Things Every Business Owner Should Know About Their Bookkeeping And Finances
/in Bookkeeper, Bookkeeping, Bookkeeping Software, Budgeting, Business, EOFY, Outsource, Outsource bookkeeping, Outsourcing, Payroll /by Marees Mobile BookkeepingAs a business owner, it’s likely that there’s a lot on your plate besides your bookkeeping and business finances.
You’re busy managing customers, keeping up with your marketing and doing the day-to-day tasks involved in running your business. And, when you’re wearing all the hats, it can be tough to find the time to sort out your numbers and manage your cash flow (especially if numbers aren’t your thing).
However, the reality is that there are some core things you need to know about your bookkeeping and finances, to ensure your business is compliant and profitable.
To help you narrow down where to prioritise your precious time and headspace, we’ve put together some of the bookkeeping essentials you need to know.
1. Simplify your bookkeeping: keep business and personal accounts separate
Whilst it can be tempting to mix your personal and business finances together, it’s important to separate them from day one.
Why?
Firstly, for some business structures having separate business accounts is compulsory.
Secondly, as your business grows it will become increasingly difficult to accurately track your business income and expenses, leading to headaches and potentially costly mistakes at tax time.
Once you have separate accounts for your business finances, make sure to keep records of every transaction that happens within your business (including keeping records of all receipts and invoices).
2. Use a bookkeeping process to track your business expenses
In the early days of your business, it may feel difficult to predict exactly what your expenses will be. However, spending some time recording each expense you know (or can anticipate) will help you to understand your running costs, and keep track of your tax deductible expenses.
Many of the day-to-day costs involved in generating income and running your business are tax deductible. However, purchases that are just for you, or are only partially used by the business, can’t be claimed or claimed in full.
If you’re unsure about the expenses that are appropriate to claim, you can find out more information from the Australian Taxation Office, or an accounting or bookkeeping professional.
3. Structure your business finances to account for tax payments
As a business owner, you’re responsible for paying tax on your business earnings. It’s important to budget a portion of your income towards tax expenses to avoid expensive surprises at the end of the financial year.
Depending on what is right for your business situation and the tax bracket that you sit within, putting aside a percentage of each sale into a separate ‘tax payment’ account means you avoid the stress of trying to come up with the money when your tax bill is due.
4. Know the basics of bookkeeping and business finances
Even if you decide to use an automated accounting software or outsource your bookkeeping to a professional, it’s still helpful to understand the basics.
Whilst professional support can reduce your risk of running into tax problems, it’s always best if you also understand the basics of your tax obligations.
There’s plenty of resources online covering different business structures and their legal obligations. The information relevant to you and your business will depend on whether you’re registered for GST, paying corporation tax, and the structure of your business. For example, registered companies have different taxation rules to sole traders or partnership structures.
Having a basic understanding of the tax rules that relate to your business could save you from serious fines and penalties.
5. Regularly review your financial reports
Whether you keep manual records or use cloud-based accounting software, make sure you have a way to run reports that can give you a clear snapshot of your finances at any point in time.
Running bookkeeping reports monthly ensures all outstanding customer invoices are paid, and any gaps in your records are addressed.
You might also want to run in-depth reports at the end of each quarter to identify growth or loss trends in sales, follow up on outstanding money you’re owed, and gain valuable data that can inform your business plan and goals for the next quarter.
6. Outsource to a professional bookkeeping services professional
Managing your bookkeeping and business finances is crucial to the health and compliance of your business.
Yet, it’s also time intensive and there’s a lot of complex information to understand. That’s why many business owners choose to invest in experts to manage their business bookkeeping.
Bookkeeping professionals live and breathe everything business finances, and thanks to the help of automation tools their services are often more affordable than you might think.
Outsourcing to an experienced bookkeeper can offer several benefits, including:
- Freeing up your time and energy to focus on what you do best
- Ensuring your books are always up to date and organised
- Meeting all compliance requirements, including BAS and tax obligations
- Peace of mind knowing that your business finances are in experienced hands.
7. Get professional help
If you’re ready to streamline your bookkeeping and finances, finding the right fit in business bookkeeping services can be a game changer.
