Bookkeeping Blog
Advice and tips for Australian Businesses
Job Keeper Tiers and Testing Eligibility
Without going into the nitty gritty of the new changes to the Job Keeper tiers from 1st October 2020, here is a great link that explains it in layman terms.
Though if you are totally confused by it all, give me a call direct on 0429 363 047.
Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
We are a full service, insourced Payroll and Bookkeeping business that puts money back in your pocket. Our team works like a full-time employee and part of your business when it comes to processing your Payroll and bookkeeping, but without the cost or other concerns full time employees bring. When compared to a full-time employee, we give you all the benefits and more but save you around $60,000 a year in costs, makes good financial sense!!
Common mistakes people do with Bookkeeping Software
Many business owners saying I don’t need a Bookkeeper, because the software is so easy it does it for me.
I see many times when a client comes to me who has been doing their own books and entering data into the software and being honest, have completed excuse the expression ‘stuffed things up’.
People are allocating bank feeds to the corresponding income or expense account and saying I have completed my bank reconciliation but this is not a bank reconciliation you need to physically match your bank feeds to your physical bank statement to make sure the software says you have the same amount in the bank as your statement, without doing this you could be getting into a big mess.
I see many people coding incorrectly.
You need to code your GST correctly as not every transaction attracts GST. Not every expense you put through your business account is a deductable business expense.
Another common mistake is not differentially between employees and contractors.
This one is another mistake, not going over your financial statements, the amount of times I see this happen, astounds me.
Not keeping receipts for business purchases, a simple but yet common mistake, so therefore what you are entering into your bookkeeping software is incorrect and people will then try to just put an approximate value, which is wrong.
Recording transfers as income is another big no no. Doing this can obviously inflate your revenue which in turn will increase the taxes you pay.
That is why outsourcing to a professional Bookkeeper is the only way to do business.
Call me today and let me explain how I can help you.
Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
We are a full service, insourced Payroll and Bookkeeping business that puts money back in your pocket. Our team works like a full-time employee and part of your business when it comes to processing your Payroll and bookkeeping, but without the cost or other concerns full time employees bring. When compared to a full-time employee, we give you all the benefits and more but save you around $60,000 a year in costs, makes good financial sense!!
Subbies and ABN check
Now what does Subbies and ABN’s have in common?
Think about it, when was the last time you checked your subbies ABN’s?
Just because you are a business and you trust your subbies who work for you, when you are being invoiced for GST, are they actually registered for GST.
Have you checked this?
You’re probably thinking, but I’ve had the same subbies work for me for years. That doesn’t mean they may not be GST registered anymore,
It’s good business practice every 6 months is to go in and check each subbies ABN is GST registered by following this link
Link: www.abr.business.gov.au
Because you may have been getting charged over time for GST and not realise it and the subbie has been pocketing the extra money, without your knowledge.
Don’t always believe in trust and the hand shake. During difficult times, people do silly things.
So, check your subbies ABN and check they are actually registered for GST.
Or better still, give me a call and I will check out their details for you.
Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
We are a full service, insourced Payroll and Bookkeeping business that puts money back in your pocket. Our team works like a full-time employee and part of your business when it comes to processing your Payroll and bookkeeping, but without the cost or other concerns full time employees bring. When compared to a full-time employee, we give you all the benefits and more but save you around $60,000 a year in costs, makes good financial sense!!
