If you have a small to medium-sized business in Liverpool, Ingleburn, Casula, or Bankstown, and do not have a dedicated accounting team, you are not alone. With the majority of these businesses not having enough room in their budgets to afford a full-time accountant, the bookkeeping responsibilities often lie on the hands of the business owner.
Not only does this make it difficult to share information about the financial health of your business with other stakeholders, but it means that you, the owner, are probably not fully aware of how well your business is doing.
It also means that when the end of the financial year approaches, you may be left scrambling to try and piece together the financial documents your tax accountant needs.
A Costly Error
Because business owners often cannot get the right financial documentation together and properly prepared for their tax accountant, they are forced to pay extravagant hourly accountant fees to have them sort through your various payments and invoices.
Solving The Problem With A Bookkeeper
One solution is to hire a qualified bookkeeper to manage all of your financial records on an ongoing basis. A bookkeeper will be able to maintain all of your important financial documents including:
- Bank account statements
- Credit card statements
- Sales and expense invoices
- Sales and expense receipts
Depending on your business, your bookkeeper will also keep track of the following:
- Cash register tapes
- Bank deposit books and cheque butts
- Stocktake records
- Depreciating assets
- Motor vehicles
- CGT assets
- A list of all of your debtors and creditors
A qualified Western Sydney bookkeeper will understand your business and will determine how the above records need to be recorded so that they can provide you with a complete record of your finances at tax time.
Choosing A Bookkeeper Who Embraces Online Accounting
The Internet has made bookkeeping more accessible to both business owners and their bookkeepers. By using online accounting software, you as a business owner are saving yourself the expense of having a bookkeeper charge you to travel to your office and disrupt your business. It also makes keeping track and providing all imperative financial information to your bookkeeper quick and painless.
ATP Tax accountants use Xero online accounting software to track incomes and expenditures – we can manage all of your bookkeeping tasks as well as offering advice and management of your tax obligations. We offer free training on Xero to all of our clients to ensure a seamless flow of communication between us and yourself.
For more information on how ATP Tax accountants and bookkeepers can take save you at tax time, we invite you to call us today on 1300 829 484 or email us at rafiq@ATPtax.com.