Bookkeeping + Payroll Services
The essential parts of running a business!
Bookkeeping & Payroll Services
Bookkeeping and payroll are the responsibilities that come with being the boss!
What is Bookkeeping?
Bookkeeping is an essential part of running a business.
Bookkeeping, or sometimes known as record keeping, is a critical part of running a business. Â You need to have good systems in place to accurately record your transactions – income and expenses so that you have correct dependable information in readiness for your obligations. Â These can include Business Activity Statements (BAS), tax returns, financial statements or internal reports.
It is important to be confident that the reports you are producing through your bookkeeping systems are reliable and present a true picture of your current financial position.
Having your system set up correctly to record GST is also vital for good reporting and to make sure your tax obligations are always spot on. Â GST can be an absolute minefield, but we are here to help.
What is Payroll?
Payroll is a function within a business that maintains financial records of employees such as salaries and wages, bonuses, tax withheld, deductions etc. and also calculates and distributes weekly, fortnightly or monthly wages to employees.
Our accounting team can help set up your payroll, register you for Single Touch Payroll with the ATO and organise your superannuation obligations, ensuring that you are meeting all your employer compliance. Â We can also assist with WorkCover registration and reporting.
As an employer, you are responsible for taking out deductions such as tax as well as managing leave entitlements and we take the time to go through this with you and show you how.
If you decide that it’s time to put on extra staff or have questions about if someone should be deemed an employee or a contractor, our team of experts in both our accounting and legal teams are here to help.
Learn More About Our Bookkeeping + Payroll Services
When was the last time you reviewed your cash flow management processes? Â Have you ever considered outsourcing your bookkeeping services to a team like Canny Accounting to find out how a bookkeeper can improve your business?
It’s important to understand Accountants vs Bookkeepers and the different roles that each important team play in helping your business achieve success. Â If you are looking for payroll services or payroll and bookkeeping serivces, we can help to ensure you are set up correctly, from the start!
BOOKKEEPING + PAYROLL FAQS
What Do Bookkeepers Do For My Business?
Bookkeepers assist in the recording of accurate, and up-to-date financial information about your business.
Core duties of a bookkeeper include, but are not limited to:
- Data entry; including sorting through receipts and entering information into the relevant accounting software;
- Ensuring the business bank accounts and credit cards reconcile at the end of each month/quarter;
- Ensuring the business loans reconcile at the end of each month/quarter;
- Monthly/quarterly reporting;
- Maintaining and reconciling accounts receivable and payable;
- Processing and reconciling payroll and superannuation obligations;
- Processing annual Single Touch Payroll (STP) finalisation;
- Preparation and lodgement of monthly/quarterly/annual reporting, including things such as:
- Business Activity Statements (BAS);
- Instalment Activity Statements (IAS);
- Taxable Payments Annual Report (TPAR);
- WorkCover;
- Payroll Tax;
- Leave Plus; and
- Portable Long Service Leave.
How Does Bookkeeping help My Business?
Timely bookkeeping enables the business owner to have a real-time understanding of the financial side of their business.
This assists businesses being able to make timely and proactive decisions. Â
This also enables on-time compliance with ATO regulations.
Do I Need To Review My Cash Flow Management Process?
Cash flow management is crucial for all businesses.
Cash flow management involves monitoring, analysing and optimising the inflows and outflows of cash and assists you with budgeting for your business.
By having a bookkeeper, it ensures that your business accounting software/record keeping is up to date, and ready for the business owner to evaluate the cash flow on a timely basis.Â
Businesses can’t succeed without cash flow.
What Are Payroll Services?
Payroll Services can include things such as:
- Reviewing employee timesheets;
- Calculating gross wages;
- Calculating allowances,
- Calculating overtime and other entitlements;
- PAYG withholding; and
- Superannuation obligations for a given time frame.
These are processes via Single Touch Payroll (STP) software, ensuring that the ATO STP and superannuation obligations are all met.
Do I Need A Bookkeeper?
A bookkeeper is not required, however, it is something that we do recommend.
The value of a reduction in the business owner’s administration time when employing a competent bookkeeper can be significant.Â
Freeing up time to ‘work on it, not just in it’ is invaluable.
Can I Do My Own Bookkeeping?
Yes, it is possible for business owners to complete their own bookkeeping; in fact, many business owners do.
If not engaging in the services of a bookkeeper, we would recommend having a bookkeeper review your files and/or train you to ensure you are doing it correctly from the start.
After all, fixing up incorrect bookkeeping can be a very time-consuming and costly exercise.Â
Free downloadable guide
If you would like to know more about our bookkeeping and payroll services, as well as bookkeeping software download our free guide to arm you with all of the information you need to make informed decisions.
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