Essential Bookkeeping Services Every Business Needs

Many new business owners neglect the importance of keeping track of all financial transactions, incoming and outgoing. Once a business is up and going, it is necessary to invest time and money in maintaining good financial records. Any oversight can be costly. It can also put you in hot water with the ATO. Therefore, some degree of bookkeeping services is essential for every business.

Professional accounting and bookkeeping services on the Gold Coast can help a business stay on top of finances and provide a trustworthy performance indicator. Bookkeeping gives insight into general strategy decisions and serves as a benchmark for a business’s sales and income targets.

However, hiring a full-time bookkeeper can be expensive. As a cheaper alternative, many small businesses hire an accounting or bookkeeping firm that offers bookkeeping services. Grow Advisory Group is one such firm. As professional and highly-experienced accountants and bookkeepers, we provide a range of bookkeeping services to Gold Coast customers, including individual services and complete bookkeeping packages. From getting you up and running with accounting basics to managing the finances of your entire business, we can help.

Today, we will look at some essential bookkeeping services we offer to help you understand which you need to employ for your business.

Bank accounts reconciliation

The process of validating that a company’s internal financial records match external financial statements from banks, credit card companies, and other financial institutions is known as account reconciliation. Accurate account reconciliation is crucial for your company’s financial health since it aids in the detection of abnormalities, errors, and fraud.

It’s vital to balance your financial accounts regularly to know how much money you have and how much you have left. Accounts reconciliation will surely save you money in the long run by revealing any overdrafts, overcharges, or fraud.

The skilled Gold Coast bookkeepers at Grow Advisory Group will assist you in preparing accurate financial accounts that will allow critical decision-makers to rely on management reports.

Receipt Bank account setup

Xero, MYOB, and Quickbooks are fantastic, but they only receive bank feeds with the most up-to-date information on your cash in and out transactions. Receipt Bank is an add-on that automates data entry and eliminates your stacks of paper. It works by uploading your receipts and supplier invoices to your bookkeeping software, as well as transactions that haven’t yet hit your bank account and supporting documents for your bank transactions. Receipt Bank gathers data from transactions and securely keeps scanned copies in your online account, ensuring easy access to your company’s records.

Grow Advisory Group’s relationship with Receipt Bank is an example of how exceptional bookkeeping services on the Gold Coast use new technology to help customers better their companies!

Please get in touch with us if you’d like to open a Receipt Bank account.

Quarterly BAS calculation and lodgement

BAS is something that most businesses dread. BAS includes not just GST but also payroll PAYG withholding, income tax payments, fuel tax credits, and so on.

Professional BAS services can provide you with a basic quarterly assessment of your BAS before lodgement or full preparation and lodgement of your BAS. Investing in such services will ease your anxiety while also minimising your accounting expenditure!

Quarterly BAS services provide an excellent chance to tie up any loose ends and identify areas for improvement in the next month/quarter. It also makes meeting your accountant more efficient because you can spend more time planning for the future rather than repairing the past!

Be in control of your BAS requirements and save money on accounting with Grow Advisory Group’s BAS bookkeeping services on the Gold Coast. Contact us today to get started.

Monthly financial reports

Monthly financial reports enable management to make timely business decisions; quarterly or annual financial reports do not. Standard monthly financial reports include the Income Statement, Balance Sheet (Beginning and Ending), and Cash Flow Statement.

An Income Statement provides a comprehensive view of current business activity. Examining the income statement against the budget helps us understand how a business is doing and make quick changes to enhance future financial performance.

A Balance Sheet reconciles the Income Statements. Notes are also significant. Notable should be the date the cash was reconciled to the bank statement.

A Cash Flow Statement ties the Balance Sheets and Income Statements together. It shows us what happened between the two balance sheets and how much cash is accessible.

Get a let up on your competition with the insight of monthly financial reports and cash flow management. Contact professional bookkeeping services on the Gold Coast, such as Grow Advisory Group, to get started today.

Custom Chart of Accounts

It is important to understand that a Chart of Accounts (COA) is a comprehensive list of every account in an accounting system that serves as the foundation for a business’s financial record-keeping system. Its purpose is to separate costs from revenue, assets from liabilities, and to compile the data into financial reports, among other things.

