Are your books getting the best of you?

Thinking it’s time you outsourced your bookkeeping?

There invariably comes a time in one’s business when it comes time to outsource some key responsibilities.

Many small business owners start out as the Jack of all Trades.

The CEO, Business Development Manager, Bookkeeper, Administration Manager, HR Manager…. you get the drift.

But as your business grows, your capacity to keep up with all the jobs diminishes. Which is a good thing!

It means your business is growing, which all businesses need to do to survive.

So when you reach this stage, one of the first things to go is your books.

The relief one feels when they offload this time-consuming task is one to behold.

So, what are the key principles of bookkeeping?

Let’s outline the key bookkeeping tasks an outsourced bookkeeper will manage for your business.

Bookkeeping 101

  1. BAS/IAS Reporting

    In Australian terms, bookkeeping is simply managing taxes.

    So to start, we manage your BAS/IAS reporting, ensuring it is done in line with your income.

    In doing so, we keep in mind your cash flow – which may mean changing your IAS to monthly to ensure cash keeps flowing in your business and you are not left in the lurch.

  2. Superannuation Compliance

    Superannuation payments are due every quarter or every month. To ensure you are meeting your obligations we recommend monthly payments.

    Did you know Super increased this year?

    It’s now 11.5% and from the 1st July 2026, it needs to be paid on the same day as you pay wages.

    So why not get into the habit of ensuring it is paid more regularly now? Come two years down the track you won’t even flinch.

  3. Digital Accounting Software

    Ensuring you are using digital accounting software for accurate record-keeping and automatic report preparation not only simplifies your tax obligations but also ensures efficiency for your business.

    For those using desktop software, it is time to catch up and time for change.

    We all know our favourite by a long mile is Xero.

    Can’t beat it.

    So join ’em.

  4. Harmonious Relationships

    Your Bookkeeper and your Accountant need to be like two peas in a pod. Like sunshine and rainbows. Like chocolate powder on your cappuccino.

    They need to work well together.

    Your bookkeeper will be the one you talk to on the daily (so you must like them).

    Your Accountant and Bookkeeper also need to be in alignment to ensure they are doing the best they can for YOU.

    Which is reducing your tax payable.

    So if you feel the vibe between the two isn’t working, it might be time to find a new match.

Our final note, don’t forget all awards increased in July 2024. Minimum wages increased by 3.75%, so make sure you have updated your staff payroll and checked your staff are being paid correctly!

No one wants unhappy staff and wages out of whack! We all know how that turns out.

Until next time!

Tracy Hayden is the General Manager & Licenced BAS Agent of End of Month Angels, a consultancy firm specialising in Trust Accounting & Bookkeeping for Real Estate Agencies Australia wide. Tracy knows the legislative requirements of running a successful Real Estate Agencies & SME’s through her 25 years’ industry experience in accounting. Don’t trust just anyone with your trust accounting or bookkeeping. Book an appointment with an End of Month Angel today.