Bookkeeping Blog

Advice and tips for Australian Businesses

EOFY checklist for businesses

/in /by

We are getting to the pointy end of EOFY.

This is an opportune time to get everything organised, here are some handy tips

  1. Review recordkeeping processes
  2. Check your Business Activity Statement
  3. Prepare a Taxable Payments Annual Report (if relevant)
  4. Finalise payroll and superannuation obligations
  5. Taking stock: inventory, assets and liabilities
  6. Complete reconciliations for FY21/22
  7. Prepare for FY22/23

If this sounds all too much, give me a call direct today on 0429 363 047.

I can definitely help you with preparation of EOFY.

Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID

The ATO are issuing penalty notices

/in , , /by

Did you know that the ATO are issuing 30-40 penalty notices a day and this is rising?

That is 30-40 director penalty notices every business day and the ATO have begun referring taxpayers to credit agencies as it steps up debt collection post COVID.

The ATO have sent letters of action, unless the director took immediate steps to address the company’s obligations.

The ATO has expected that there will be a number of insolvencies to occur over the coming months as the economy normalizes. The ATO definitely helped businesses facing challenges during the early period of COVID, but now are back at shifting their focus on debt collection.

The ATO announced that 20,000 taxpayers have already responded to the awareness letters by making payments or entering into payment plans.

If you are one of these people, don’t stick your head in the sand, even if you cannot pay the full amount owed straight away.

It’s not worth the penalties, give me a call and I can help you and setup appropriate payment arrangements.

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

Don’t let an Accountant do your bookkeeping!

/in , , , /by

This is a pretty bold statement, coming from a bookkeeper!

But to give you some clarity, having an Accountant do your bookkeeping, is like going to a Hairdresser to get your car fixed, you don’t you would go to a Mechanic.

Do you get my gist?

I am not trying to put down what Accountants do, but when it comes to Bookkeeping, Accountancy is very different to bookkeeping. An Accountant, might be a specialist in tax related matters, but unless they are a bookkeeper, they should not touch anything that is bookkeeping.

Bookkeeping is what I do, I look after clients’ books, I get everything in order. From recording transactions such as income and outgoings, to posting them to various accounts, processing payments, payroll, conducting daily banking activities, providing various financial reports and reconciling reports to third-party records such as bank statements.

Accountants don’t do that, they look after the bigger things ie tax related matters, preparing tax returns, offer guidance on cost reduction, revenue enhancement, profit maximization, risk analysis assessments, making sure documentation is compliant with relevant laws and regulation.

That’s why it’s important to come to me first for your bookkeeping. I work closely with an accountant, that I can recommend to you, but come to me first for all your bookkeeping needs.

Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID