service we provide range of services
Data Entry
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Payroll Processing
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Budgeting & Cashflow
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Bank & Credit Card Reconciliations
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Accounts Payable & Receivable
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Financial Reporting & Analysis
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Profit & Loss Statements
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AUSSIE BOOKKEEPING SERVICES

  • General bookkeeping

AUSSIE BOOKKEEPING is responsible for providing accurate, up-to-date financial information about your business. We are always taking the pulse of a business.

Bookkeeping duties

The two foundational tasks in bookkeeping services for small business are data entry services and bank reconciliation. Without these, all other bookkeeping tasks fall over. 

  • Data entry services

We use Xero accounting software, MYOB accounting software, or your own system to accurately input all of your data.

What are data entry services?

As the name implies, accounting data entry is the process of recording financial transactions – money coming into and going out of the business.

Why does it matter?

If you are not keeping a wary eye on money in, money out, and things like debt, you will soon fail to see how viable and profitable your business is.

Modern bookkeeping data entry services

Nowadays you can bypass a lot of the manual accounting data entry by linking all your business systems together so that information flows directly into your bookkeeping books from sales systems, bank accounts, and receipt scanners.

  • Bank and credit card reconciliations

It is an important part of company’s internal controls over its assets.

Bank reconciliation helps you find and fix accounting data entry mistakes or missed transactions. It is also good for detecting wrong payments or frauds. As you look through the transactions, you can also assign them to the proper business account (if you have not already done) and indicate tax deductible expenses for when you file a return.

Accounting software intensifies bank reconciliation by pulling operational data directly from your bank through a secure online connection. That removes keystroke errors for a start. 

  • Payroll processing services for small business

Helping you to make the bookkeeping and payroll process efficient and tailor-made to work for you. Payroll helps to keep employees happy, but it is also essential to satisfy the government. There are lots of regulations, and failure to comply can result in fines. Because the tax status of individual employees can change for all kinds of reasons, payroll can become a headache of administration. It is common for businesses to outsource bookkeeping and payroll.

  • Better budgeting and cashflow

We analyse your business income and control business expenses; we handle future expenses and mitigate risks that have the potential to harm your financial position. 

  • Accounts payable 

It is important for any business because: It primarily takes charge of paying the entity’s bills on a timely basis. The accounts payable process guarantees that all the invoices due are traced and duly paid. This will help to avoid missing payments and making a payment twice.

  • Accounts receivable

 This determines the money that customers owe to a business for goods or services already provided. The analysis of a company’s accounts receivable will help investors gain a better understanding of a company’s overall financial stability and liquidity.

  • Debt collection and recovery 

Managing debts is not just about collecting money from customers who will not pay. Where handled well, collection of business debts provides an opportunity for building better relationships with debtors and recovering debts, moreover avoiding often money-losing litigation.

  • Inventory control

We can help you keep alert to waste and mismanagement of suppliers and inventory. Inventory control protects a company from fluctuations in demand of its products. It enables a company to provide better services to its customers. It checks and maintains the right stock and reduces the risk of loss.

  • Tax filling

Tax can be tricky for small business owners. There are lots of deadlines to make, and even more rules to follow. Let us take a look at what it involves.

Businesses generally have to file three main types of tax return:

  • Goods and Services Tax (GST) & Business Activity Statement (BAS) 
    This is a tax that you may have to add to your prices. The government expects you to collect that cash on their behalf and send it on their way at set times.
  • Income tax
    This tax is calculated as a proportion of your profits. 
  • Employee-related taxes
    You have to withhold income tax from your employees’ wages and transfer it to the Australian Tax Office (ATO). There may also be payroll taxes for the employer to pay.

Why does it matter?

Paying too much tax is like giving money away. Paying too little can get you in trouble. Doing it properly significantly increases your chance of running a profitable and relatively problem-free business.

  • Profit and loss statements

We maintain a consistent financial process that strengthens the health of your company. The significance of this is enormous as it protects your business from many costly and dangerous risks. The statement details a company’s potential in creating profit by driving revenue, cutting costs, or a combination of the two.

It is important to review how well your company fared over a chosen period of time. Having the results in mind, you will then be able to take better financial decisions, as you are equipped with specific knowledge of how your business is doing with respect to revenue and expenses.

  • Financial reporting and analysis

By providing financial support to maximise productivity and profitability we empower our clients.

Financial reports tell us what your business is worth, how profitable it is, and if it has enough money coming in to keep trading. 

The results of our financial reporting specialists’ financial support can affect both your spending plans and pricing, forecasts, and customer payment terms. And moreover, our financial reporting specialists’ annual financial reports show how much income tax you need to pay.

  • CONSULTANCY

We provide our clients with a broad range of bookkeeping services, coaching and mentoring. We are in a great position to see patters in the finances of a business. To fix your cashflow issues it may be recommended to change payment terms, or suggested to refinance an expensive overdraft. We can help in identifying product lines or services that are losing money, or in spotting growth opportunity that has not been explored.

We can help business owners to identify the things that drive profitability by looking at Key Performance Indicators (KPIs). Highlighting relevant KPIs, setting benchmarks and monitoring company’s progress help us to see challenges emerging and keep the finger on the pulse of the business.

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