- data entry invoices and customer payments
- preparing customer statements
- reconciling receivables
- follow up overdue invoices
- data entry invoices and payments to supplier
- data entry receipts
- preparing supplier payments
- reconciling payables
Bank and credit card accounts:
- data entry cash and credit card payments
- data entry bank interest and charges
- bank accounts (including loan accounts)
- credit cards
- loan accounts (including inter-company and directors)
- preparing and lodging monthly IAS and BAS
- preparing and lodging quarterly BAS
- reconciling and lodging annual BAS
End of Year:
- reconciling all BAS lodgements with GST control accounts
- providing accountant with the data file and end of year reconciliations for preparation of tax returns and financial statements
- liaising with ATO re IAS and BAS issues
- liaising with ATO to make payment arrangement and then managing the payments
- weekly, fortnightly or monthly payroll processing
- payroll payments
- preparation and distribution of pay slips
- leave entitlements including annual leave, personal leave, paid parental leave and long service leave
- bonus and commission calculations
- preparation and lodgment of superannuation returns
- liaison with Superannuation Funds
- reconciliation of wages, PAYG and superannuation at end of year
- preparation of employee Payment Summaries and lodgment with ATO
Businesses new to Accounting Software
If you are starting up a business or have decided you need to move to an accounting package we will review your needs and recommend the most appropriate package for your business.
We are a Professional Partner with both MYOB and Quickbooks and can assess which provider and then which product is right for you. We can help you with your online accounting software.
One of our specialists will install the software and customise it to your specific needs. We can customise your sales invoices and also set-up payroll if needed.
We will set-up filing systems for your records to make everything easy to find!
If you would like to handle the day-to-day processing we can provide focussed training for you and your staff.
What is a rescue job? We know it was not deliberate but time just got away and you were spending so much time running the business that the accounts got away from you.
Or maybe you had someone looking after it for you but because of their inexperience it all went wrong!
And now, it is BAS time again or you have recevied a letter from the ATO about outstanding BAS lodgments - and don't know where to turn.
The problem has grown so much that:
- your office - or dining room table - has been overtaken by paperwork
- you are getting calls from suppliers asking for payment but you can't find the invoice or details of the payment you thought had been made
- you have no idea how much GST you owe - or how to work it out
- there is so much paperwork to do you really don't know where to start
Give CBK a call and we can help. Because each rescue job is different with its own set of problem it is generally not possible to say exactly what we need to do or how long it will take.
During our initial consultation we will complete a "Health Check"
This allows us to identify the problems and come up with a plan of attack to transform your data file and give you reliable information on the status of your business
The main problems we generally come across are:
- bank accounts and credit cards that haven't been reconciled with the statements
- old unreconciled transactions in the bank accounts and credit cards
- debtors and creditors balances that are "not real", ie. invoices and bills that are showing as outstanding but have actually been paid, or invoices and bills that haven't been entered
- incorrect previously lodged BAS and IAS'
- payroll categories that have not been set-up properly giving you incorrect information on payslips, including leave accruals, out of data tax tables, wrong tax categories, incorrect superannuation calculations
The implications of these problems are:
- you may have paid too much (or too little) GST, PAYG or superannuation
- the ATO may impose fines or penalties (or may have already done so!)
- you are making strategic decisions for your business based on incorrect figures and assumptions
Knowing the accurate position of your business allows you to make strategic decisions for your, and your businesses, future.
If you don't know where you are how can you know where you are going?
Meaningful reports gives you the knowledge and empowerment you need to make the right decisions.
We provide you with the standard set of Profit & Loss reports from MYOB or Quickbooks but if you need more detailed information we can provide you with a variety of customised reports - all designed to suit your needs and your budget.
The health check gives you a snapshot of the problems that may be in your current MYOB of Quickbooks file:
- confirm all bank accounts and credit cards are reconciled to current statements
- list any un-reconciled transactions
- review Debtors and Creditors reconciliations
- review Superannuation and PAYG reconcilations
Prepare a plan to resolve any issues that have been identified.
Quarterly Financial Reports
This report provides comparisons of this year to last year, the current quarter to the same quarter last year, and this month to last month.
Cost of sales and expenses are shown as a percentage of sales.
This report is ideal for sole traders and small businesses who don't want their business to expand past what they can manage themselves.
Quarterly Board Reports
While sole traders and small to medium size businesses don't have a "Board of Directors" to report to, we encourage our clients to think big!
If you think big and behave like a business larger than you are then this can have a flow-on effect of generating growth.
Many business owners do keep a lot of financial information in their heads and manage very successful businesses for many years, however there will always come a time
when the business has either outgrown them or they want to either share the load or even sell the business.
The only of doing that successfully is to have reports that can be reviewed by all interested parties and stakeholders in the business.
The Quarterly Board Reports include:
A fitness review examining five KPI's of the business:
- Cash Flow
- Gross Profit
- Net Profit
- Debtors and Creditors collection and payment rates
- Current ratios
Analysis by a Specialist Bookkeeper
Monthly Strategic Board Reports
This set of reports is for business owners who need to make strategic decisions on a monthly basis.
Before the first report is prepared we consult with you to determine your KPI's
Included in the report are:
- KPI reports (customised specifically for your business)
- Budget/Actual analysis
- Cash flow analysis
Business Fitness Review
This review is conducted annually, generally after the June BAS has been prepared. The report can be customised to look at specific "hot-spots" for your business.
We compare the following categories on a month-on-month and/or year-on-year basis:
- Cost of Goods Sold
- Gross Profit
- Operating Expenses
- Operating Profit
- Non-operating Income
- Non-operating Expenses
- Net Profit
- Cash Flow