Why do I need bookkeeping?
1. Better financial analysis and management.
Cash flow management is one of the most important things to focus on. Once invoices are delayed, no follow ups on customer invoices and failing to pay suppliers, the business will eventually crash. Bookkeeping can systemize it with up to date follow ups, invoicing and on time payments for suppliers.
2. Fulfillment of Tax Obligations
Bookkeeping keeps track on any information and documents in order to accomplish quarterly and annual taxes. You don’t have to rush anymore to find all those bills or try remembering expenses when tax time comes. Tax returns are also made easier with an organized Balance Sheet, Cash Flow and Profit & Loss, your tax agent can devote time to giving you sound tax advice instead of correcting entries in the financial statements.
3. Business Planning is Easy
When you have an accurate Balance Sheet and Profit & Loss you can check if the business on the right track financially, from there you can make proper financial decisions and have budgets and forecasts.
4. Proper Record Keeping as Required by Law
Bookkeeping keeps record keeping properly organized. It makes the retrieval process easy, when queries arise in the future. Bookkeeping can spell the difference between success and bankruptcy and can also literally mean thousands of dollars for your business.
Why should I outsource my bookkeeping?
Most businesses want to focus on what they are good at- servicing their clients. They do not have the time to be working on their books. You didn’t start a business to spend all your time working ON it, you started a business so you have more flexibility with your time. Most business owners find they are spending their valuable time after hours or on weekends catching up on the bookkeeping.
What services can Equal Books provide?
We are able to help with all your requirements. These include:
- Payroll (including Single Touch payroll), PAYG and superannuation
- BAS lodgements
- Accounting software set up
- Software training
- Ongoing support via email and telephone – we are here when you need us
Do I need a bookkeeper or accountant? What’s the difference?
Accountants and bookkeepers perform completely different tasks for the businesses they serve. Bookkeepers are responsible for on-going maintenance of their clients’ books. A bookkeeper’s common responsibilities consist of:
• Compiling data on a daily basis
• Categorizing expenses into the general ledger
• Reviewing the general ledger for accuracy
• Reconciling bank statements against the general ledger
• Generating financial statements
• Preparing BAS, Quarterly lodgements and payroll
Accountants use the accurate and up-to-date information that is maintained by the bookkeeper to provide advisory services, such as:
• Analysing the company’s financial data
• Preparing income tax returns
• Providing tax planning advice