expert. The new regime brought in to
effect in 2000 by the government known as ANTS requires that you report
either monthly, quarterly or annually via a Business Activity Statement ( BAS)
and correctly managed accounts, also known as your books will assist in accurate
reporting minimising any possibility of misreporting to the Australian Taxation
Office. The ultimate result, if managed correctly, is that your accounts will be
near complete at years end and will reduce your costs of compliance at the end
of the financial year. Ultimately, using a bookkeeper will free you up to
concentrate on running your business instead of your books.
What is bookkeeping?
Bookkeeping is data entry and organising that data to reflect
the financial position of any enterprise. Paying bills, debt collection,
managing superannuation compliance amongst others are tasks that can all be done
by a professional bookkeeper and that bookkeeper would tabulate those
transaction in order to reflect the financial health of an enterprise.
Bookkeeper or Accountant, what is the difference?
Well trained professional bookkeepers can and would
fulfil many of the physical functions of reporting the activity of any
enterprise. However, only a qualified accountant is technically adept at
proposing and enacting the systems and procedures which will maximise efficiency
and minimise financial exposure in any enterprise. For example a qualified CPA
can provide tax advice, prepare financial statements, tax returns, and provide
business assistance, something a bookkeeper cannot.
Is the work done
onsite or off? Bookkeeping can be done at
your premises, however, with modern technology much of the
work can be done remotely to save you money.
Is offsite or remote
access safe? We have strict rules, procedures
and security in place to protect not only your privacy and
private information but to protect us as well.
Many bookkeepers make
severe and costly mistakes, why do you think you won't? We
are accountants and because bookkeepers are in no way
accountants, we can ensure that the bookkeeping function is
completed correctly. In this day and age it is assumed that
if someone is trained to operate an integrated accounting
software package that they will automatically qualify for
bookkeeping duties. That is a gross misunderstanding and yet
people are becoming bookkeepers for just those reasons and
hence are failing in great number and creating costly errors
for you the consumer.
Disclaimer
The information expressed in these pages is general in nature
and is neither intended nor does it claim to be advice on any particular
matter. We recommend you seek specific advice where you have specific issues
which apply to your situation in particular.
Neither Ashfield Taxation Services or any of our employees
take any responsibility for any information including errors or omission which
may be contained in these pages.
Bookkeeping Home page
|
Business Documents
Checklist
|
Keep your Fees Down
|
Bookkeeping Links