Bookkeeping FAQs
Keeping your books in order can become a complicated beast. I answer all your burning questions about bookkeeping below so you can get started as quickly as possible.
Need to chat further? Simply contact me to book a discovery call at your convenience.
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A bookkeeper typically manages your payroll, assists with compliance, records your business transactions, reconciles your accounts and completes BAS lodgements.
Depending on your needs they can also offer financial support and guidance, and assist with cash flow management, budgets, reporting, and financial health monitoring.
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Bookkeepers can help you and your business in several different ways, streamlining processes and just generally making your life easier. For instance, we help you to:
Save time: By focusing on compliance and preventing serious errors when it comes to making payments
Save money: By chasing up invoices, minimising outgoings where possible and working towards maximising your tax benefits
Accelerate your business growth: By keeping your books up to date, you’ll be able to take control of your finances. This will help you make better business decisions and you’ll experience far less stress in the long term.
There’s nothing more freeing than financial control. It enables you to see the bigger picture and focus on making the right decisions in order to grow your business. A good bookkeeper will help your business thrive; from the moment you’re just starting out to when you grow into each exciting new phase.
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An agile and experienced bookkeeper like myself can empower business owners when it comes to their finances. We give small businesses more time and energy, allowing them to focus on growing their profits.
Financial advice can give business owners peace of mind in the knowledge that their finances are up to date. They can also feel empowered to make informed financial decisions at the right times.
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Many people assume that bookkeeping and accounting is the same thing. While many bookkeepers double up as accountants (or vice versa), these are two very different roles.
Bookkeepers assist you with the ongoing recording of financial transactions, while accountants make sense of this data come tax time in order to minimise your taxation and advise you on your financial situation.
It is important that your bookkeeper and accountant work together for the benefit of your business. I’m happy to work with your chosen accountant if you like, but I offer both bookkeeping and accounting services. Combining these services often means you and your business will benefit from cost and time efficiencies.
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Yes, I can. In this changing world, it’s crucial that small businesses stay agile. That often means that you need an expert virtual collaborator.
Luckily, I have the systems in place to make this happen! I am based in Sydney but also offer virtual online bookkeeping services so I can stay on top of your books from afar.
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Small-to-medium sized businesses and entrepreneurs can make mistakes when it comes to doing their own bookkeeping, especially when they’re first starting out or are preoccupied with running their business!
This can mean they can waste precious time and money when they’re in the midst of a critical growth phase. The biggest mistakes businesses typically make are:
Not reconciling bank accounts regularly – this means you don’t know the state of your finances on a day-to-day basis and could be overspending or underspending
Duplication of transactions. If you’re recording transactions twice this means that you could be making double payments to suppliers. Getting the money back is always a time-consuming task and can affect your cash flow
Mixing personal expenses with your business expenses. If personal transactions are mixed up in your business accounts, you won’t be able to create an accurate financial representation of your business
Not accounting for GST correctly. Some transactions include GST while others have GST-free components. This can get confusing if you’re not sure what to look for
Hiring a bookkeeper can help you avoid these critical mistakes and it takes the headache out of keeping your accounts!
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The Pure Bookkeeping System ensures that your books will be impeccable every time. It means that you will be able to:
Run reports quickly, from simple overviews to detailed breakdowns of your data
Access financial information at the tip of your fingertips
Say goodbye to stressful ATO audits. With Pure Bookkeeping, you can prove that you have qualified systems in place with clearly organised information
Have peace of mind that all your important information will be in order and – most importantly – within easy reach