Tax Office Electronic Lodgements

You know that regular piece of paper that you would receive from the Australian Tax Office (ATO) on a monthly or quarterly basis in regards to your Business Activity Statements or Instalment Activity Statements, as of July 1st 2014 you will no longer receive them anymore.

The ATO following the trends of other Government departments have embraced electronic lodgements to the point that you will no longer be able to lodge via the paper method. This is a landmark change of policy and a definite push for a reduction in costs from the ATO who are looking more and more to harness the capability of information technology systems to communicate with tax payers.

If you usually lodge via paper and aren’t sure how to proceed to fulfill your obligations or for more information contact us at Darcy Bookkeeping & Business Services.

 

Quickbooks Online Accounts Review

Online accounting software or Cloud Accounting Software options continue to grow as an increasing number of service providers offer new and intuitive accounting software solutions. Quickbooks which has been a long term key market player in the accounting software sector in Australia has released their own cloud accounting software solution named Quickbooks Online. Throughout this article we will take a look at what their new accounting software offering brings to the market.

Try Before You Buy

Quickbooks offer a 30 day free trial and offer their accounting software at a lower price compared to the majority of other service providers in the marketplace. The trial version gives a user full functionality of everything Quickbooks Online has to offer. At which point after the 30 days expire you have the opportunity to subscribe or the Quickbooks Online (visit their website) will deactivate the trial.

Dashboard or Home Page

One of the main features of Quickbooks that distinguishes it from the rest is its simple navigation interface. Once logged in, a user will automatically be redirected to a the home screen containing a Click Map – similar to the Quickbooks Desktop offering which gives the user who may lack understanding of general bookkeeping processes, an understanding of the typical process from sale through to reconciliation and purchase through to reconciliation. The Home page also contains a list of Quick links for easy navigation to tasks which are undertaken regularly, a list of recent transactions and a tasks and messages section where Quickbooks will offer hints and advice and enable the user to add task reminder to be attended to at a later date. For user convenience Quickbooks Online allows users the ability to customise this page as the user sees fit.

Sales Function

Quickbooks Online sales features are still fairly basic but will support the average small and medium sized business that don’t need to account for inventory. Customer set up is fairly fast and the ability to create and send an invoice on the run is a definite upside. A big plus is the ability to use Quickbooks Online to accept credit card payments needing no additional software, obviously additional fees do apply as per normal merchant transactions. A feature which is really mandatory these days is the ability to customise invoices to suit which is available to users. The downside at this stage is the invoicing function is still very basic which does not allow users to capture additional information that they may want to create reports on at a later stage.

Purchases Function

The purchasers function in Quickbooks Online will allow a user to do all the standard functions which a user requires to run the business. Some key features are:

  • The ability to write notes on an invoice which will not be seen by the client when sent.
  • The ability to set credit limits for Vendors
  • The ability to add attachments to each invoice.
  • The ability to raise a purchase order and later convert to a bill.

The screens are easy to navigate and not cumbersome with the detail which needs to be provided in order to execute each step.

Banking

In our opinion the greatest achievement of Quickbooks Online Accounting Software which will save you time and money is the ability to upload bank files to hasten the bank reconciliation process. Unfortunately as this is not a product originated in Australia, this feature is not offered to customers with accounts in a typical Australian bank. This is a short coming which hopefully will be rectified very soon.

Reporting

Another great feature offered by Quickbooks Online is the very visual and simple reporting layouts. Divided into sections for company, customers and employees, banking, accountant and taxes and lists the reports provide well-organised up-to date information that is required on a day to day basis to effectively manage a business. All the typical reports are available such as the profit and loss, balance sheet, ageing payable and receivables are available but beyond this Quickbooks Online offer the use of graphs which was a strength of their desktop offering.

Conclusion

Overall we would class this product as a work in progress due to the fact it is still a relatively new product and has not had the opportunity to have a great deal of customer feedback in order to shape and improve their offering. There are still a number of short comings particularly in relation to the bank feeds, however as this product is improved Quickbooks Online will certainly be a product to look out for in the future. For further information get in contact with this bookkeeping service provider.

