Bookkeeping for Small Business - Working with Bookkeepers

Date Posted: February 21,
2023

Do you understand what it means to take on a bookkeeper?

Yes this person will manage the books for you, and help you get ready for tax time - but it is up to you to acknowledge what that means. There are plenty of benefits when you have a bookkeeper - but you also have responsibilities as well. Consistency is the key to achieving compliance. Talk to Bookkeepers for U Today to ensure that we can help you get your business finances to where it ought to be. Clean and tidy, and filed.

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Accurate Financial Records

Regular bookkeeping ensures that your financial records are up-to-date, accurate, and complete. This helps you make informed business decisions based on the most current financial data.

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Better Cash Flow Management

Bookkeeping allows you to monitor your cash flow, identify any cash shortages, and make necessary adjustments. This helps you avoid financial problems that can arise from poor cash flow management.

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Improved Tax Compliance

By keeping accurate and complete financial records, you can ensure that you are complying with tax laws and regulations. This helps you avoid costly fines and penalties from tax authorities.

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Easier Financial Reporting

Regular bookkeeping makes it easier to generate financial reports such as income statements, balance sheets, and cash flow statements. These reports provide valuable insights into your business's financial performance, enabling you to make better decisions.

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Better Financial Planning

Bookkeeping helps you understand your business's financial position, identify financial trends, and forecast future performance. This can assist you in making better financial decisions in the future.

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Improved Record Keeping

Regular bookkeeping helps you maintain a comprehensive record of all financial transactions, making it easier to track payments, expenses, and income. This can be helpful in legal matters, audits, and other situations where a detailed financial history is required.

Regular bookkeeping provides many benefits, including the fact that your business will be more efficient and effective. Allowing you to maintain accurate financial records, manage your cash flow, and make better financial decisions based on timely and reliable information.

What do you need to give the bookkeeper?

Your Bookkeeper need your invoices and your receipts

Invoices & Receipts

Invoices and receipts provide evidence of financial transactions, including sales and purchases. These documents should be properly recorded and organized, as they are essential in tracking cash flow, expenses, and revenues.

bank statements

Bank statements provide a record of all financial transactions that occur in a bank account. Bookkeepers should reconcile bank statements with financial records to ensure accuracy.

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payroll records

Payroll records should be kept for each employee, including their hours worked, pay rates, and taxes withheld. These records are used to prepare payroll taxes and other tax returns.

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general ledger

The general ledger is a record of all financial transactions, including debits and credits. It is used to prepare financial statements, such as the balance sheet and income statement

Purchase Orders

Purchase orders are generally used to track orders for inventory, supplies, or other goods and services. Bookkeepers should keep accurate records of purchase orders to ensure that the business has the necessary supplies and inventory on hand.

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Depreciation Records

Depreciation records are used to track the decline in value of assets over time. These records are important for tax purposes and to ensure that the business is properly managing its assets.

tax records

Bookkeepers should keep records of all tax-related documents, including tax returns, tax payments, and any correspondence with tax authorities.

Communication

Bookkeepers can only manage what is provided to them. Communicate regularly. They cannot by law make assumptions without the evidence. Consistently send documentation onwards. So please set a date each week or month to share the documents required with your bookkeeper.

Bookkeepers for U are you dedicated local bookkeeping service in Melbourne and we are ready to answer your questions and help you get your books organised and compliant. Call us today and have a chat about how we can help.

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