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Accounting Services

Bookkeeping & Data Entry

Bookkeeping is a statutory requirement; knowing your numbers is critical for running a successful business. In fact, up-to-date records lets you make informed business decisions and do year-end tax planning.
We can help you reduce the burden of bookkeeping, allowing you to do more of what you do best – running your business. Bookkeeping is the process of recording, classifying, reporting & summarising business transactions. The accuracy of financial statement & business performance report largely depends on how well the bookkeeping function has been performed; therefore, it should not be taken lightly.

Data Entry

We can do data entry of your business & show you how a few simple strategies can drastically reduce your processing time.

Payroll

If you are employing people to run your business, we can assist in setting up payroll so that processing wage becomes easy.

Bank Feeds

We can assist you in setting up a bank feed & teach you how to use it to enhance efficiency at work.

ATO Obligations

We can help you to meet your ongoing obligations.

Business Activity Statement

If you are a business registered for GST (Goods & Services Tax), you must lodge a business activity statement (BAS). It is a form issued by the Australian Taxation Office for reporting businesses’ Goods and Services Tax (GST) activity for the period. 

With Business Activity Statement, you can also report PAYG withholding obligations, fringe benefits tax obligations and any PAYG income tax instalments that may apply to your business. Although most Business Activity Statements are issued quarterly, a business may be required (or voluntarily elect) to complete their Business Activity Statements on a monthly basis in certain circumstances.

We don’t see BAS lodgement as a government directive; instead, we see this as an opportunity for you to look at how your business is going and prevent any nasty tax surprises at the end of the financial year.

Based on the information provided, we will calculate GST paid, GST Collected, PAYG Instalment, and PAYG withheld for your business and lodge BAS before the due date.

  1. GST on Sales
  2. GST Credit
  3. PAYG Instalment 
  4. PAYG Withheld

Financial Statements

We can prepare the financial statement of your business. Financial statements are historical. They provide information on how your business has been operating in areas such as profitability, cash flow, assets, and liabilities.

Financial Statements are important to help you:

  • Meet your regulatory requirements
  • Understand & manage the overall success of your business
  • Plan for future growth

There are three main types of financial statements:

Profit & Loss statement

A profit & Loss Statement is also called an income statement. It shows a business's revenue, costs, and expenses over a period of time. For a business owner like you, it highlights where your business is succeeding and where it may be struggling.

Balance sheet

A Balance sheet, also known as a statement of the financial position, provides a snapshot of your business's financial condition at a single point in time. It summarises all your business assets (what your business owns) and liabilities (what your business owes). At any point in time, it shows you how much money you would have leftover if you sold all your assets and paid off all your debts. This is also known as 'owner's equity.

Cash flow statement

A cash flow statement is also known as a statement of cash flows. It depicts the amount of money flowing in and out of your business over a period of time. This indicates the 'liquidity' of your business. Having enough cash available to pay your debts and buy materials and assets is an important part of business planning. A cash flow statement will instantly tell you if you're going to run into any problems in this area. It only records cash transactions, i.e., non-cash transactions are not recorded.

Management Reports

We can provide customised reports on your business performance and monitor specific key performance indicators (KPI’s) that we identify together to track and measure to improve your business performance continually.

Unlike financial reports, management accounting is not mandatory and is for internal use only. You will be able to dive deeper into the financial standing of your business through management reports. Management Reports also allow you to identify risks, opportunities, strengths & weaknesses of business so that you can not only account for today but also plan for tomorrow.

  • Aged Receivables Report: 

Aged Receivables Report provides information on the amounts your customers owe and how long they’ve been outstanding.

  • Aged Payables Report: 

Aged Payables Report provides information on the amounts you owe your contacts and if they’re overdue.

  • Other Reports:

We can prepare other management reports as per your necessity to track any performance indicator that you believe plays a significant role in the success of your business, such as Sales reports, Wages reports etc.