MYOB Live Accounts Review

MYOB has a renowned name for accounting software in the Australian marketplace. MYOB has a reputation for making bookkeeping work for small and medium enterprises as simple and easy as possible. MYOB Live Accounts a relatively new product from MYOB seeks to simplify bookkeeping processes further than their products do currently as it faces some serious competition from Xero, Saasu and Quickbooks Online who all have online product offerings. MYOB Live Accounts does not yet offer all the same functionality that is available from MYOB’s desktop range of products Accountright and Accountedge but is continually being improved as new updates are rolled out.

MYOB Live Accounts is capable of assisting most small and medium company businesses in the course of their daily business management. Doing the accounts, banking, and payroll in a more efficient and practical manner than other alternatives. Let’s now take a look in detail at some of the features which MYOB Live Accounts currently does offer.

Help Centre: The Help center enables MYOB users to get started with their new accounting file by assisting in creating an invoice, entering an expense, adding a new contact, and setting up a new bank account and linking the account to your bank in order to facilitate automatic bank feeds.

Invoices: The invoices page allows users to create, edit and delete customer invoices. Payments made by customers are also processed on this page, as well as creating and returning credits, viewing the progress on sales, and the printing or sending of invoices to customers. The ability to customize invoices as required is also made possible from here.

Expenses: From the expenses page, a user can view, create, edit and delete expenses as required. Users can also process purchases to be accounted for and paid at a later date plus set up items that your company buys or leases. Users need to be careful as to the tax code they use when applying it against a purchase or expense as this will determine how MYOB will report the expense for BAS purposes.

Contacts: From the contacts menu users are able to add a contact as a customer or supplier.  By doing this a user can store and view information about each contact, and track each contacts previous transactions. The type of information that can be stored for an individual contact include details such as email, telephone, fax and address. The current status of each contact is also shown in the format of a list.

Banking: From this option a user can view the history of account transactions for any given bank account where the transactions have been reconciled. For the ease of use and convenience of users MYOB Live Accounts can connect to your bank and download transactions automatically or alternatively if you are not comfortable with this for security reasons users can download a transactions listing from their bank account in a compatible format generally .csv and upoad the file into MYOB Live Accounts. Users can also set up bank rules to enable bank reconciliations to be completed more quickly, this works where periodical transactions occur MYOB will then treat the transactions as written in the rules you create automatically.

Reports: MYOB Live Accounts has some useful reporting capabilities including business performance reports like a Profit & Loss and Balance Sheet, Sales reports and Expense reports. These reports can be created at any point in time to give users up to date information for their business. MYOB also provides all the relevant payroll reports in order to successfully manage employees and an employer’s end of year obligations. Reports can be printed or saved in a .pdf or .csv type format.

Payroll: The payroll features in MYOB Live Accounts enable users to satisfactorily manage and track all ongoing employer obligations. The payroll screen can be used to set up new employees, make payments and track entitlements as required for employees. MYOB Live Accounts enables users to create a pay run and will calculate the tax to be withheld, superannuation to be paid and entitlements accrued for the pay period for each employee. Provisions have also been made by MYOB for the end of year processing of Payment Summaries or Group Certificates as they are also known.

Conclusion: MYOB Live Accounts is an efficient, time saving accounting software system that will save users time and money as the subscription price is an attractive selling point for the program. However, our opinion at Darcy Bookkeeping & Business Services is that the product is still a work in progress and lacks some great features offered by some of its product rivals.

Xero or MYOB or Saasu or QuickBooks A Software Comparison Part 1

Due to Xero, Saasu, MYOB and Quickbooks products being the 4 most popular accounting software options in the market today we have decided to put together the best comparative analysis available to help prospective users decide which software option is best for their business. By the end of the analysis we are confident that you will have a preference as to which option best suits your circumstances but if not feel free to call us at Darcy Bookkeeping & Business Services on 1300 728 875 and we can give you our opinion specific to your circumstances. Read the 6 part series at the Leading Bookkeepers Blog.

