Bookkeeping Services

We often get asked what is bookkeeping compared to accounting and is there a difference?

Bookkeeping is at the base of accounting, and accounting uses the information provided by bookkeeping to prepare financial reports and statements. Bookkeeping is one part of the accounting system. Accounting starts where Bookkeeping ends and has a broader scope than Bookkeeping. Bookkeeping and accounting are essential parts of managing your finances. A bookkeeper focuses on recording and organising financial data. An accountant interprets and presents that data to business owners and investors. So, in summary, bookkeeping is the precursor to accounting.

List of our bookkeeping services

Accounts Payable (Creditors)

Enter invoices in the accounting package
Prepare payment batches for the client to upload to the bank
Reconcile supplier statements
Request copies of missing invoices from Suppliers
Handle general account queries directly with Suppliers

Accounts Receivable (Debtors)

Raise invoices & email to Customers
Receipt Customer payments
Prepare and send Customer statements
Follow up overdue payments
Handle general account queries directly with the Customers

Bank Reconciliations

Reconcile Bank Statements (suggest weekly or monthly)

Activity Statements

Prepare & lodge IAS and BAS, including checking & correcting GST coding on transactions

Payroll

Process payroll
Prepare payment batches for the client to upload to the bank
Lodge STP with ATO
Manage Superannuation calculations and payments
Annual STP Finalisation
Annual Return to Work SA or other for other States (Workcover) reconciliation
Annual Payroll Tax reconciliation

Reporting

Prepare monthly Management Report (plus weekly, if required), including reconciling wages and Balance Sheet accounts for accuracy.
Annual Financial Statements

Other services

Prepare & lodge annual TPAR with ATO
Provide ad-hoc advice as required and procedures for any of the previous processes.
Prepare and lodge Tax Returns
Register as ASIC Agent & manage annual Company Review
Manage Asset register
General administration as required
Prepare Budgets and Cashflow statements
Communicate with ATO as required

Bookkeeping services versus accounting?