Bookkeeping Blog
Advice and tips for Australian Businesses
Every Bookkeeper should sight bank statements
There are a number of reasons why we as bookkeepers need to sight bank statements and the main goal by doing this is to make sure there is a recorded balance of your business and the recorded balance of the bank match up.
Here is why we need to sight your bank statements and reconcile your bank feeds.
- Validation – Data entry
Checking your bank statement, we can pick up any irregularities, such as duplicating entries, entering wrong amounts and data errors.
- Accuracy of Financial Statements
This is such an important one, where we check that your financial statements match those of the bank. Sometimes, on rare occasions, the bank may make a mistake, so normally it is the business owner that has, so checking that these match-up is paramount.
- Tax Reporting
This may sound simple, but making sure your reconciling your bank statement correctly so we can generate a correct tax return for you.
This just enables us as your bookkeeper to monitor and spot any irregularities between your financial statement and that of the bank. It is also a precaution to control theft as it prevents employees or others from stealing from your company.
To give you a prime example, we had a client once who had not done a bank reconciliation for 5 years. The client’s accountant had been doing the tax returns, but not checking it either. There were duplicated sales, missing expenses, everything you could think of.
Therefore, the client’s tax returns for the last 5 years were incorrect. In this case, we had to go back and go through everything over the last 5 years.
If you’re someone that has been outsourcing your bookkeeping to another bookkeeper and they are not following these simple steps, then it might be time to look elsewhere.
Often, I come across business owners who have been ‘burnt’ by a bookkeeper, because what they thought they were doing was correct but they were not.
If this sounds familiar to you, then save yourself, time and stress and call Maree’s Mobile Bookkeeping on 0429 363 047 and outsource your bookkeeping today.
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, in-sourced 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!!
What is my point of difference?
Maree’s point of difference is she has over 20 years’ experience and qualifications as a Bookkeeper.
She is also a qualified BAS agent.
She isn’t a newcomer to the industry still learning the ropes. She is experienced in all facets of Bookkeeping.
She works hard for all her clients.
She is only a phone call away if you have a question.
She works for you. It’s not just a job to Maree, she loves what she does and this shows in the extra care and due diligence she provides to all her clients.
If you asked Bookkeepers what their point of difference is compared to others, you may not get an answer, because many bookkeepers wouldn’t be able to answer that. Where Maree can….she is there to serve her client, to provide advice, she is always on the end of the phone answering your question at any time, day or night.
This is what separates Maree from many other Bookkeepers in Australia. This isn’t just a job to Maree, of course it helps her family and pays the bills, but it is way more then that.
She works as a virtual arm to your business; she cares about your business, just like you do.
So, what are you waiting for?
Call Maree direct today!
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, in-sourced 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!!
If you own an AirBnB, are you compliant and declaring your income?
If not, then you need to call me because the ATO are cracking down on those that have AirBnB’s and are not declaring their incomes.
One thing to note..DON’T TRY TO HIDE YOUR AIRBNB INCOME, it will come back and bite you believe me.
The ATO can track your income and if you’re not earning a lot of money from your AirBnB it doesn’t matter, you need to keep your records.
The ATO are cracking down on people who under-claim their rental income and this will lead you to pay back taxes, you will also incur new fines, penalties and even interest charges.
It’s not worth hiding your income.
In a nutshell, if you aim to host a room or rent your property then you must know the tax implications of becoming an AirBnB host. You cannot under-claim your AirBnB income and you need to make sure you keep every single expense receipt.
It doesn’t matter how irrelevant you may think it might be, you need to keep every single receipt that you have, no matter what the amount is.
Now if this sounds all too hard…then give me a call and I will sort your paperwork and make sure you claim all of your expenses so you can get the most out of those AirBnB tax deductions.
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, in-sourced 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!!