 

 

 

 

 

Xero

 

 

MYOB

 

 

Saasu

 

 

QuickBooks

 

 

 

 

 

 

Affordability

 

Xero charges $19, 29, $49 or $64 per month for its subscription offerings. The $49 monthly plan is Xero’s standard offering for small to medium businesses.

 

MYOB charges a monthly subscription fee of $29 – $65 depending upon which option you choose. The $39 and upward subscription provides you with the option for the original desktop program option.

 

Saasu comes in at a $35 monthly charge for its standard option. Saasu provides the cheapest accounting software alternative at $9 per month (depending upon what your requirements are). Subscription prices range from $9 – $60/month

 

QuickBooks which is now rebranded as Accounts starts at $195 and can vary in price up to $1739 for its premier version. Online subscription ranges from $15 – $35.

 

User Access

 

Xero provides its uses with the flexibility to login to the accounting system wherever and whenever you require. There are an unlimited number of users which is determined by those users which have access to invite others to access the company file.

 

MYOB Live Accounts allows users access to the company file anywhere an internet connection is accessible. MYOB live accounts allows 5 users simultaneous access at once with the Premier version of MYOB’s software allowing up to 50 users access at any one time.

 

 

Saasu provides its uses with the flexibility to login to the accounting system wherever and whenever you require. Saasu does not restrict the number of users you can invite to access the file at any one time. This makes Saasu a good software option for those who frequently travel interstate and overseas.

 

QuickBooks desktop version restricts the number of users that can access the company file at any one time depending upon which version you purchase. Reckon Online allows up to 200 simultaneous users maximum.

 

Data Security

 

Xero have not had any data security issues to date. All data is secured using servers with SSL certificates and all data transmission between server is encrypted. Company file data is only made accessible to others at the discretion of users with invite privilages.

 

MYOB shows its commitment in securing the data of your business through its use of best practice security measures to protect the privacy and secure your data. This ensures that no one else can access your private information or data without gaining your permission.

 

Saasu has a data provider with features like ISO standards, leading technologies and best business practices for the protection of your data. It secures data through its data and password encryption, physical security measures, network intrusion detection systems, and security access inspections and audits.

 

QuickBooks relies on advanced and industry-recognized security measures to keep your data protected and private. It delivers security through its automated tools that monitored service performance for possible problems 24 hours daily and seven days s week.

 

Back ups

 

Back up’s are made obsolete with Xero due to their stringent back up policy which back’s up transaction logs every 10 minutes. Xero runs offsite back up’s nightly and full scale back up’s weekly.

 

MYOB desktop version demands that you maintain and execute your own back up procedures to secure your data. MYOB live accounts allows you to create a backup on your desktop at any point in time but also back’s up in real time on MYOB hosted servers.

 

Saasu has made manual back up’s obsolete with real time transaction log back up’s every 5 minute and a full weekly database back up performed to ensure no client data will ever be lost.

 

QuickBooks desktop version requires that you manage your own back up’s of your company file. Reckon Online perform automatic live updates daily to protect you from loss of data.  

Contractor or Employee Whats the Difference

Hiring an employee can be a time consuming and expensive process as such businesses now are also considering the option where plausible to engage a contractor to perform the same work an employee would. However, a business wanting to engage a contractor instead of an employee must know the differences between the two and what the Australian Taxation Offices definition of a contractor and employee are in order to avoid hefty penalties and protect the business from potential legal claims against it. By understanding the distinctions between an employee and contractor, you will know what is best for your business from the outset to maximize return from the business’s investment in human capital and minimize the cost of the investment.

