Accurate books and records form the foundation of good business management.
The Accounting Set-up phase is where we set up your accounting system and train you in how to use it. We have found the best time to do this is before you start trading. That's because you'll have so much to do as your business gets going.
By getting on top of this at the start, you'll be better placed to understand how your business is going. Together we can then identify opportunities to improve, or work on those areas that need your attention. This will also make the compliance process for Tax and GST more straightforward.
Here are the main areas we will assist you with during the accounting set-up phase.
It's important to identify the most appropriate bank account and merchant facilities for your needs.
We also recommend that you set up a second bank account for your GST and Super. This helps you put aside enough money for your tax obligations.
Your choice of accounting software is very important. We'll discuss this with you and arrange your subscription to Xero, Quickbooks or MYOB. We'll also any discuss relevant apps and the integration to your Point of Sale system.
Many clients find that Receipt Bank is a helpful app which electronically captures your receipts and invoices. We'll discuss this with you to see if it's suitable for your situation.
We'll also establish your Chart of Accounts. This provides the foundation for your accounting and reporting.
Every business owner is required to pay their employees correctly. In addition to paying the correct wage rate, there are numerous other accounting requirements which must be met.
We help you establish the accounting side of your payroll and understand how to comply with the regulations. We can also link your payroll to your rostering software.
We’ll train you on the essentials of reporting and lodgement with the ATO, and Single Touch Payroll.
Recording Income and Expenses
Recording income and expenses is at the heart of the accounting side of your business. We train you in how to do the basics and help you understand the processes. We'll also record the initial transactions for the purchase and set up of your business, including expenses you paid before the business started.
Each month we review your figures, adjust where needed, and prepare your management reports. Each quarter we'll prepare your BAS and lodge it with the Australian Tax Office.
Budgets and Cashflow FORECAST
Many of our clients find it really helpful to compare their results with a budget each month. This lets them know how they are progressing against their goals.
We will help you create a realistic budget and cashflow forecast for your business. We will then load it into your accounting software so you can track your progress against the budget.
Keeping track of financial performance
Each month we generate customised Management Reports, so you can review the performance of your business. This is an essential component of managing your business.
We will discuss these with you each month and highlight areas which may need attention.
We will also compare your performance against benchmarks and other businesses in your franchise group, regarding financial performance and other KPI’s.