BOOKKEEPING FOR NORTHERN BEACHES START-UPS

As Xero certified consultants, we will recommend the most appropriate bookkeeping setup for your needs, and can provide you with great discounts to purchase your choice of bookkeeping software.

Xero Bookkeepers

One of our Xero bookkeepers will install your bookkeeping software, customise the chart of accounts specific to your business needs, then set up sales invoices and payroll, if required.

Pure Bookkeeping System

As licensees of the Pure Bookkeeping System, we’ll organise your paperwork according to world’s best practice, and get everything ready for processing. Depending on your needs we will arrange to do the bookkeeping on-site at your northern beaches based office or off-site at ours at an agreed time.

REGULAR BOOKKEEPING

• Posting of receipts and payments to your accounting software
• Debtor and Creditor Management
• BAS Preparation and Lodgement
• Payroll Management
• Superannuation
• Reconciliation of Accounts
• Periodical Financial Reporting
• Cash Flow Management
• End of Financial Year preparation
• Xero Training and Support
• Rescue Jobs

A rescue job is basically any bookkeeping work that is more than three months behind. Over time the problem becomes so big that:

• It has taken over your office
• It keeps you awake at night
• You don’t know where to start
• You’re fearful that the ATO will call
• You have no idea how much tax or GST you owe
• You are completely in the dark
• It’s what we call “The Bookkeeping Monster!”

Because every rescue job is as different, we can’t say exactly what we need to do to clean it up, get you up to date, or how long it will take. During the initial consultation we will complete a Bookkeeping Health Check, and will explain to you what the problems are. We’ll also tell you what needs to happen in order to transform your bookkeeping into a reliable source of information.

TAME THE BOOKKEEPING MONSTER

We can tame the Bookkeeping Monster with our team of highly skilled and dedicated bookkeepers, who use the Pure Bookkeeping System to empower business owners in their financial matters. This kind of bookkeeping removes confusion, fear and uncertainty and replaces it with clarity, freedom and control.

BOOKKEEPING ISSUES

Some of the bookkeeping issues we can address are:

• Bank Accounts or Credit Cards that don’t reconcile with the Statements
• Old unpresented transactions in the Bank Account or Credit Card
• Trade Debtors and Trade Creditors don’t balance with the Balance Sheet
• The Trade Debtors and Trade Creditors aren’t “real” i.e. outstanding invoices and bills have already been paid but still showing as outstanding
• Incorrect previously lodged BAS’
• Payroll Categories that are incorrectly set up therefore giving you incorrect information in Payslips, AL & SL Accruals, incorrect Tax Tables, SGC Calculations and Payment Summaries
• Unreliable Inventory figures

The implications of these issues are:

• You may be paying the wrong GST, Tax and Superannuation
• You may be subject to fines and interest
• You may be making strategic business decisions based on unreliable figures with dire consequences
• Reporting

BAS REPORTING & COMPLIANCE

Making sure all the compliance requirements are fulfilled is good bookkeeping. We empower our clients around their bookkeeping by providing them with meaningful reports. We can provide the standard set of Profit and Loss reports from MYOB or Xero, but if you need more information we can provide you with a variety of reports to suit your budget and your needs.

QUARTERLY FINANCIAL REPORTS

In this report, we make comparisons of this year to last year, this quarter to the same quarter last year and this month to last month. We include the COS and Expenses represented as a % of the Sales and the Balance Sheet. A copy of this report also goes to your Accountant so that they can see in a snapshot, where your business is at and to give a more in-depth analysis of the story behind the figures. We recommend this for micro to small business owners who don’t want to grow their business beyond what they can manage themselves.

QUARTERLY BOARD REPORTS

Most Sole Traders or a small to medium sized businesses don’t have a “Board” that they are required to report to each month. We encourage our clients to think and behave as if they are larger than they really are, which has a flow-on effect of generating growth in their business.

On the other hand, some business owners keep a lot of the financial information in their head and manage to run their business successfully for many years. There usually comes a point though where the business has outgrown them and they need to share part of that load. The only way of doing this successfully is to have a set of reports that can be discussed with all the stakeholders in the business. The Quarterly Board Reports include:

• The Fitness Review (Board Report) which examine five KPI’s in the business:
• Cash Flow
• Sales
• Gross Profit
• Net Profit
• Accounts Receivable and Accounts Payable Collection Rate
• Current Ratio
• The Quarterly Financial Reports
• An analysis by a Specialist Bookkeeper
• Monthly Strategic Board Reports
• This set of reports is suitable for business owners needing to make strategic decisions month by month.

It includes:

• KPI reports (customised for your business)
• Budget analysis
• Cash Flow Analysis
• A session with a Specialist Bookkeeper to determine your specific KPI’s

Please contact us now to discuss your specific needs.