In general terms, employers need to in addition to paying the wage of an employee need to at a minimum for a casual employee pay Superannuation and insure employees through Workcover or a Workcover equivalent depending upon which state you employee in. If you choose to hire a permanent employee, than as an employer you will need to also consider holiday and personal leave entitlements, long service leave, pay for public holidays and the cost of processing and keeping the required payroll records for the employee.

If you choose to engage the services of an independent contractor on the other hand and the contractor successfully passes as a contractor using the decision tool listed on the Australian Taxation Office’s website at http://www.ato.gov.au/content/00095062.htm?alias=employeecontractor these same employer expenses and benefits do not apply. You must be certain when engaging the services of a contractor that the individual is actually a contractor because if you fail to classify the individual as an employee when they are an employee and not a contractor, you may have to pay the individual for missing wages, entitlements and superannuation that as an employer you were supposed to pay under government legislation.

Unfortunately there is no single indicator that will help you identify whether the individual is an employee or a contractor, generally it depends on the amount of control you exercise over the individual’s job role, if the individual provides their own tools and equipment, if the individual has more than one client and if the individual sets their own work hours. Some key rules that determine whether the individual is an employee or contractor are:

– Does the worker have an Australian business number (ABN)?
– Is the agreement made with a company, partnership or trust (other than a labour hire firm) and payments made to that company, partnership or trust for the services of the worker?
– Does the agreement you have, give the worker the right to pay another person to do the work instead of them?
– On what basis do you make the payment to the worker?
– Do you or the worker provide any equipment, tools of trade, plant or vehicles to perform the work (excluding incidental use)?
– Is the worker liable for the cost of rectifying any defect in the work performed?

Contractors are paid to deliver a result for the business which contracts them. Contractors may also have control over their own workers which gives them the ability to delegate or sub-contract workers in order to deliver the sought after outcome. A contractor will generally have tools, equipment and any other assets of their own that are necessary for completion of the work. Commercial risks are taken by contractors as they are primarily responsibility for their own work and are liable for the cost for rectifying any type of defect. There will generally also be a written contract between the contractor and the business which contacts them which will generally define a set period for the work to be performed, the cost for the work performed, material to be used, key milestones which may dictate payment and other terms and conditions.

Meanwhile, employees are primarily part of a business and work in it. The business has the authority to direct the worker as they see fit. An employee cannot delegate or sub-contract their work and cannot pay just anyone to execute the work. Employees are paid based on the activity or item, commission and or time they have worked by submitting a timesheet for the payroll period. Employees are provided with most or all of the necessary tools, equipment, and any other assets that is required in order to complete their jobs successfully. Employees generally receive a reimbursement or allowance for any out of pocket expenses in the course of their employment. Lastly, it is the business’s responsibility for the work undertaken by employees as well as any liability or defect that may arise from the employee working on behalf of the business.

Still unsure regarding the employer or contractor difference, follow the link or call us on 1300 728 875.

Xero or Saasu – Software Review

For a business manager to better understand their business operations at anytime, managers should be equipped with concise and clear and up to date financial information of their business. Enter cloud computing – cloud computing enables businesses to be fiercely competitive in their industry through multi-user access, access to data anywhere an internet connection is accessible and the ability to provide invoices to customers on the spot which will help bolster cash flow and reduce costs to follow up outstanding payments. Comprehensive cloud-computing accounting solutions are now available to small and medium business operations in Australia through the use of Xero and Saasu. Although both accounting software solutions can manage the day to day bookkeeping of your business they both have distinct differences that set them apart.

Xero and Saasu both enable the same basic features in order to account for business transactions and both have competitive prices. Their extensive reporting capabilities give end-users a wide range of printing options, file formats, and emails. Both accounting software programs are very accessible and readily available in a variety of currencies, which is beneficial for businesses conducting foreign operations.

Xero

–          Xero accounting software is highly valued among accountants and bookkeepers as they have access to a client’s information very quickly and from a remote location.

