Bookkeeping – it is critical and must be right!

Bookkeeping is the recording of financial transactions. These transactions include sales purchases, income and payments by an individual or organisation. Bookkeeping is usually performed by a bookkeeper. Bookkeeping should not be confused with accounting. The accounting process is usually performed by an accountant. The accountant creates reports from the recorded financial transactions recorded by the bookkeeper and files forms with government agencies.

There are some common methods of bookkeeping such as the Single-entry bookkeeping system and the Double-entry bookkeeping system. But while these systems may be seen as "real" bookkeeping, any process that involves the recording of financial transactions is a bookkeeping process.

Many Bookkeepers in Brisbane and other cities of Australia are providing all types of Bookkeeping solutions to individual clients and businesses. Accurate Bookkeeping is critical because:

• For small businesses, cash flow management is one of the most important things to keep an eye on. Irrespective of how busy you are, delaying invoices, not following up on customer payments or falling out of a supplier's good books due to constant delays in payments can bring you down crashing.
• You do not have to rush to find all bills or try putting expenses down from memory come tax time. A simple click on MYOB is all it takes to create BAS statements or view reports of Profit & Loss , Balance Sheets or Cash Flow. This also makes it easier for your tax advisor to concentrate on the high level accounts and taxation advice and not spend their (very expensive) time on creating or correcting financial statements.
• Asking for funding/ loans from a bank requires financial statements. Eventually, if you want to sell out and exit - you need financial statements for at least a few years. Messy or erroneous statements will cause every buyer to run a mile away.
• Once a week, you should be able to check and ensure that your Balance Sheet and Profit and Loss statements compare against your budgets and estimates to see if you are on track. These well-kept books will make your business planning so much easier.
• Not separating personal and business funds causes a lot of businesses to be penalised by the ATO or even fail.
• The Australian Tax Office (ATO) requirement is that record-keeping or Bookkeeping is required for five years after the transaction occurs or they are .

Offering Bookkeeping Services Brisbane, Toowoomba Australia

Bookkeeping and Bookkeepers services are helping organisations to cut down costs and increase profits. The secret to a successful business is doing what you’re good at and outsourcing what you’re not. Here are five advantages of using our Bookkeeping Services.

1. Cost-effective

Hiring a Bookkeeper can be more cost effective than hiring casual or part time staff to do your bookkeeping. There is no need to purchase and maintain computer systems, buy expensive accounting software and upgrades or invest in expensive training and development of staff. Office space does not need to be allocated to a staff member and there is no superannuation, leave entitlements or any other costs that a full or part time employee incurs.

2. Time effective

A Bookkeeping Service has the expertise and know-how to look after your accounts and let you focus on the day-to-day running of your business. Bookkeepers should be flexible and schedule meetings around your busy work schedule and be able to produce reports and figures at a moment’s notice to accommodate any last minute meetings.

3. Higher Profits

Bookkeeping services put you in control of your cash flow, reduce tax liabilities and maximise profits through management controls. Bookkeeping services can provide a regular reporting service and keep processes up-to-date.

4. Reduced tax liabilities

By outsourcing your bookkeeping, you can rely on the expertise, knowledge, and experience that using an outside consultant brings to a business. When you work with a bookkeeping service you are ensuring that you have a knowledgeable specialist on your side that will use all of their expertise to your businesses’ advantage and reduce any tax liabilities for your business. You can be confident that the bookkeeping is done accurately and will not incur any penalties for late lodgement or inaccurate data.

5. Peace of mind

Hiring a Bookkeeper gives you peace of mind that a regular reporting system is in place, processes are up to date, you are managing your cash flow, paying invoices on time and chasing up any unpaid invoices.

Hiring a Bookkeeper or Bookkeeping services should be seen as an investment for your business, not an expense. By employing B B Whitehouse Group as your bookkeepers, you can be confident that your bookkeeping is managed by a specialist with up-to-date knowledge of any tax legislation to save you money, reduce your tax liabilities, streamline your business and maximise your profits.

Please contact B B Whitehouse Group for all types of Bookkeeping work. We are known as reliable Bookkeepers in Brisbane and other parts of Australia.

B B Whitehouse Group provide Bookkeeping in Brisbane, Toowoomba, and all over Queensland and Australia for small businesses. We provide fast and cost effective Bookkeeping service to small businesses - locally or we can travel to you!

By allowing us to do the Bookkeeping for you, you will save chargeable time of your staff. The result - financial gains for you and your business!