The end of financial year is a busy time for businesses of all sizes. Invoices need to be finalised, payroll information needs to be sent, and tax forms need to be filled out. All this while still managing the day-to-day running of the company!
Fortunately, savvy business owners can bypass much of the stress involved with the end of the financial year by working with a qualified bookkeeper. Business owners should seek to develop these relationships well before the approach of the financial year. This will ensure that they receive the most benefit from a bookkeeper’s skills and expertise—which can help save time and money.
Knowledge of important end of financial year dates
A certified bookkeeper will have up-to-date knowledge of important end of financial year dates, and will be able to advise you about forthcoming deadlines and lodgement dates, well ahead of time. Like accountants, bookkeepers benefit from lodgement extensions, meaning that clients have additional leeway when submitting and lodging the relevant forms and statements.
Knowledge of what needs to be done
A professional bookkeeper will be able to advise a client about the information that needs to be submitted to an accountant for end of financial year reports, as well as how and in what form this material should be submitted. This will help ensure that incorrect or incomplete material is not erroneously lodged to an accountant.
Bookkeepers will also work with clients to ensure that all hard-copy filing is correctly completed, and that all receipts and invoices that may be needed in the event of an audit are present and filed appropriately.
Liaison between clients and accountants
Professional bookkeepers play an invaluable liaison role between clients and accountants. They maintain regular contact with accountants throughout the financial year, ensuring that key information is flagged and noted. They can then make sure this information is provided and submitted by the client in a timely manner.
Liaison with the Tax Office
Bookkeepers are also in regular contact with the Tax Office to ensure they are aware of any changes or updates to Australian Tax Law. They work with their clients and their clients’ accountants to meet any new requirements arising from changes to these laws.
Knowledge of accounting systems
Good bookkeepers will also have a thorough understanding of key accounting software systems, and will ensure that the reconciliation of key accounts is completed before this information is passed on to a client’s accountant. This can be a significant cost saving measure as the accountant will not need to undertake this reconciliation.
Knowledge of your business
Finally, a qualified bookkeeper can be invaluable in helping a business owner gain insight into the workings of their own business. Bookkeepers can help explain the complexities of an accounting system and a business’ daily cash-flow. This information can be essential when it comes to making important business decisions, as well as come tax time, and engaging a bookkeeper earlier rather than later is always recommended.