–          Xero integrates an all-inclusive payroll tool which enables the end user to manage employee obligations sufficiently through the creation of aba files intended for the bulk of employee payments, track employee entitlements, and execute automated super payment process.

–          Another feature of Xero is its ability to easily integrate third party add-ons to increase system functionality.

–          Xero also has an intuitive bank feed feature that matches payments against purchases which reduces bookkeeping costs and time.

–          Xero’s dashboard display on the front page can be customized allowing you to view the most significant financial aspects.

–          Xero provides an item and service type invoice that allows businesses to lay down details of their operations when necessary.

Saasu

–          Saasu accounting software allows the conversion of sales quotes to be converted to an invoice. This is an extremely useful tool to businesses in the construction industry and those businesses that produce a large number of sales quotes.

–          Saasu has a strong focus on the inventory aspect of a business which allows end users to send purchase orders to suppliers, which is tracked through the business’s inventory.

–          Saasu allows users to email large volumes of invoices that offer a customisable professional and personal email template.

–          Saasu also has the ability to easily integrate third party add-ons to increase system functionality.

–          Saasu also contains very flexible and customisable function to allow users to create multiple budgets for different timeframes.

–          Saasu also is slightly cheaper to obtain a monthly subscription from

It is very clear that both Saasu and Xero offer different key features that depending upon what type of business you operate and what features you are looking for may favor one accounting software over another. However, the key tenets remain the same in evaluating which option is best for your business and in no particular order these are – price, accessibility, data security, customisability and multi-user accessibility.

MYOB Software Review

Okay, lets take a look at the pros and cons of the MYOB Accounting Software as it is the most prominent software in use within Australia and New Zealand to maintain businesses bookkeeping and accounting records.

MYOB is a heavily feature loaded software package. MYOB is capable of handling most small to medium enterprises accounting requirements depending on what your expectations are and how much information you wish to extract from your accounting software. In my experience business owners and managers acquire MYOB with the view of it being a measure to help maintain compliance with the tax offices requirements when it is capable of providing so much more useful information which can help an owner/manager gain the edge over industry rivals.

With the new generation of cloud accounting software gaining momentum the PC based file that MYOB has traditionally used is becoming antiquated. However if your business does not require taxation updates from year to year because you are not an employer once you have purchased the MYOB software you do not need to pay anything further to maintain your accounting software as there are no subscription fees.

The set up of the MYOB software to make ready for use is simple and does provide the ability to import a chart of accounts from Quickbooks and also existing MYOB data files to hasten the process.

Once the MYOB data file is ready for use the main interface is simple to use with basic headings and map lines for each individual heading to provide guidance of basic bookkeeping processes. Data entry is simple and requires minimal bookkeeping or accounting knowledge. The rule of thumb is the more information you input into MYOB the greater the options for locating, drilling down and reporting information once the data entry process is complete. The data entry part of the process if done comprehensively consistently can save you significant amounts of time when you require information fast through MYOB’s powerful reporting capabilities.

The main features of MYOB that require special mention over and above the general capabilities of most software programs are:

  • Inventory Management
  • Time Billing
  • Job Tracking
  • Multi Currency Usage
  • Strict Security Controls Over Users

MYOB also enables you to execute standard accounts processes such as.

  • Invoicing
  • Maintain debtors/Creditors Ledger
  • Payroll
  • GST tracking
  • Bank Reconciliation

I have left the best until last. In my opinion the best feature that MYOB supplies is the vast reporting capabilities. Aside from the many different reporting options that MYOB provides is the ability to drill down and customise the report based on your selected parameters from a given list. The amount of time that this can save you in bookkeeping and accounting dollars is significant especially if you have information hungry management wanting different reports frequently. Lastly the ability to export any given report into a Microsoft Excel format provides further firepower to customise and formulate your reports to suit your purpose

In conclusion MYOB accounting software is not going to fall off its perch anytime soon. However with the flexibility that cloud based accounting solutions provide MYOB in its standard form I believe will start to lose market share to competitors like Xero, Saasu, reckon online etc. People are now wanting the flexibility to be able to access their accounts anywhere in the world at anytime without the risk of your computer crashing and losing all your accounting information. This may yet be the best feature of cloud based accounting solutions is the fact that your data is backed up automatically in real time so regardless of what happens to your hardware you know your data is secure, no more manual back ups.

