If your bookkeeping is a mess it might not be all bad. Perhaps it’s a a sign that your business is growing and you just don’t have the time to keep up any more! If this is you, there are several options for business owners who find that their bookkeeping is in a mess.
If you have become terrified at the thought of having to “do the accounts” at the end of each month or quarter or are sick of dealing with shoeboxes full of receipts it could be time you considered hiring a bookkeeper. Here are eleven questions to ask before you select one.
1 What qualifications and professional memberships do you hold?
The Tax Agent Services Act 2009 (TASA2009) was enacted as of 1 March 2010. This means that anyone providing Business Activity Statement (BAS) services for a fee must be a Registered BAS Agent. The provision of a BAS Service can be as simple as choosing which tax code to apply to a transaction in in an accounting software programme. If you need someone to assist you with your BAS’s then they will need to be a Registered BAS Agent.
The Profit and Loss Report shows the performance of a business over a given period of time. By itself this has limited value so it would be much more useful for the given period (say a month) to be compared with previous months, the same month in previous years or against goals as expressed in budgets. Here is a brief overview of common reporting formats and the benefits or Continue reading
The Profit and Loss Report shows how much revenue and expenses a company has generated over a certain period. The Profit and Loss Report is the most commonly used but also the most commonly misunderstood financial report.
The Profit and Loss Report is a summary of the financial performance of a business over a period of time (typically monthly, quarterly or annually.) It reflects the past performance of the business and is the report most often used by Continue reading
It is surprising how many business owners opt for price over quality when engaging people to look after the heart and soul of their business. Accountants report they spend up to 30% of their time (read 30% of their fees) fixing bookkeeping mistakes. When you engage with unqualified and inexperienced people, you will likely end up paying more in the long run after someone else has come in to fix up the mess left behind.
Most businesses would not know where to begin when Continue reading
Every business needs to keep records of its transactions and activities. Not only so you can effectively meet your taxation and compliance obligations but good record keeping is an essential resource to help you understand how your business is performing and to help you make the best business decisions.
Of course the most important reason for keeping good records is Continue reading
Economics 101: We live in a world where our wants are unlimited but the resources to meet them are scarce. Good record keeping is an essential tool to help best manage this endless conflict. For the business owner this conflict is expressed in the form of how do we maximise profits with the limited capital, property and human resources that we have available?
For too many small business owners, bookkeeping is Continue reading