What are Bookkeeping Services?
Well, Bookkeeping is more complex than you'd think…
Review of your data entry, or management of the data entry process, in particular use of providers like Hubdocs.
- Accruals/Cash accounting
- GST coding
- Preparation and lodgement of BAS
- Financial Reporting
The beauty of having AbsolutelyAdmin looking after your financial administration ? – Your peace of mind.
Either arranging for cloud-based data entry or using your data entry, we will pick up the bookkeeping process to ensure that all transactions/receipts are recorded appropriately for type and tax code. This includes correct identification of the bank account involved.
Once this is done, the bank reconciliation process happens. This means that the transactions entered in your accounting software are verified by an external provider of information (ie, your bank statements.)
All satisfied with both processes, we can then look at the draft financial reports – in particular the Balance Sheet and Profit & Loss statements, to see if everything looks/feels right. We can investigate things that don’t appear to be right – and fix any issues that have been coded incorrectly, duplicated, reversed in error – that sort of thing.
When we’re happy we run the GST reports for the reporting period (month or quarter). We’ll let you know what the numbers are, and get your approval to either go ahead and lodge your BAS, or discuss with you any questions that come up for you. As Registered BAS Agents, we must have your written authority to lodge anything relating to you on the ATO portal.
So, do you need to do anything yourself? You can if you like. But if you don’t like (and regardless of what any marketing you might see or hear, it’s not easy, not everyone is born with an affinity for record-keeping and numbers) we’ll take care of it for you.
Rest assured, though, if you do any of the process yourself, we’ll cover your back – we’ll check what you’ve done, and discuss anything we find that we think should be changed.