If your business has any loans associated with it, are the loan accounts set up correctly? Car or Equipment Loans, Business Financing, or any other type of loan, these all need to be controlled the right way.
Most businesses do not set up their loan liabilities correctly and sometimes this can mean that your business could be missing out on claimable GST or over claiming GST. The correct loan set up can also impact on interest charges that are being claimed or in some cases, not claimed.
Have you ever thought about the impact a loan has on your balance sheet, are you claiming and allocating all the liability and asset proportions correctly?
About Bookkeeping ensures that all loans are set up correctly from the start and that all loan repayments are being allocated to the correct accounts.
Whether it is car loans, equipment loans or even business financing, we will make sure that everything is accounted for properly giving you the peace of mind that what you can claim for is being claimed in the correct manner.
Reconciling your loan accounts is also an important process to put into place to make sure that you are not being overcharged any fees or interest. Most bank facilities will provide loan statements on a quarterly basis and this allows for processing and checking for the quarterly BAS lodgements.
We can keep all your loans set up, under control and reconciled on a regular basis; About Bookkeeping can be your entire “Accounts Department”. Just call us today and start getting your business accounts and financials in order.