GET IN TOUCH WITH LILY

Create more time

Imagine being able to spend quality time with your family and time to work on your business. Do the things that you are actually good at. How would they look for you? How would you feel about that?

Having Clarity

Many of our clients from discovery calls tell us that they have no idea how much they are making in the year. They do not know what is coming in and out of the business, which is shocking but it is so common. Business owners tend to leave bookkeeping to the too hard basket and when it’s tax time, they are rushing to do their book, hence they get a messy book at the end. As a result, no clarity, no idea if business is making profit or even surviving.

Tax Compliance

As a business owner, you have got enough to worry about without having to stay up to date with all the legislative compliance changes. That’s exactly how your bookkeeper can help; it’s our job to know about industry updates and compliance changes so you don’t have to. It is mandatory for us bookkeepers to make sure your business is compliant with payroll and tax laws as well as any other financial rules and regulations that affect your business.

Know Your Number

Knowing your number is one of the key contributors for a successful business. It allows you to make a sound and confident financial decision. Knowing exactly where your number is helps to forecast what is coming, when to invest next and how much you can invest.

Supportive and keep you accountable

Having a bookkeeper is just like having a business bestie, business mentor or a friend. They know everything about you. They sort your finance and they give advice. A great bookkeeper is someone who doesn’t judge you for who you are or where your business is at. Their one important job is to lift you and your business up.

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), code expenses and provide bookkeeping services where decisions are made in relation to GST, must be registered as a BAS Agent.

This has been in place since 1st March 2010 and is a fantastic system because it provides protection to businesses and individuals who don’t have a strong understanding of BAS processes and are seeking the services of a bookkeeper. 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.

Put simply, bookkeeping is “the process of recording, analysing and interpreting the financial transactions of a business or individual.” Here, we aim to go further than this to partner with and educate our clients on their business, systems, operations and results.

A good bookkeeper can be a huge asset to your business as they have the knowledge, experience and passion to manage your records accurately. Most importantly, they provide you with an important insight into your business’ operations and profitability.

Bookkeeping and accounting are often assumed to be the same profession. This is not the case!

Both are extremely important for every business, especially when used together. While bookkeeping is responsible for the recording of financial transactions, accounting is responsible for interpreting and analysing the financial data.

A bookkeeper will be the person who assists you with the ongoing financial recording, transactions, compliance and lodgements that keep your business running smoothly. Your accountant will be the person who analyses the data produced by your bookkeeper to minimise your taxation and make recommendations. Accountants have a strong understanding of tax law & requirements and will be best to assist in this area.

Instead of perceiving a “bookkeeper vs accountant” situation, it is important to understand that your accountant and bookkeeper work best together to serve the financial requirements of your business.