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TOP 10 BOOKKEEPING TIPS

The golden rule to saving time and money with any bookkeeper or accountant is to always organise your work before handing it over to them. Here are a few handy bookkeeping tips to keep in mind before you next submit your work.

1. Bank Statements

Have all the bank statements for all business accounts ready for the period to be completed. If you are missing any, obtain copies from your bank.

2. Barter Card Statements

If you use Barter Card please have the entire relevant Barter Card statements ready. If you are missing any, please obtain copies by calling Barter Card directly.

3. Credit Card Statements

Have all credit card statements for the period to be prepared. If any are missing, please obtain copies of them from your bank.

4. Loans

Details of all business loans need to be available. Statements are one of the best forms of paperwork as they show the commencement of the loan, the set up expenses, the interest and any other fees payable, and also the balance at any given time.

With loans for equipment the purchase invoice is required along with the loan documentation from the lending body. Different loans are treated differently so all relative documentation is required in order to calculate the interest / GST etc correctly.

5. Automatic Deductions

Make a list of the automatic deductions that are automatically deducted from your Bank accounts. These might include Motor Vehicle payments, Fuel Card payments, Insurances (including Workcover), equipment loans and lease payments. Have the documentation to back up the deductions for reference.

6. Receipts

Always keep receipts of the money you have earned. Have copy of Invoices issued and the payments made, Remittance advices (if available) and the Bank Deposit book. Make a note of any cash amounts that are not banked so these can be taken into account when calculating income for the period.

7. Payments

Ensure you have all invoices that you have paid ready. It is a good idea when making the payments to write on the invoice the date paid, cheque number and the amount paid. If paid by cash, credit card, internet banking or direct transfer, write this instead of the cheque number. It makes it easier down the track to identify payments if and when required. Also, ensure you keep all your Cheque stubs, as your bookkeeper or accountant will also want to see these.

8. Payroll

Make sure you have all relevant details of your employees, including Tax File Number, Address, Phone Number and Date of Birth. Also, always remember that employees must complete a Tax Declaration Form (available from your local newsagent) when they commence work, a copy of which must be forwarded to the Australian Taxation Office. The wage book must also be available in order to complete the tax liability.

9. Business Activity Statements

Ensure you have all relevant BAS statements available in order to reconcile your ATO liability.

10. Filing

Try to file your documents in some order – chronological order is a good starting point. We can discuss your filing needs with you and set up a system beneficial to both you and the bookkeeper.

 

   
 
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