Bookkeeping for all business

Cost effectives bookkeeping & payroll services

A valuable bookkeeper Melbourne can provide your business a competitively priced bookkeeping service. All staff is experienced and qualified. The bookkeepers Melbourne are able to offer a standard of bookkeeping service similar to that of an accountant. Bookkeeping services are also provided across Australia wide by a team of bookkeepers. Whether your business is in metropolitan Melbourne or in another State of Australia we have qualified bookkeepers ready to cater for your financial recording.

Bookkeeping involves recording financial transactions in a ledger through the use of bookkeeping software. The recording of transactions needs to be done in an accurate and time effective manner. There are a myriad of taxation and accounting standards that a bookkeeper Melbourne must adhere to. Unfortunately, there a number of people who call themselves a bookkeeper without the necessary qualifications? In these times bookkeepers need to be registered with the Tax Practitioners Board. Bookkeeping errors are often corrected at year end by the accountant. The cost of an accountant is four times the cost of a bookkeeper so the difference is worn by the client. It is imperative that the bookkeeper be experienced enough to understand the tax consequences of how they code transactions. Bookkeeping services Melbourne offer a service which is fully compliant with accounting and taxation laws.

A valuable bookkeeper Melbourne has a range of industry experience in different size companies or non profit organisations.

A good booker provides a number of  different of book keeper services and payroll services:

• Management of trade creditors
• Management of debtors including debt collection
• Bookkeeping for different business entities
• Outsourced Bookkeeping services,
• Payroll outsourcing
• Tailored bookkeeping
• Cash flow reporting
• Budgeting
• Instalment and Activity Statements
• QuickBooks and MYOB software

The benefits of engaging a bookkeeper with an accounting qualification

An accountant relies heavily on accurate recording of financial transactions in order to prepare accurate financial statements and tax returns at the end of the year. If the client is subject to an audit by the Australian Taxation Office all reconciliations will come under scrutiny. The Australian Taxation Office will impose significant penalties for inaccurate bookkeeping that leads to tax errors. Tax returns often have to be amended by accountants due to bookkeeping mistakes.

Journals and ledgers should to be maintained to the strict letter of the law. This involves the correct coding of transactions from both a GST perspective and an income tax perspective. Expenses which are not tax deductible need to identify by the bookkeeper and coded to a special account for the accountant to classify at year end. Other transactions are partly deductible such as entertainment expenses. A 50% rule can be applied. There are also the complexities of fringe benefits tax legislation. Different types of transactions incur fringe benefits tax including loans paid on behalf of employees, car benefits, medical insurance paid on behalf of employees.