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Bookkeeping + Payroll

The essential parts of running your business and the responsibilities that come with business ownership.

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.  You need to have good systems in place to accurately record your transactions – income and expenses, so that you have correct and dependable information in readiness for your obligations.

These can include Business Activity Statements (BAS), tax returns, financial statements, and 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 systems set up correct to record GST is also vital for good reporting and to make sure your tax obligations are always spot on.  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.

The financial records that need to be maintained for employees include 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 (STO) with the ATO and organise your superannuation obligations, ensuring that you are meeting all your employer compliance.  We can also assist you WorkCover registration and reporting.

As an employer, you are responsible for taking our deductions such as tax, as well as managing leave entitlements, and we take the time to go through this with you, show you how and make sure that you have a clear understanding.

If you decide that it’s time to put on extra employees or have questions about if someone should be deemed an employee or a contractor, our team are experts and are here to help.

Learn More About Our Bookkeeping + Payroll Services

When was the last time you reviewed your cash flow management processes?

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.  If you’re looking for payroll services or payroll and bookkeeping services, we can help to ensure you are set up correctly, from the start.

 

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.

Enter your details below to access our free guide, and make sure you’re pop-ups aren’t blocked so you can download the document once it has finished downloading.

Frequently Asked Questions

Bookkeepers assist in the recording of accurate, and up to date financial information about your business.

Core duties of a bookkeeper can include:

- Data entry, including sorting through receipts and entering information into the relevant accounting software;
- Ensuring the business bank accounts reconcile at the end of each month/quarter;
- Ensuring the business credit cards reconcile at the end of each month/quarter;
- Ensuring business loans reconcile at the end of each month/quarter;
- Monthly and/or quarterly reporting;
- Maintaining and reconciling accounts receivable and payable;
- Processing and reconciling payroll and superannuation obligations;
- Processing annual Single Touch Payroll (STP) finalisation; and
- Preparation and lodgement of reporting, including:
- Business Activity Statements (BAS);
- Instalment Activity Statement (IAS);
- Taxable Payments Annual Report (TPAR);
- WorkCover;
- Payroll Tax; 
- Leave Plus; and
- Portable Long Service Leave.

Timely bookkeeping enables the business owner to have real-time understanding of the financial side of their business.

This assists with businesses being able to make timely and pro-active decisions.  This also enables on time compliance with ATO regulations.

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/recording keeping is up to date, ready for the business owner to evaluate the cash flow on a timely basis.

Businesses simply cannot success, without cashflow. 

Payroll services can include things such as:

- Reviewing employee timesheets;
- Calculating gross wages, allowances, overtime
- Calculating other entitlements;
- PAYG withholding; and
- Superannuation obligations.

These are processed via Single Touch Payroll software, ensuring that the ATO STP and superannuation obligations are all met.

Payroll services also include maintaining the employees annual leave, sick leave and long service leave balances.  These entitlements are accrued through the payroll period and adjusted for when used by the employee.

While a bookkeeper is note something that is legally required, it is something and someone that we highly recommend investing in.

The value of a reduction in the business owner's administration time when employing a competent bookkeeper is significant.  Freeing up time to 'work on it, not just in it' is invaluable.

An added benefit is the accuracy of the data provided to the accountant at the end of the financial year.

Yes.  It's 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 bookkeeper can be very time consuming, and costly.

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