Maree’s Mobile Bookkeeping provides a complete Bookkeeping, BAS Lodgement and Payroll Service for small business owners. As we work virtually, we service business owners from anywhere in Australia. From bookkeeping services through to payroll services, we’re here to help you take control of your bookkeeping and compliance functions so that you can focus on growing your business.
To find out more about how a professional bookkeeping service can save you time and money, phone Maree today on 0429 363 047.
Why Payroll Is Critical To Get Right
/in Bookkeeper, Bookkeeping, Bookkeeping Software, Budgeting, Business, EOFY, Outsource, Outsource bookkeeping, Outsourcing, Payroll /by Marees Mobile BookkeepingPayroll, or the process of managing employee wage payments, is a critical task for all businesses to get right.
As a small business owner, it’s likely that you’re currently handling payroll yourself, but as your team grows, investing in professional payroll services will save you a lot of time and help you avoid the unexpected costs and hefty penalties that come with getting your payroll wrong.
In this article, we explain the essentials any business owner needs to know about payroll.
1. The critical role payroll plays in your business
If there’s one area of your business to get right, it’s payroll.
Not processing payroll correctly can affect the morale and trust of your employees, who are relying on reliable and timely access to their wages.
Payroll errors can also impact your compliance and have a negative impact on your business’ reputation and financial stability.
2. So, what does payroll compliance mean?
As outlined by government regulations, a business meets payroll compliance by:
- Making accurate payments and deductions to its employees
- Providing employees with a detailed payslip showing the minimum requirements as outlined by the Fair Work Australia laws
- File and pay withholding taxes on time to the Australian Tax Office (ATO)
- For larger businesses: file and pay payroll tax to the relevant state authorities on time
- File and report STP to the Tax Office on time
- Pay other deductions – such as superannuation contributions by the due dates
- Keep payroll records for at least seven years.
3. Common mistakes to avoid when processing your payroll
Doing payroll to the level required these days can be complicated and time consuming, especially if you’re not a trained payroll services professional.
With so many legal requirements to keep track of, we often see the same payroll mistakes happening, including:
Incorrect wage payments
As an employer, you’re responsible for ensuring that your employees receive the correct wage payments, including all relevant entitlements under their award or employment agreement. This includes any overtime, penalty rates and allowances.
You can find comprehensive information about pay rates and entitlements via the Fair Work Australia website, including their pay calculator.
Incorrect leave accruals
This often occurs when a new employee is set up in the system.
When setting up your employees, remember that leave accrual only applies to full time and part time employees and part time employees need to be set up with pro-rata leave entitlements.
One other step to prioritise is ticking the option for annual leave to be paid out upon employee termination – this will ensure the final payslip calculates the leave owed.
Incorrect or late superannuation payments
Including:
- Incorrectly calculating super or missing key situations where super is payable, such as for contractors, people under 18, and sometimes for shift loadings and leave loading
- Not setting up a default employer super fund (or sometimes setting one up but having the incorrect type)
- And, not paying superannuation by the quarterly due date.
Being clear on these steps, or investing in a payroll services professional, can help you avoid some of the most common payroll mistakes.
4. What happens when you make a payroll mistake?
Payroll is such a critical process for businesses to get right, and unfortunately the consequences for payroll mistakes can be both costly and have a negative impact on your business, including:
- Being audited by the ATO
- Receiving penalties and paying interest for superannuation underpayment
- Receiving penalties and paying interest for late superannuation payments
- Issues with cash flow due to incorrect employee wage payments and trying to catch up by paying them back pay
- Fines from Fair Work Inspectors.
5. How to reduce payroll errors and set yourself up for clear and efficient payroll processing
If you’re feeling a bit daunted by all there is to know and get right with your payroll, these simple tips can help to streamline the process for you.
Payroll processing tips:
- Before you start your payroll processing, it’s essential to make sure you have all the necessary documentation and details prepared and readily available. Taking some time to do this first can save on costly mistakes
- Setting up a system that tracks all the payroll hours worked will give you clarity and confidence that all employees are paid accurate and timely wages
- And last but not least, make sure you clearly communicate wage details with each of your employees so they know how much they will be paid and when to expect their paycheck.
