The simple answer is that a good bookkeeper will support you as you move through the challenges and opportunities within your business, helping you reach your goals. They will complete all the financial record keeping you don’t have the time or expertise to do correctly.  A quality bookkeeper will be a registered BAS Agent and a massive asset to your business because they have the knowledge and experience to accurately manage your business’s financial records. They can also provide insight into potential financial issues in the industry.

The critical roles of a good Bookkeeping BAS Agent will include:

What’s the difference between a BAS Agent and a Bookkeeper? A BAS Agent will have completed bookkeeping qualifications, be registered and monitored by the Tax Practitioners Board, be insured, and complete continuing education. Most bookkeeping, payroll, and compliance tasks for entities that are registered for GST will require a BAS Agent to complete them. A bookkeeper is not qualified and legally able to submit BAS or your payroll single-touch compliance, for example, unless they are BAS Agent registered.

Data Entry

Your bookkeeper will manage all your financial transactions by entering them into the system regularly and accurately, allocating them to the correct accounts in your accounting software, and producing weekly or monthly reports that provide helpful information on your business performance.

Expense Tracking

All business expenses need to be recorded and reconciled to purchase orders and delivery receipts to ensure you are getting what you paid for. Your bookkeeper will carry out this role and enter any petty cash and credit card purchases into your accounting system. They can also monitor who is spending what and identify potential excess expenditures.

Invoicing and Receipts

Collecting money from customers is a key cash flow driver for every small business. A good bookkeeper will ensure invoices are sent promptly, follow up on late payments, and manage all cash coming into the business. This role can often be the make or break of a small business.

Payroll

If you employ staff, payroll can become an enormous task. Paying your staff can involve checking timesheets, allocating any commission payable, calculating payroll tax and superannuation, and keeping accurate employee records, including their bank account details. Of course, the payroll must be processed through the accounting system and the bank account. Having a bookkeeper will save you time if your payroll is done weekly or fortnightly.

Banking

Most accounting software packages now link directly to business bank accounts. Your bookkeeper can download banking information directly into your accounting system and allocate payments and receipts. Reconciling bank transactions to your accounting system is important because you need to make sure all transactions are accounted for and nothing gets missed.

Compliance

Your bookkeeper should be a registered BAS agent, which means that they can prepare your BAS in accordance with the ATO requirements. They will also be able to prepare payroll tax and superannuation records and payments. If you have any business loans or other areas that require regular reports, they will be able to do this as well.

Financial Reporting

Finally, your bookkeeper will provide regular financial reports, such as profit and loss, balance sheets, budgets, and cash flow forecasts, that will give you all the information you need to improve your business’s financial performance. They will be able to guide you on what areas need improvement, and those performing well can be taken to the next level.

A good bookkeeper is an asset, and you should view any cost associated with your bookkeeper as an investment in your business.