Why should I outsource my bookkeeping

Our ethos is to help business owners take off some hats and redirect their time to their core competencies and business growth activities. The benefits of having a Bookkeeper as one of your business partners is plentiful, see it as having an in-house business coach whose services extend far beyond data entry and reconciliations, which many people believe Bookkeeping to be. Unless you have a solid background in accounting principles, balancing your books accurately is best left to qualified professionals.

What is the difference between a Certified Bookkeeper and someone who calls themselves a Bookkeeper

Anyone can call themselves a Bookkeeper, but a Certified Bookkeeper attains certification by proving that they have performed bookkeeping services at a significant level for a period exceeding 2 years and have proven their level of bookkeeping knowledge. In addition, they have to gain a Certificate IV in Bookkeeping which recognises a bookkeeper’s skills and competence and must be insured with professional indemnity insurance.

Can you do our bookkeeping remotely

We do most of our bookkeeping remotely due to the benefits of cloud accounting technology, but we also love to visit our clients when they need some face-to-face time too. Being a Xero Cloud Bookkeeper, all aspects of Bookkeeping can be done from anywhere, anytime and on any advice. Together with cloud document collection and management software, Hubdoc and Receipt Bank, Bookkeeping is a profession that doesn’t require us to be in your office, the necessary paperwork is captured electronically and integrated into Xero, which allows us to offer streamlined and simplified bookkeeping services.

Why do you only use Xero for Bookkeeping

We use Xero exclusively for our clients, as we believe this is the best accounting software on the market.

How much does Bookkeeping cost per month

Due to the varying complexities of businesses and their requirements, it is difficult to put a definitive number on the overall cost of our bookkeeping services. For example, a sole trader’s bookkeeping needs will differ greatly from a retailer that pays staff! Therefore, with new client’s we charge our bookkeeping services by the hour until we have a strong understanding of their business and expectations before we offer any packaged pricing.

What is a Registered BAS Agent

A BAS Agent (or Business Activity Statement Agent) is authorised to prepare and lodge BAS returns on your behalf and provide advice on BAS-related items, such as your day-to-day business taxes (GST and PAYG). Any bookkeeper who wishes to provide a BAS service for a fee (for example BAS preparation/lodgement), must be registered as a BAS Agent. A BAS Agent must renew their registration annually which includes satisfying certain criteria, such as being a ‘Fit and Proper Person’, being up to date with personal tax returns, completing the necessary number of hours of recognised training, and having the appropriate Professional Insurance Policy in place.

What is Float?

Float is award winning software that provides you with reliable, real-time cash flow forecasts and insights that empower you to make more confident financial decisions in your business.

It automatically imports all accounts, transactions, invoices and bills and updates your cash predictions with actuals, providing real-time insights and helping you unlock a brighter future for your business. Build scenarios to understand the impact of your future plans, compare budgets vs actuals, and update bills and invoices to when they will likely be paid.

What is the difference between having a budget and having a cash flow forecast?

1. A budget will show your expected income and expenditure.
2. A cash flow forecast is a plan of when the cash will flow into and out of the business.

Why is it important to have both?

It is important to have both, because a budget may show that you’re going to make profit, but customers can take time to pay and suppliers require payment, often before customers have paid you. It’s vital to plot this all out in black and white, so that you can see where the 'peaks and troughs’ are likely to occur and plan how you’re going to manage them.

What are “what if scenarios”?

You may ask yourself, “What happens if my biggest invoice doesn’t get paid?” or “What if my sales are going to decrease next month?”. As you grow, you may want to invest in your business with new people or equipment, or you might just want to see when you are going to run out of cash. You can use a cash flow forecast to model these various scenarios to see how your fare.

Can’t I just use a spreadsheet?

You can and a lot of cash flow forecasts are created this way, but it comes with many pitfalls. Monthly, weekly or daily reconciliation means you will need to monitor and adjust your forecast against the actual performance, and manually enter the payments in and out of the account. You can spend hours trying to work out why the balance on your spreadsheet doesn’t match the balance in your accounting system. Spreadsheets for cash flow require a comprehensive understanding of Excel and formulas and prone to data entry errors. Life is made a lot easier and your forecasts made more accurate by using a cash flow forecasting tool like Float. This removes any need for manual entry of past actuals and upcoming invoices and bills, bringing you to an accurate and constantly updated starting point without you having to do anything.