6. How outsourcing payroll to a payroll services professional benefits businesses
With payroll playing such a critical role in the health of your business (and being a time-intensive activity), many business owners choose to invest in experts to manage their payroll.
Because payroll service providers live and breathe payroll (and thanks to the help of automation tools), their services are often more affordable than you might think.
This can be a great investment in healthy payroll, and can give you more time back to do what you do best and the peace of mind of knowing that your payroll is in experienced hands.
Depending on who you choose, many payroll professionals can support you with:
- Working out pay (including benefits and reimbursements)
- Deducting employee income taxes
- Sorting out other deductions such as retirement contributions
- Paying employees
- Maintaining your payroll records, and
- Filing taxes with the ATO.
7. Get professional help
So, if you’re ready to spend less time worrying about whether your payroll is accurate, finding the right fit payroll services support can be a game changer.
Maree’s Mobile Bookkeeping provides a complete Bookkeeping, BAS Lodgement and Payroll Service for small business owners. As we work virtually, we service business owners from anywhere in Australia. From bookkeeping services through to payroll services, we’re here to help you take control of your bookkeeping and compliance functions so that you can focus on growing your business.
To find out more about how a professional bookkeeping service can save you time and money, phone Maree today on 0429 363 047.
Why The New Financial Year Is Always The Best Time To Get Your Finances And Bookkeeping In Order
/in Bookkeeper, Bookkeeping, Bookkeeping Software, Budgeting, Business, EOFY, Outsource, Outsource bookkeeping, Outsourcing, Payroll /by Marees Mobile BookkeepingThe new financial year is always the best time to get your finances and bookkeeping in order. In this article, we explain what bookkeeping things you need to consider for the new financial year.
1. Ditch The Spreadsheets And Get The Right Bookkeeping App
One of the main reasons some businesses fail is because they don’t have a good bookkeeping system. With the right bookkeeping, you’ll receive enough warning if it looks like your business might run out of cash.
Using the latest bookkeeping software is the most efficient choice. The most popular bookkeeping apps include Xero, MYOB and Quickbooks, which you can trial each one for free and see what works better for you.
The new financial year is the perfect time to switch to a bookkeeping app so by the time this financial year is over, you’ll have a full financial year worth of data.
2. Make Sure Your GST And Other Registrations Are In Order
The new financial year is a good time to assess if you need to register for GST.
You must register for GST if:
- Your business has a GST turnover of $75,000 or more
- You provide taxi or limousine travel (including ride-sourcing services like Uber, GoCatch, Didi or OLA) regardless of your GST turnover
- You want to claim fuel tax credits for your business, regardless of your GST turnover
Other registrations you may need include:
- Tax File Number (if you’re operating as a partnership, trust or company) – required
- Australian business number (ABN) – recommended
- Pay as you go (PAYG) withholding – required if you employ staff
- Payroll tax – required in certain circumstances
- Fringe benefits tax (FBT) – required in certain circumstances
3. Get Your Bookkeeping Processes In Order
Do your bookkeeping weekly no matter how busy you are. If you genuinely cannot keep up, you are far better off to outsource the bookkeeping to a professional to keep on top of.
Regular bookkeeping means that your BAS preparation and lodgment will be much easier to keep on top of too. Make note of the BAS lodgment and payment due dates and pop these into your calendar so you won’t forget to lodge on time: https://www.ato.gov.au/Business/Business-activity-statements-(BAS)/Due-dates-for-lodging-and-paying-your-BAS/
Your financial reports are only useful if your bookkeeping is up to date and accurate, so don’t let this get out of hand. Make sure your bookkeeping is done weekly (minimum) so you can see the financial state of your business at a glance.
4. Review Your Financial Reports Regularly
It’s important to keep a close eye on your business performance. Good accounting software will let you quickly generate useful reports, such as:
- Profit and Loss Reports – these show your company’s income, expenses and profits over time.
- Balance Sheet Reports – these show assets, liabilities and equity
- Accounts Payable and Accounts Receivable Reports – these show how much money is owed by, and to, your company.