MYOB does provide a cloud based solution called Live Accounts which I have heard positive and negative reviews. Maybe the most prominent indicator of Live Accounts popularity in the small to medium business market is out of the many clients my business services weekly, monthly and annually we have not yet found anyone using it. I am sure that MYOB realises the direction the market is headed and will reveal a revamped version of their online platform sometime in the near future to compete with the main players in this market segment.

Outsource Your Accounts Department

In today’s world of continual cost cutting and innovation businesses are trying to determine how they can successfully reduce overheads, increase profits and deliver a better product or service than last year to stay ahead of the competition.  One way businesses are achieving this successfully is through the principle of outsourcing.

Outsourcing has penetrated nearly every major identifiable business department in the western world whether it be sales, customer service, advertising, production and even bookkeeping, accounting and financial management. This trend in itself proves that the expertise is there so why not seek it out and take advantage of it? Well, the reason that businesses often do not consider this as an option is management do not want to risk compromising the products or services that they deliver to customers.

If outsourcing can be achieved successfully at a basic level without compromising the quality of a business’s products or services can this be done across all business units? Time has proven that outsourcing can be achieved with a level of success as everyone will have experienced the product of outsourced sales or customer service when engaging multi national and international companies. But What if a business considered outsourcing the bookkeeping and accounting functions in its operations? Could a business unit that is so critical to everyday operations and carries a high level of information sensitivity be successfully outsourced?

When somebody thinks of the term “outsource” they generally think overseas but this is not always necessary to achieve the results that are sought after. This is true especially if someone were looking to outsource a business function which requires a greater level of knowledge and expertise of national law and customs they would feel more comfortable outsourcing domestically to a business which specialises in that particular need. In today’s marketplace in Australia the domestic market is very competitive in the industry of accounting and bookkeeping services.

Today if a business requires personnel to execute bookkeeping or accounting functions that business would typically first look to employ somebody internally to fulfill this need. However there are a number of factors that should be considered if a business is seriously evaluating whether to hire internally or engage an external accounting or bookkeeping firm to fulfill the immediate and foreseeable financial needs of the business.

Overheads are one of the greatest considerations of taking on extra staff. Beyond what the basic wage and entitlements are of employing somebody you also need to consider other employment costs. Other employment costs which a business takes on generally with a new employee are the recruitment and training costs, staff amenities (tea and coffee etc.), additional office space, cleaning costs for the additional office space. The list could continue on but these are some of the main costs incurred when taking on new staff. But what if a business could engage someone to take care of the businesses bookkeeping and accounting requirements without having to introduce any of the overheads?

Engaging an external domestic bookkeeping or accounting firm could be a game changer for many small and medium sized businesses. Having a professional bookkeeper or accountant that can pick up the workload of a business without introducing the overheads listed above is probably something that many businesses have not even considered and have just come to expect holistic employee costs a bi-product of doing business. This does not need to be the case though as we will now explore the advantages of outsourcing the bookkeeping and accounting functions of a business.

The advantages of engaging an external or public bookkeeper or accountant for the financial requirements of a business are as follows. A public accountant or bookkeeper must keep up professional development requirements in order to maintain their registration with the tax Practitioners Board. Both accountants and are required to have specific qualifications in order to practice in the industry this ensures that the service which is delivered is generally of a high standard. In comparison to this internal bookkeepers or accountants require neither in order to execute their job function.

Further advantages of engaging a public bookkeeper or accountant are the reduction of overheads which include all costs which would be incurred in employing a staff member (see paragraph 6). In some cases it may also negate the requirement of having a physical office where over the counter service is not required. Also the requirement of having to manage bookkeeping or accounting staff can also be bypassed, where a strict criteria of deliverables exist and are communicated to the bookkeeper or accountant effectively.