A badly designed and unclear COA will make it challenging to understand your business and may result in human error.

If you need help creating a Chart of Accounts specific to your business, call on professional bookkeeping services. Bookkeepers such as Grow Advisory Group will review your business and make the correct COA for your business needs.

Payroll setup

As a Gold Coast business owner, one of the essential administrative roles you have is ensuring that your valued employees are paid appropriately and on time. Payroll is the name for this duty, and it may be a complicated procedure for many people, especially if you have many employees with different schedules. It doesn’t have to be that way, especially with the aid of a professional payroll service.

Payroll assistance, training, and comprehensive payroll administration are just some of the Grow Advisory Group’s Payroll services. Our Gold Coast bookkeepers can assess your current setup and recommend the best course of action for your company’s structure.

Read ‘How a Payroll Accountant Can Help your Business‘ to learn more about the advantages.

Seamless integration of cloud-based bookkeeping software

Are you having trouble keeping up with your bookkeeping responsibilities? Do you feel like you’re drowning in a sea of papers and folders? Or do you want to spend less time handling the books and more time operating your business? If you answered yes to any of these questions, it’s time to think about switching to cloud-based bookkeeping software or altering your present accounting software to one that better suits your needs.

Call Grown Advisory Group if you’re unsure which software is best for your company. We specialise in cloud-based bookkeeping software, including Xero, MYOB, Quickbooks, Reckon, and Sage,  and can advise you on which one is ideal for your business’s needs. We can also help you set up your business or transfer your data from one software platform to another.

Read ‘Which Accounting Software Is Best for Small Business?‘ to learn which software is right for you.

Why Choose Grow Advisory Group for Your Essential Bookkeeping Services on the Gold Coast?

We offer professional accounting services to help companies like yours stay on top of their bookkeeping responsibilities. From bank account reconciliation and Receipt Bank setup to quarterly BAS, monthly financial reports, and beyond. Whatever bookkeeping service you need, you can count on Grow Advisory Group to provide it and do it well. Whether you need an all-in-one bookkeeping solution or assistance with Payroll, Chart of Accounts or cloud-based bookkeeping software, our Gold Coast bookkeepers have the experience, services, and solutions to assist you with your bookkeeping needs.

We aim to alleviate your business’s concerns by providing efficient bookkeeping services that save you time and money. Our bookkeeping services are adaptable and affordable. They are designed to help you get your business up and running quickly and efficiently. After all, the less time you spend on accounting, the more time you’ll have to grow your company.

Grow Advisory Group takes a flexible, individualised approach to assist you in completing your bookkeeping obligations.

We have bookkeepers across the Gold Coast in our Varsity Lakes and Nerang offices and a third office in Tweed Heads. We can assist you whether your business is in Southport, Surfers Paradise, Nerang, Burleigh, Palm Beach, or even Tweed Heads South! To determine which accounting solution is best for you, read our blog post, ‘How to Choose the Right Accounting Software for Your Business‘ or schedule a free consultation with one of our expert bookkeepers.

Conclusion

Many first-time business owners overlook the need to track all financial activities. Once a business is established, it is vital to keep appropriate financial records. A mistake may be expensive. It can get you in trouble with the ATO. Thus, every business needs some degree of bookkeeping services.

Bookkeeping services can assist a business in maintaining track of its finances and provide reliable success indicators. Bookkeeping informs broad strategic decisions and sets sales and income objectives.

If you don’t have the money to hire a full-time bookkeeper, outsourced bookkeeping services are the next best option (if not the BETTER option). And you don’t have to hand over all your bookkeeping duties. You can still do some in-house and outsource those that are more time-consuming or require more expertise. (Read our posts, Bookkeeping: What To Do In-house & What to Outsource, and The Benefits of Bookkeeping Services for Small Business Owners for more information.)

Grow Advisory Group offers one such service. We provide a range of bookkeeping services on the Gold Coast, including those mentioned in this article.

If you need help with your bookkeeping, please call us at 07 5599 5700.

Disclaimer: The information contained in this blog is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from an accountant and/or financial adviser.