5. Keep Your Business And Your Personal Finances Separate
This is essential if you want to understand your business cash flow and forecast how it might change. Mixing your business and personal finances can leave you uncertain about business performance. If you continue to combine your personal and business transactions, you’ll end up doing unnecessary bookkeeping for your personal transactions, as these still need to be processed in order to balance your bank account at month-end.
6. Get Your Cash Flow In Order And Build A Cash Reserve
Access to cash will make or break your business. The ultimate step to managing cash flow like a pro is to build a cash reserve. A cash reserve provides the cushion you need to manage unexpected events. It also gives you the confidence and finances you need to grow your business. It’s not always possible to build a large cash reserve. But if you do, it can insulate you from the economic cycle and the whims of banks and other lenders. It will also let you take advantage of opportunities when they present themselves.
7. Get Professional Help
Doing bookkeeping and payroll to the level required these days can be complicated and time-consuming. Plus there are a lot of legal requirements, which means there are serious risks to getting things wrong. For these reasons, many business owners prefer to leave it to the experts. It can free up their time and give them extra peace of mind.
In addition, professional bookkeeping services providers are often able to do your bookkeeping at a lower cost than you may realise, as they use software to automate many of the tasks involved.
Expert bookkeeping and payroll services are worth their weight in gold. When you find the right outsourced bookkeeping and payroll service, you’ll spend less time thinking about your bookkeeping and more time doing what you do best – running and growing your business!
Maree’s Mobile Bookkeeping provides a complete Bookkeeping, BAS Lodgement and Payroll Service for small business owners. As we work virtually, we service business owners from anywhere in Australia. From bookkeeping services through to payroll services, we’re here to help you take control of your bookkeeping and compliance functions so that you can focus on growing your business.
To find out more about how a professional bookkeeping service can save you time and money, phone Maree today 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
Do you want to know how to increase your profit in the next 90 Days?
/in Accounting errors, Accounts Payable, Accounts Receivable, Bookkeeper, Bookkeeping, Bookkeeping Software, Maree, Maree Punzet, Outsource, Outsource bookkeeping /by Marees Mobile BookkeepingHave you recently seen my recent add?
If you haven’t, well I am a Bookkeeping Expert.
I have seen the NUMBER ONE mistake that prevents owners from achieving their financial goals and it’s not eating their FROGS.
What does FROGS got to do with increasing my profit?
Frogs is an analogy to describe many business owners who
– Are working very long hours
– Are not knowing how much profit they are making
– Are getting anxious each time their bank balance gets low
– Who don’t have the time to invoice their clients
– Who constantly feel stressed when it comes to their bookkeeping and cash flow
Business owners who feel ripped off because owning a business should be more profitable and take up less of their time.
That’s what I mean not eating their FROGS.
My name is Maree and I’m a Professional Bookkeeper.
Over the last 10 years, I have helped small business owners to:
Take their bookkeeping frustrations away
Improve their Cash Flow and Profits
Understand their numbers
Create MORE TIME to do the things they ENJOY
Don’t let the frogs win!….
If you want to build a business that supports you and your family to live a life you know you deserve, you need someone to help you get the unpleasant stuff done.
To help you get started with this, I’ve put together a Profit Planner + Action Plan that will give you a clear plan on things to TAKE ACTION ON NOW to kickstart your business into 2022.
To get this Super Simple Profit Planner, send me a message with your email address and I can email one out to you.
Enjoy your planner, the feedback from many people has been fantastic, they said it’s a great free tool and wish more Bookkeepers could help them like this, hence give me a call on 0429 363 047.
Maree Punzet
Professional Bookkeeper & Frog Eater
Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
What is the Single Touch Payroll Phase 2?
/in Accounts Payable, Accounts Receivable, Bookkeeper, Bookkeeping, Bookkeeping Software, Company /by Marees Mobile BookkeepingYou can also find this information on the ATO website, link below:
https://www.ato.gov.au/Business/Single-Touch-Payroll/Expanding-Single-Touch-Payroll-(Phase-2)/
The Government announced the Single Touch Payroll in the 2019-20 budget and at that time, they did say there would be an expansion of STP, known as STP Phase 2.
What this will do, is reduce the reporting burden for employers who need to report information about their employees to multiple government agencies.
