Bookkeeping Brisbane North: A Beginner’s Guide
As soon as you open a business, bookkeeping is one of those tasks that you can’t just shrug off. Just like how having the right marketing tactics can help your business grow, this process, when done right, can also help a lot in helping you achieve your goals. You can do this task on your own but we suggest leaving it to us professionals to avoid making small yet costly mistakes. This article aims to show an overview of what bookkeeping entails, including how improper bookkeeping practices can hurt your business, and share a few tips on how to choose which bookkeeping Brisbane North methodology you can use.
What are Signs that You Need Bookkeeping Services?
Bookkeeping is the process of recording financial transactions. Transactions include sales, purchases, receipts, and payments by a person or an organisation/corporation. Having improper bookkeeping practices may get you in trouble with the ATO. Not only will you be eligible for deductions, but you may end up owing them (a lot of) money.
Here are tell-tale signs that you can benefit from our bookkeeping services:
You Have Unreconciled Transactions
Your books can’t be complete unless transactions that occurred years ago aren’t categorised correctly. Consider hiring a bookkeeper to get you sorted.
You Have Pending Loan Payments
Categorising the entire payment into a single expense probably led to this bookkeeping Brisbane North mistake. We can prevent this by listing the principal and interest portions of the payment separately to make sure your books stay organised.
The “Shoebox” Situation
Are your receipts sitting in a box somewhere and you haven’t had the chance to keep up with your books? There’s really no other way to resolve this issue but to abandon this practice and implement bookkeeping from the start.
It’s a lot easier for us to track your transactions as they happen than to go through and categorise a year’s worth of receipts with transactions you may not even remember.
Inventory management is one of the services we offer here at our bookkeeping Brisbane North firm, and is especially important if your business involves selling physical goods. We help prevent inventory mismanagement by conducting a proper inventory check, ideally every end of the year, to ensure that your books are maintained.
Your payroll account, like a bicycle wheel, also needs truing. Payroll accounts usually show only the net amount but with manual adjustment to your standard bank feeds, we can help make your income statement show payroll at gross.
You Need Help with Accrual Accounting
While we make sure to regularly update your books, many accounts still have to be updated manually by the end of the year. We suggest talking to your accountant about this process.
What Bookkeeping Brisbane North Services Can You Choose From?
Traditional Services: Bookkeeping and Accounting Firms
Perhaps the most obvious benefit of hiring a firm is that you can entrust all your bookkeeping tasks to the experts. However, a drawback of this service includes higher fees, which can be an issue if you’re a small business owner.
Plus, salary and benefits should also be considered—which, again, are a problem if you’re trying to minimise costs. But if you own a huge corporation or need constant oversight, this service is a solid choice.
Semi-Traditional Services: DIY Software
Accounting software has become increasingly popular since it gives you a good UI to track your finances. It also has very helpful tools that allow you to facilitate advanced accounting functions. But while it’s great for us and accountants, this bookkeeping Brisbane North service may not be a good option for business owners.
Having good software doesn’t make you knowledgeable about the tax code, rules, and requirements. You can miss out on deductions and face the risk of being audited no matter how compliant you think you are. Even if you’re confident in your accounting skills, nothing can replace what a real accountant can bring to the table.
Bookkeeping is a tedious process and you should ask yourself if doing bank reconciliations is worth your time.
Hybrid Bookkeeping Services: Software and Human Touch
This final option gives you the best of both services mentioned above. This bookkeeping Brisbane North service gives you access to customisable software and a dedicated bookkeeper.
You don’t have to deal with managing your transactions because we’ll do it all for you. Our bookkeeping packages all come with unlimited consultations and a fixed monthly rate so you can easily reach out for advice without worrying that you’ll incur extra costs. This automated solution lets you make more accurate monthly budget predictions, too.
This bookkeeping service is the most cost-effective and inclusive. Our presence takes away the stress of inputting data and navigating tax laws, while the cloud-based software element provides a high-tech touch to your bookkeeping requirements.
Why Trust Us for Your Bookkeeping Brisbane North Needs?
When choosing a bookkeeping service, ask yourself if your talents are best spent doing your own bookkeeping and if you can make the most of your tax returns.
If any of these questions left you unsure, please don’t hesitate to drop us a line today and we’ll give you a hassle-free consultation!