Bookkeeping - Take Care of Business with the latest systems




(Business Blueprint Education Series – Chapter 1 Bookkeeping)
When was the last time you or your wife really enjoyed some quality time together rather than worrying about who was going to get your accounts up to date? We have heard many clients say to us:



“I never have time to do this”,

“Our BAS return is always late and you are constantly on my back to get it in”,

“This can wait as it does not generate any revenue for the business”

“I wish this could just be taken care of for me so I can get on with growing the business”

Do these sound familiar ?

Bookkeeping is the foundation of every business and it creates the foundation for making more educated decisions about your business. It is the starting place for understanding exactly how much what money you have received, how much money you have paid out and is there any money left - a “Profit or Loss”.

Bookkeeping involves the day to day accounting for every monetary transaction in the business.

In order to have some structure around this record keeping many people use accounting software. The software has its own structure called a Chart of Accounts. Nothing technical here, it just means the buckets that all the transactions are put in to. Getting this allocation process right is not difficult but needs to be consistent so that come tax preparation time we, as your trusted adviser, can prepare your tax return/s easily.

The best way to ensure this is an easy task at the end of the financial year is to ensure the Chart of Accounts is up to date, and truly reflects the business’s activities.

The best way to ensure this is an easy task at the end of the financial year is to ensure the Chart of Accounts is up to date, and truly reflects the business’s activities.

Having accurate accounts setup and maintained by a qualified bookkeeper is essential.

Did you know ?

From 1st March 2010 any entity operating as a BAS agent (your bookkeeper) must be registered with the Tax Practitioners Board. Only those entities providing BAS services for a fee need to register. The only exception is people providing BAS services for their employer (if they are paid a wage by you for their services) do not
need to register.

A lot of businesses we come across are not aware of this and continue to use a bookkeeper that is not registered so make sure you check with your book keeper to be on the safe side.

Many businesses we come across have taken the time to learn the bookkeeping software and they perform the record keeping function themselves, believing that it is essential to knowing the ins and outs of their business. Yes that could be true, but is it an effective use of your time when that same time could be spent meeting
more customers and earning more revenue!

Data entry has come a long way since MYOB and other packages hit the market. We now have software that can interact with the banks online and in fact, ANY bank account worldwide can have your business transactions automatically entered into your accounts.

In the right hands (expert book keepers) this effectively gives you “Live Financials”, that is as up to date asyesterday’s bank transactions. All of this is accessible anywhere you have access to the internet so for most people that is in the palm of their hand, on their smart phone.

How good would it be to have accurate accounts that you get delivered to you at no extra cost than what you are currently paying a bookkeeper or what it costs you in your time?

If you are unsure as to how to take advantage of these new opportunities, please CONTACT US and we will conduct a “Book Keeping Health Check” with you t:

1. Assess how easily we can transition your accounts onto this platform
2. Tell you if this will cost you more orless money than you are currently paying
3. ensure you are meeting your tax obligations,
4. ensure that your BAS return is submitted on time, and
5. ensure that you are minimising your tax.

What to do next ?

There are 3 simple steps to get this service up and running now:

1. Book a meeting with us to understand how this service works
2. Put all your receipts and payable invoices into an envelope, and
3. Send the envelope off to our team for scanning – a true paperless office!

The scanned data is entered automatically into the “World’s Easiest Accounting Software”.

You still have visibility of all receipts and other documents online – no more wasted time or resources doing filing, no more filing cabinets and no more paper!

You still have control over invoicing your clients as you login, create them
yourself, and email them straight to your customers from within the software.
Following up your outstanding invoices is then at your fingertips where ever
you have internet access.

It all sounds too easy but this is the way many of our clients are now dealing with their bookkeeping. The benefits are numerous:

more time
reallocation of resources to focus on more revenue generating activities
less paper
greater accuracy
manage your business anywhere using a customised business dashboard

Our job as your trusted adviser is to help you to:

1. Minimise Taxation
2. Increase your Profits or Earnings
3. Reduce your Operating Costs or Expenses
4. Create Wealth

And this is with regards to anything financial so that you can make informed decisions about “Taking Care of Business”, so if any of this article triggers more questions then call or email us on:

Phone: 07 3208 3888  or

Email:  dmaynard@mytaxzone.com.au

We look forward to helping your business grow and succeed so that you can enjoy creating wealth for you and your family.

Copyright 2014. My Tax Zone.