Many business owners may not understand the bookkeeping and accounting side of their business. Having a understanding of this spectrum not only improve and streamline the administrative process but also facilitate compliance. The scope of work below may vary among different businesses. Knowing how this scope interact with your core business will reap benefits in valuable record-keeping and administrative efficiency.
Accounts Receivables – Who are your customers?
-> Invoicing for Income
-> Collection Tracking
Accounts Payables – Who are your suppliers?
-> Booking of expenses
-> Managing outstanding payments
-> Payment Processing
Inventory / Stock – Does your business carry and sell stock?
-> Tracking Inventory Lines
-> Gross Profit Management
-> Product Mix for Profit Maximization
Payroll – Does your business employ staff?
-> Number of Staff
-> Types of Staff
-> Wage & Timesheet processing
-> Leave & Sick Pay Entitlements
-> Payment Summaries, PAYG & Superannuation obligations
Banking – How many bank accounts, credit cards & loans does the business have?
-> Reconciliation process
General Ledger – What are your business’ core reporting needs?
-> Structuring your accounting system to capture data relevant to your business.
-> Measurement of relevant metrics for business decisions
-> Reporting to banks for loan covenant compliance
-> Reporting to statutory authorities (ATO)
-> Business Activity Statements (BAS)
-> Tax Returns & Income Tax provision
-> Year-end Financial statements
-> Management Reporting and Dashboards
-> Budgeting process
Online vs On-site – Balancing the key elements:
-> Transparency in work done with appropriate disclosure and discussions.
-> Cost of accounting services depends on delivery methods.
-> Right software to save time & streamline records
-> Accounting tasks – Productivity & accuracy in delivery
-> Backup & access to records.
Basic accounting/bookkeeping package starts at $500 per month. With online technology, the basic package starts at $200 per month. The package can be customized based on customer needs and usually revolves around the scope of work detailed above. At Bliss Logic Accountants, we adopt a simple but logical approach to accounting:
Please feel free to send us an email should there be any further enquries on this.