Central Coast Quality Bookkeeping Guaranteed
- Our Central Coast premium bookkeepers are experts backed by accountants.
- We process accounts payable/receivable and manage all bank reconciliations.
- The team are available for in-person meetings and can always take a call.
- We can support or represent you in the case of an ATO audit.
Contact us today to arrange an initial consultation with no obligations.
What is bookkeeping?
Bookkeeping is the process of recording, storing, and retrieving financial transactions for a business. It involves maintaining accurate and complete records of all financial activities, which is essential for meeting tax, superannuation, and employer obligations. In summary, proper bookkeeping helps businesses manage their cash flow, prepare for tax time, and make informed financial decisions.
To be successful in bookkeeping, a business needs to have:
Good Records
Our team of bookkeepers in Gosford will help you keep all business records, including income, expenses, and GST records, for at least five years.
Accurate Numbers
Our network of bookkeepers prides themselves on accuracy and compliance. We will ensure records contain enough information to support amounts claimed on activity statements and tax returns.
Ingoings and Outgoings
Our Central Coast bookkeepers have extensive experience across industries. Further, they will ensure reports include all cash, online, EFTPOS, bank statements, credit and debit card transactions in their records.
Validation of Records
It is important to validate tax invoices received for purchases that include GST. Our accountants and bookkeepers work together to ensure all records are validated using the most effective means.
Partition of Records
It is crucial to separate business and personal records to avoid confusion. Our team in Gosford are experts in suggesting easy and actionable ways for businesses owners to manage their personal and businesses records.
Backups
Again, our team in Gosford are bookkeeping experts and keep up to date with the latest means of storing records. To clarify, keeping a copy of all records electronically and having a backup system in place for at least the last five tax years is critical.
Get In Touch
Our new clients are offered an initial consultation to explain their business and individual goals. During this initial meeting, we also take this opportunity to understand your requirements and how we can help you by looking into any obstacles that may prevent you from moving forward.
When is bookkeeping due?
Bookkeeping tasks should be performed regularly to ensure compliance with tax, superannuation, and employer obligations. Specific due dates for record-keeping and reporting tasks can vary, so staying informed about the relevant deadlines is essential. Regularly checking that you meet the record-keeping requirements is crucial, especially as your business changes or grows.
Many businesses choose to manage their bookkeeping themselves but often run into trouble when it comes time to lodge their BAS due to errors in their records. If business owners have a background in bookkeeping or complete formal training, this generally does not occur. Alternatively, many businesses choose to outsource their bookkeeping to bookkeepers like us to ensure accurate records and free them up to run their businesses.
What does a bookkeeper do?
A bookkeeper is responsible for maintaining accurate financial records for a business. This includes recording transactions, managing invoices, tracking income and expenses, and ensuring that all financial data is stored securely. Bookkeepers can also help with preparing financial reports, managing cash flow, and ensuring compliance with tax and superannuation obligations. They can work independently or as part of a team, and businesses can choose to handle their own bookkeeping or engage a registered tax or BAS agent, or a bookkeeper, to do all or part of the work.
Frequently Asked Bookkeeping Questions
What records do I need to keep?
You need to keep all business records, including income, expenses, and GST records, for at least five years.
How can I ensure my records are accurate?
Ensure records contain enough information to support amounts claimed on activity statements and tax returns and validate tax invoices received for purchases that include GST.
What tools are available to help with bookkeeping?
The ATO offers tools such as the record-keeping evaluation tool and the myDeductions tool in the ATO app to help businesses manage their records.
Should I use digital or manual record-keeping?
While both systems are acceptable, an electronic system is recommended for businesses with more complex affairs.
Is Payroll part of bookkeeping?
Yes, but they are often offered as different services. However, by integrating payroll into the overall bookkeeping system, businesses can ensure all financial records are accurate.
How can I keep my records safe?
Store a copy of all records electronically and have a backup system in place to protect against theft, fire, or water damage.
“At Tax Stuff, we help you to stay organised and compliant.”
