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What does a Bookkeeper do?

Bookkeeping can be split into three categories:

1. Data entry

This is exactly what is sounds like,  entering of the data into your accounting system such as bills, invoices, supplier and customer information and then allocating the payments from your bank account. Some of this can be automated with smart software such as Hubdoc and Dext.

2. Payroll

Payroll can be done by a bookkeeper however the payroll laws are complicated and depending on industry there may be many different factors to consider such as different types of employment (full time, part time, casual or subcontractor) who is eligible for loadings, what type of loadings, minimum hours, rostered days off, changes in minimum rates and terms, super obligations, reimbursements, public holiday rates, notice periods, payouts on termination to name a few. This means it is very important to ensure the person doing your payroll understands all of the above and as a business owner we suggest you educate yourself also. As we see in the media time and time again you don't want to make errors with payroll, it could be very costly to your business! The introduction of STP (Single Touch Payroll) and now STP 2 also means that the ATO gets real time data so it needs to be right...

3. Review and Reconciliation of Data entry

There is more to bookkeeping than data entry and just "hitting the buttons" in your accounting software. It is the bookkeepers job (although a lot of bookkeepers do not do this) to ensure that they review the various reports in your accounting system on a regular basis to ensure all the data entry is correct and things are where they should be. Failure to do so means that the data cannot be relied upon.

What qualifications should your Bookkeeper have?

If you hire an external bookkeeper and are paying them via an ABN/invoice it is important to check their qualifications. If they aren't a registered BAS agent or Tax Agent (you can check here) then they are not qualified to prepare and lodge your BAS. Beware of unqualified bookkeepers lodging your BAS through your software on your behalf, they should always lodge through their BAS or Tax Agent number to protect you if there are errors. 

If you choose to hire an in house bookkeeper they should ideally have done a TAFE course at the very least to understand the basic concepts. If they are then preparing and lodging your BAS on your behalf you need to ensure that you have checked it and understand the numbers being reported.

What services we offer as part of our Bookkeeping Services

*indicates base price

** We only provide bookkeeping services for businesses on Xero**

- data entry on a weekly, monthly or quarterly basis

- review of bills entered into Xero at the end of the month to ensure nothing has been misallocated or duplicated

- ensuring the correct GST has been entered to match the bills

- use of Hubdoc to streamline data entry of bills (review of bills in Hubdoc and pushing through to Xero whilst ensuring correct fields are noted in Hubdoc such as GST, account code, date)

- setup of Hubdoc or Dext to streamline data entry of bills

- ensuring all expense claims have been entered with correct GST, dates and account codes

- ensuring that the periods are locked in Xero to avoid errors in prior periods

- ensuring bank reconciliation in Xero matches the bank statement and nothing has been entered incorrectly

- review profit and loss at end of month to ensure consistency of allocations 

- review of balance sheet at end of month to ensure consistency of allocations and that clearing accounts such as wages payable, super payable etc are clearing

- review of any director loans end of month (for companies) and profit to decide if they need to be cleared via wages or dividend

- review of ATO account balances to Xero

- processing of payroll

- provide estimates of GST, PAYGWH and super each month so that you can budget


What does a Virtual CFO do?

A Virtual CFO assist your business in many different ways and the amount of support you will need depends on the size of a business. A Virtual CFO acts as an integral part of your team and can assist you in the strategic planning of your business. Here is a list of some of the things a Virtual CFO can do for you:

prepare management reports for discussion with business owners on KPI's, trends, profitability and performance

- assist in the creation of KPI's for your business so that you can monitor performance

- prepare detailed or simple cash flow forecasts

- assist you in planning for upcoming taxes

- help you make decisions on whether you can afford to hire someone new

- help you understand your numbers and your profitability

- help you with various integrations of software to ensure that they "play nice" with each other

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