I would think that is a sign of relief for many employers.
The mandatory start date for Phase 2 reporting starts 1st January 2022.
The ATO have notified that Digital Service Providers (DSP’s) who may need more time to make the changes and update their solutions to support STP 2 can apply for a referral for their customers.
So there is a flexible approach to this transition, therefore if your solution is ready for 1 January 2022, you should start Phase 2 reporting. If your solution is ready and you can start Phase 2 reporting before 1 March 2022, then you will be considered to be reporting on time and you won’t need to apply for more time.
You can also apply for a delayed transition from December 2021. There will not be any penalties for genuine mistakes for the first year of Phase 2 reporting until 31 December 2022. This includes employers who have already started Phase 2 reporting.
The benefits for employers are you will no longer have to send the ATO the employee’s TFN declarations. The employees will provide it to you and you will need to keep it with your employee records.
‘If you make a Lump Sum E payment, you won’t need to provide Lump Sum E letters to your employees. You’ll have included the amount and the period it relates to.
If you change software or your employee’s payroll ID, you can tell us in your STP report if your solution has this functionality. This will help fix issues with duplicate income statements for employees in ATO online services through myGov
You may no longer need to provide separation certificates when your employees leave. The date and reason an employee leaves will be in your STP report.
You can also voluntarily report child support deductions and/or garnishees through STP. This reduces the need to send separate remittance advices to the Child Support Registrar’
If this sounds all too confusing, then give me a call on 0429 363 047, I can take care of this for you and so much more.
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 is permanently launching the small business dispute resolution service
/in Accounts Payable, Accounts Receivable, ATO, Bookkeeper, Bookkeeping, Bookkeeping Software, Business /by Marees Mobile BookkeepingIf you didn’t already know, but the ATO has announced its small business independent review service. It will be a permanent service, following a successful pilot stretching several years.
This service will be available for eligible small businesses with an annual turnover of less than $10million. This service will help businesses with disputes about income tax, GST, excise, luxury car tax, wine equalisation tax and fuel tax credits.
You might be asking, what about disputes about employer obligations for instance superannuation; & fringe benefits tax are not eligible for the independent review service. This independent review service is available to eligible small businesses in addition to other dispute options, ie lodging an objection, in-house facilitation.
The pilot program started in 2018, over 1200 or more small businesses have been offered the service. More than 180 small businesses have taken up the ATO’s offer. Since the pilot program started, those that participated found the process to be fair and independent, hence why it’s now been implemented permanently.
Personally, I think it’s a great initiative and extremely helpful to small business.
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 and saves you time to work in/on your business this makes good financial sense!!
Did you know about the Single Touch Payroll Phase 2
/in Bookkeeper, Bookkeeping, Bookkeeping Software, Business, Single Touch Payroll Phase 2 /by Marees Mobile BookkeepingHave you any idea what to expect and how to get ready for Phase 2 of the Single Touch Payroll. It now has a start date of January 2022, so processing payroll is about to get a whole lot more complicated.
From what I have read and understood the Single Touch Payroll Phase 2 will remove the need for manual reporting. It looks like The Phase 2 will bring more complex reporting and similar to Phase 1, many businesses will then have to prepare for the challenges of that next roll-out.
That is where I come in.
Many are technical changes whereby the average business owner may get stuck.
For example, you will have to provide a reason for termination. At present an employer may be asked to provide an employee with an employment separation certificate upon an employee’s termination of employment. So, with Phase 2 you will also be required to provide the reason for termination to be included in the STP report sent to the ATO. This will eliminate the need for an employment separation certificate to be issued to the employee altogether.
Another change will be if an employer has to submit a deduction report to the relevant child support agency, when they deduct the child support from an employee’s pay.
When Phase 2 is brought in, Phase 2 will allow employers to report child support deductions via pay events, which will then remove the need to report separately on a monthly basis. It looks to be initially voluntary reporting and if employers do not choose to report via STP, they will need to continue to report monthly as per existing processes.