Baring in mind the advantages of engaging an external/public accountant or bookkeeper a business manager should strongly consider their options when confronted with the opportunity to make this decision.

If you are considering outsourcing your accounting please follow the link for more information.

Bookkeeping Service Rates and Charges

One of the first considerations when a business manager decides to engage a bookkeeper is the cost burden the business will have to bare. Cost in most cases is the primary determining factor which determines the caliber of bookkeeper that a business will engage. Cost will always be connected to the workload variable which is influenced by the size of the business, the number of transactions the business engages in and the information that a business manager desires. Where a large workload exists a bookkeeper may be required to manage the workload and provide input on a daily basis to ensure the business operates at the level dictated by management. Where the workload is at a smaller level a bookkeepers input may only be required on a weekly, fortnightly, or monthly basis and in some cases even quarterly. General bookkeeping services are charged out on an hourly basis however, bookkeepers are starting to move towards a fixed fee scenario because this is more appealing for a business manager as it provides certainty and can easily be budgeted for.  There are a number of elements which need to be considered which could affect the cost of a bookkeeping service for a business, these may or may not be relevant to each business but will have a bearing on cost, these are as follows:

Find the Base Rate

Business managers now within the current economic climate are often looking for a quality and cost-effective accounting service. The downward pressure this has on bookkeeping service providers ensures that a business will easily be able to locate a bookkeeper at a cost effective price. But the cheapest is not always the best so a business must be careful which bookkeeping firm they engage to fulfill their service requirements as this can have dire financial implications for a business if the bookkeeping is not done properly.

Get to Know the Business

In order for a business manager to understand the amount of time which would is likely be involved in  managing and executing the bookkeeping tasks they must look at a few general aspects of the business and consider the following:

–          Does the business currently use accounting software to manage the bookkeeping functions?

–          If so, how effective is the current software at executing tasks in a time efficient manner and which also produces the features that a business requires?

–          How many invoices does the business send out per day/week/month?

–          How do customers pay for their goods/services? Is this a very manual process and can it be streamlined?

–          How are the suppliers managed and paid? Is there a better way to manage this?

–          What other time consuming tasks exist which require a high level of manual input in order to execute?

The Three Month Review Policy

A business manager should take the time to review with the bookkeeper the time it takes to execute the tasks required to fulfill the expectations of the manager. This approach will enable the bookkeeper and the business manager to discuss a new price equilibrium which is fair for both parties after the bookkeeper has experienced role and what is required of the role. There may be a large + or – time variance compared to what was initially thought which may provoke a discussion regarding internal process improvement. A process improvement discussion may result in the form of new software being implemented which may be able to automate processes currently done manually or the removal/addition of processes which could add value to the business.

Further Notes To Consider

Bookkeeping is no longer what it used to be due to the introduction of new legislation which governs the provision of bookkeeping or Business Activity Statement services (BAS) and is enforced by the Tax Practitioners Board. This in turn has led to the standard of bookkeepers greatly increasing over the past 3 years as a number of rogue operators have been removed from the industry. This has been a catalyst for a number of positive and negative aspects for a business manager wanting to outsource the business’s bookkeeping requirements. A positive aspect is there is now a minimum standard of learning and qualification which is required for a bookkeeper to be eligible for registration with the Tax Practitioners Board so to provide BAS services. This ensures a business manager that if they engage the services of a BAS agent then they are generally assured of a quality service. However with this has come an increased cost to bookkeepers attaining this level of qualification and certification which will manifest in slightly higher fees for businesses than prior to the new legislation being introduced. Ensure when you engage a bookkeeper that they are a registered BAS agent to protect the financial health of your business as a bookkeepers work will generally have powerful tax implications for a business.

If you require assistance with bookkeeping for your business call 1300 728 875 or follow the link for more information