FAQ

Frequently Asked Questions

What is the difference between a bookkeeper and accountant?

Accounting and bookkeeping both are important support functions for your business, and each have their role to play.

Bookkeepers work with you to ensure your financial transactions are managed and maintained.

Beyond the management of your accounts payable and receivable, they undertake tasks such as:

  • Processing financial transactions such as invoices, payments and receipts;
  • Maintaining your payroll requirements and transactions;
  • Reconciling your accounts and preparing reconciliation reports;
  • Managing your GST calculations and lodging your BAS;
  • Preparing your initial financial statements and
  • Reviewing your accounting systems.

Accountants deliver a strategic aspect to the financial position of your business.

They may also provide analysis, advice and projections in relation to the financial performance of your business.

Additionally, accounts may offer a range of services including:

  • Auditing
  • Business setup support
  • Corporate compliance
  • Corporate reporting
  • Advisory services across financial management and superannuation.

KBAS works with your accountants to ensure your business is best positioned financially for success. Call us today to find out how.

Why use an external bookkeeper?

Many of the functions a bookkeeper does are well within the capability of an astute business owner or their staff to complete themselves.

 

However, is navigating the reams of daily transactions a function you can commit to without it having an impact on the primary function of your business?

 

If your business does not have the financial resources to justify a dedicated internal bookkeeping resource an external expert may be the smarter choice. Why?

 

  1. Hiring an external bookkeeper frees you up to focus on what matters in your business;
  2. Bookkeepers are expert in what they do – meaning they are faster, more accurate and have up to date knowledge on any emerging financial rules and regulations;
  3. When you use a consultant independent of the business you are adding another layer of protection and robustness to your financial security;
  4. An external bookkeeper will ensure your accounts are up to date – providing you with clear information of the status of your business.

 

KBAS is committed to developing superior results for clients. Our client testimonials prove our focus on helping you streamline the financial aspects of your business.

How do I choose a bookkeeper?

Choosing a bookkeeper is an important process which will affect your business future.

 

When determining which bookkeeper is best positioned to meet your needs ask the following questions:

 

  1. What are their qualifications and experience?

 

Does your bookkeeper have current qualifications – and how do they stay up to date on changing legal requirements? How long have they provided a bookkeeping service to and what do their clients say about them? 

 

Bookkeepers who are registered as BAS Agents are required by the Tax Practitioners Board to have skills, qualifications and learnings around all bookkeeping areas including GST and BAS requirements. They are also expected to have industry experience of at least two years, as well as agree to an established code of conduct. In order to stay current they must re-certify every three years.

 

  1. Which industry bodies are they a member of?

 

It’s not enough to be qualified and experienced. Industry membership means your bookkeeper has access to the latest industry information and requirements and training opportunities with a network of professionals who will help them remain competitive in a fast-evolving market.

 

  1. What services do they provide?

 

When meeting with a potential bookkeeper determine exactly the services they offer and how these services and tasks match your accountant’s requirements.

 

Look for a bookkeeper who has systems in place to ensure they alert you to any anomalies in your accounts.

 

  1. Which technologies and software do they use?

 

As for most professions in today’s business world, bookkeepers are having to become more and more adept at using new technologies and software to support their clients. Cloud-based software helps save considerable time and money and also means many tasks can now be automated. Find out which software your potential bookkeeper offers and how this meets the needs of your business.

How do I get started with KBAS?

Don’t wait until they day before your BAS statement is due …. pick up the phone, fill in our contact form or email info@kbasbookkeeping.com.au

 

We would love to meet with you and find out more about your business and the support you need. We offer a no-obligation initial consultant to help you confirm that KBAS is best positioned to meet your needs.

 

 

 

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