Bookkeeping Gold Coast
What are the duties of a bookkeeper?
A bookkeeper is a highly essential role for any business. Without a bookkeeper to pay staff, pay bills, and keep track of spending, a business would not be able to operate.
A bookkeeper will monitor and record how a business makes money and spends money, pay employees their celery, pay suppliers for products and services, manage cash payments, etc.
General duties of a bookkeeper comprise:
- recording financial transactions
- balancing the books
- cross-referencing the books with bank statements
- performing daily banking activities
- processing client and customer payments
- managing accounts receivable
- calculating GST
- preparing and lodging BAS
- paying staff (payroll) and suppliers (accounts payable)
- producing monthly financial reports
- preparing tax returns
The above compilation is not a complete list of bookkeeping duties; there are more advanced duties that some Gold Coast bookkeepers will also be expected to perform. Such duties include training, EOFY reporting, implementing a business process, and managing business budgets.
Suffice to say, it’s not enough to put on your bookkeeper hat for a couple of hours a week. Bookkeeping is a time-consuming process, yet it is very necessary for every Gold Coast business. If you would like to reduce your bookkeeping hours, contact the best Gold Coast’s bookkeeping service, Grow Advisory Group today. We have a team of experienced bookkeepers to relieve you of your bookkeeping duties.
To learn more about the duties of a bookkeeper, visit The Institute of Certified Bookkeepers website.
What bookkeeping software should I use?
One of the most common questions we are asked by our Gold Coast clients is what bookkeeping software should I use? The top there are Xero, MYOB or Quickbooks, which we specialise in. However, the best solution for your business may not necessarily be the most used or most highly recommended solution; the answer will vary from business to business.
- Value for money
- Ease of Use
- Ease of Integration
- Customer Service
- Mobile Options
- Trial Period
- Room for Growth
The most important areas here are ease of use, functionality, and ease of integration. If your solution lets you down in one of these three areas, it can be a nightmare to overcome – you may need to change to another solution.
We recommend you review the pros and cons of the three leading bookkeeping software before making a decision. Better yet, get in touch with us today so we can review the setup of your Gold Coast business and recommend the best product for your business needs. Making the wrong decision now can lead to years of frustration.
Read our article, ‘Which Accounting Software Is Best for Small Business?’, for advice, or give our team a call.
How is bookkeeping different from accounting?
Book keeping for a small business is thankful, a lot less complex than book keeping for a large business or company. Often the bookkeeping duties are performed by the business owner or office manager, who requires no official bookkeeping training.
The key to business success often lies in the bookkeeping setup and structure. So, it’s vital to get your bookkeeping done right from the get-go.
The best way to achieve this is to align your business with a Gold Coast bookkeeping company that offers bookkeeping services and advice. A bookkeeping company such as Grow Advisory Group reviews your business setup and recommend the right services and software required for your business. It may be a one-time consultation to get your business up and running, or it may be an ongoing partnership – where your hand over your book keeping duties to a professional Gold Coast bookkeeper.
Don’t underestimate the importance of book keeping, and the scope of your book keeping duties. There are daily, weekly, monthly, quarterly and annual book keeping tasks that need to be conducted to ensure your business stays compliment and on top of its tax and BAS obligations. Moreover, having up-to-date books will make your business easier to sell in the future.
The CPA’s GOOD PRACTICE CHECKLIST FOR SMALL BUSINESS document is a great tool to help you get started. It outlines the required tasks and their frequency to ensure you stay compliment and on top of your accounting obligations.
If you would like any assistance with your bookkeeping and accounting duties and obligations, please, give one of our Gold Coast bookkeepers a call. We have a wide range of bookkeeping services to assist Gold Coast business, just like yours.