Frequently Asked Questions
Why do I need Bookkeeping?
Well there are several answers to this question, but let me give you a few:
- Probably the most important reason, if you run a business in Australia, it is a legal requirement. By law, the Australian Taxation Office (ATO) requires you to keep certain business records and penalties may apply if you do not comply.
- If you maintain good bookkeeping records, it will be easier and faster to complete your business activity statements (BAS or IAS) and other tax obligations when they are due.
- Good bookkeeping records provide information to allow you to monitor the performance of your business and make informed decisions.
- It makes it easier to maintain your creditors and debtors when your bookkeeping records are up to date this ensures you aren’t paying a supplier twice or that your customers are paying on time. This all helps with the health of your business.
- It can actually SAVE YOU MONEY, by having bookkeeping systems in place, you can find your financial information much quicker and this will save you time and ultimately, money.
Why do I need a Bookkeeper?
Outsourcing your business bookkeeping requirement to a qualified bookkeeping service such as About Bookkeeping, we will provide you with the time required to focus on your businesses.
Most small and medium business owners do not have the training, knowledge, time or ability to effectively perform their bookkeeping duties.
Outsourcing to About Bookkeeping, can save your business a lot of money, stress and give you back your late nights and weekends.
Can’t my Administration person or Accountant do my Bookkeeping for me?
You can have some of your very basic entry work performed by a data entry person, but they are much more limited in what they are qualified to do, and if a data entry person is not trained properly, it can actually take longer for your bookkeeper or accountant to fix any errors. This can be very costly for you and your business.
Some accountants do offer bookkeeping services, but most prefer to focus on the higher end processes such as legal and tax management. They also charge considerably more than a bookkeeper.
What services can you provide?
About Bookkeeping are able to provide most small to medium business all their bookkeeping requirements making us your complete “Accounts Department”.
A full detailed list of our services can be found on our Services page. Please click here to go directly to our Services page or click below on the service you require for further information:
How much does a Bookkeeper cost?
Bookkeepers prices can vary dramatically but quite often not all bookkeepers or bookkeeping rates are created equal. You could get a bookkeeper that only charges $20-$25 per hour but they may take 3 or 4 times longer to do the work; and they may not have as much experience and procedures and steps in place that can expedite your work. In the long run a bookkeeper that does not know what they are doing will cost you a lot of time and money having to get the work corrected.
On the other hand you can pay as much as $100-$150 an hour for a bookkeeper in a larger firm or accountants office.
About Bookkeeping offers reasonable rates and fast service. With over 30 years combined experience, we have developed many services and procedures that speed up the bookkeeping processes without compromising on the quality of the work being completed.
Let me ask you something, how much do you charge your time out at? If you are charging yourself out at a minimum of $50 per hour, engaging About Bookkeeping will actually save you money. We can process your accounts probably twice as fast as you can and you can be out earning your company money.
What Bookkeeping Software does About Bookkeeping use?
About Bookkeeping have professional associations with MYOB, Xero and Reckon (QuickBooks). Our staff have extensive knowledge in these programs. Over the years, we have also worked on many other Bookkeeping Software packages and can usually cater to any software program that you may have.
If you do not have any Bookkeeping software set up, we can suggest the most appropriate program to suit your business needs and usage. We can arrange a FREE one hour consultation, to discuss all your requirements and match a program for your unique situation.
We do not believe in a ONE SIZE FITS ALL policy.
Can you work at my premises?
About Bookkeeping offers onsite, offsite and remote bookkeeping services. Or perhaps a combination of services will suit your needs.
We have a fully equipped office set up on Brisbane Southside and welcome you to come and visit us to discuss your needs.
What is GST?
GST (Goods and Services Tax) is a value added tax of 10% on most goods and services transactions in Australia.
What is a BAS?
Business Activity Statement which is the form that is used to report GST through to the Australian Taxation Office. The formula for reporting is calculated either by cash or accrual basis.
When is my BAS due?
If you lodge Quarterly, your BAS is due on the 28th of the month following the end of the quarter. For example, your BAS for the January to March quarter is due on the 28th of April. If you use About Bookkeeping services and sign an agreement to allow us to lodge your BAS electronically, you may be eligible for a month’s extension on all your quarterly BAS.
If you lodge Monthly, your BAS is due on the 28th of the following month, each and every month.
What is reporting on a cash basis for GST?
Revenues are recorded when cash is actually received and expenses are recorded when they are actually paid.
What is reporting on an accrual basis?
To record both Income and Expenses when they occur within the fiscal period.
What are the penalties for lodging your BAS late?
Late lodgement could result in fines and interest penalties being imposed by the ATO. About Bookkeeping offers a lodgement guarantee. We lodge on time every time, or we pay the fine. *
*(terms and conditions apply – all relevant paperwork must be provided by our notified deadline that we will provide each client for the guarantee to be honoured)
How does GST work?
The GST is charged on each transaction in the supply chain, but registered businesses receive a credit for GST paid on purchases. As a result, GST effectively becomes a 10% tax on the retail price of goods and services.
Do all businesses charge GST?
No. In order to charge GST, a business must register with the Australian Taxation Office (ATO).