Everything you need to know...

On this page, we’ve answered some the common and frequently asked bookkeeping questions many small businesses have.

It’s part of our role to not only help you understand and make the process easier for you, but also help you comply with and commit to your taxation obligations, while growing and scaling your business.

If you need bookkeeping help, you are ready to get a new bookkeeper on board, or you would like someone to help your overwhelmed administration department, contact us.

Name
Last Updated
Views
Favorites
Contributors

Frequently asked questions

What if my books are a complete mess?


It’s OK. Everything can be fixed. First, we need to undertake a process called rescue or clean-up work and it requires a greater set of skills. This is actually the type of work we really enjoy! Here are some of the things we need to do:

  • Establish what is correct and what needs correcting.
  • Postings of accounting transactions
  • Ensure bank reconciliations agree to bank statements
  • Credit card reconciliations agree to credit card statements
  • Sales and purchases ledgers need to be checked for accuracy
  • Check payroll reports agree to your general ledger reports
  • Check GST returns has been submitted correctly
  • Check superannuation has been paid and the correct amounts paid
Then we need to get to work and get your books up to date. If this is you, you do not want to sit on this. It is an urgent task. Contact us today.




Why do I need a bookkeeper?


A great bookkeeper can assist you as a business owner to achieve a work-life balance. Instead of coming home at the end of a hard day’s work only to “do the accounts” after dinner – missing out on family time or your favourite TV show – your professional and highly trained bookkeeper will deal with all facets of your bookkeeping, including the daunting day-to-day tasks of recording sales and purchases, sending invoices and paying bills on time. We ensure that your superannuation is paid on time and your BAS is correct and paid on time as well. A business owner will quickly burn out if they try to do it all themselves. A bookkeeper saves you time, money and recourses.




What should I expect from a bookkeeper?


Your bookkeeper should be efficient, keep up to date with software and compliance changes and should be knowledgeable about debits and credits, chart of accounts, standard processes for sales, purchases, payroll, superannuation, Single Touch Payroll and BAS (if they are a registered BAS Agent). Bookkeepers can also assist in producing preliminary reporting of Profit and Loss and Balance Sheets, so you as the business owner can see if you are making a profit or not, and if not, which areas can you improve on. Not only will they save you time, but money too and another cost-saving benefit is getting your figures ready for the accountant, so they can easily do the tax return when required with minimum of fuss.




Do bookkeepers need to be registered?


Yes, any bookkeeper and BAS Agent needs to have completed at least a Certificate IV in Financial Services – Bookkeeping and be registered with the Tax Practitioner’s Board to be able to charge a fee for work undertaken. At BalanceWell Bookkeeping, we are registered and continually complete training and education to keep up to date with compliance issues.




What size business do you offer services to?


We specialise in, and love working with, small businesses, which is any business with a turnover of up to $10,000,000 a year. We typically work with savvy business owners who are action takers and have a great sense of health and wellness for themselves, their clients and community. Generally they are professionals in the medical and dental industries, beauty, health, wellness and fitness services, farming community, and trades.




How much does a bookkeeper cost?


Every business is different and has different bookkeeping needs, so we require a Discovery Meeting in the first instance before we start working with a new client. In this session, we perform a free health check of your current data file, so we can tailor a solution just for you.




What is Single Touch Payroll?


If you are a micro business (1-4 employees) or a small business (1-19 employees), Single Touch Payroll (STP) was implemented on July 1, 2019 and is a new non-negotiable way of reporting wages and superannuation to the ATO each pay run to allow for easier employee reporting. STP for 20+ employees was first introduced in 2018.




How can you give me peace of mind?


Many business owners enter the entrepreneurial world with enthusiasm and a big vision - and we love that! In our experience, a business either thrives to the point of expansion and need to outsource tasks that they don't have the time or expertise to complete. Or, they find that bookkeeping is distracting them from what they do best, and affecting their time or life balance to grow their business successfully. You don't need to be bogged down by your bookkeeping. You just need someone that is qualified and trusted to do your booking for you, like BalanceWell Bookkeeping, and to keep you updated with a summary of your numbers. At BalanceWell Bookkeeping, we know that to run a successful business, your financial health is as important to you as your own health and wellness. We use the latest technology and accounting methods to streamline your bookkeeping systems for greater efficiency. We'll get your business on the right footing with bookkeeping that is focused, true and transparent.




Can I talk to you confidentially.


The simple answer is yes. Guaranteed.