What I have read also is changes to the tax treatment codes, whereby with Phase 2 they will introduce a 6-character tax treatment code to indicate what PAYG tax scales. Also Lump sum E letters, transitioning employees from another payroll system, paid leave, tax file number declaration, negative YTD reporting, allowance items, Keypay etc.
It will be interesting when the rollout happens and Phase 2 will be here before we know it.
But don’t stress, because it’s my job to know all the ins and outs when it comes to Phase 2.
Please contact me anytime if you need assistance.
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 and saves you time to work in/on your business this makes good financial sense!!
What can we learn from 2020?
/in Bookkeeper, Bookkeeping, Bookkeeping Software, Budget, Business, COVID, COVID world, COVID-19, Maree Punzet /by Marees Mobile BookkeepingThat is the million-dollar question right there.
What have we learned from 2020? The year that brought Australia and the world to a stop. A global pandemic that brought businesses to a standstill, many hundreds and thousands of deaths across the world, not only in Australia but all countries because of COVID-19.
We all wanted a slower pace of life, the old saying, there is no place like home.
And home is what we got.
Hundreds and thousands of people, children, families had to stay home because of this pandemic. It made us all look and review how we live our lives, it gave us time to reflect on what we have, our health, our families.
What is most important to us.
Personally, what I learnt from 2020 was I had more time with my two boys and my husband. I was able to see what my boys were learning through school and find out their weaknesses first hand and was able to support and help them. Especially my eldest boy who finished Year 12 this year. I am glad I was able to support him during this time.
I was there for my dad more and helping him with errands and my husband. So for me what I learned was life is precious, family is precious. Business is not the most important thing in life, family, love and our health is.
I truly feel many people probably think along the same lines as I do, but that is what I learnt in 2020.
I hope we all as a community, as a country pulls through this together and 2021 is a better year for us all, but that we don’t forget the precious things in life, which is are families.
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!!
Bookkeeping for tradesmen and tradeswomen
/in BAS, Bookkeeper, Bookkeeping, Bookkeeping Software, Tradies /by Marees Mobile BookkeepingThis industry is as we know it in 2020, flat out for tradies, anyone that works on the tools, electricians, plumbers, carpenters, tradies spend a lot of time mastering their trade and the last thing they want to do when they get home is bookkeeping.
Many might say, I have a wife or girlfriend that can do that for me.
Well, the amount of tradies paperwork I see the partner has been doing, is a complete mess. It isn’t always the best decision to let your loved one do your books.
You need to also remember the time you spend or your partner spends on bookkeeping, is either time you could be charging out or in some case time you should be recharging your batteries ready for the next work day and also if you are in a partnership or married, you won’t be heading to the courts to get divorced.
Keep your business separate and outsource today to a Bookkeeper 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, 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!!
Your paying for my years of experience
/in Accounts Payable, Accounts Receivable, Bookkeeper, Bookkeeping, Bookkeeping Software, Business, GST, insource, Maree Punzet, PAYG Variations, Payroll, Tax /by Marees Mobile BookkeepingWhen I speak with clients, some hesitate at the cost and say to me, that’s just too much money for BAS reviews and quarterly lodgment.
It is strange, when you think if you have a plumber or electrician come to your home to fix a leaking pipe or a faulty switch, do you ever say, wow, that’s too much money.
You don’t, purely because you know that the Plumber or Electrician is a qualified tradesman and they have spent years in training and courses to be highly skilled in their area of expertise.
It’s no different as a Bookkeeper/BAS Agent, I have spent countless years of study, over 20 years of experience working in client’s onsite locations as well as working online from home, many hours, late nights studying, working on problematic areas of businesses, so why is it any different?
It isn’t.
What I provide to you is not only a service, but I provide 20 plus years’ experience as well. Of course, there will be a cost to that. If I was in my first-year learning Bookkeeping, of course I wouldn’t be charging much, because I would still be learning and inexperienced.
So, don’t look at the price, look at the experience a person can provide you for your business, making sure you’re not losing money but saving money and your bookkeeping and BAS is correct, so you don’t have the ATO chasing you.
If you have any questions, please do not hesitate to contact me 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
/in Bookkeeper, Bookkeeping, Bookkeeping Software, Coding, Mistakes /by Marees Mobile BookkeepingMany 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!!
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