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Frequently asked questions
We like to partner with new businesses from the beginning, to set up your software the right way from the beginning.
This is far more cost effective for business owners as it minimises the risk of time and money spent fixing mistakes later down the track.
Payroll – lack of understanding the relevant award and allowances, not setting up accruals correctly for annual leave / RDO, sick leave etc or opening balances added incorrectly which means your P&L and balance sheet will be showing the incorrect amounts and may lead to incorrect reporting with the ATO.
Accounts – linking bank accounts incorrectly, not entering opening balances correctly.
Chart of Accounts – Your accounts should be specifically set out for your
business, by not adding accounts it may lead to misunderstanding of where revenue & expenses are coming from or going too, setting incorrect GST types to accounts.
Bank Reconciliation – This is extremely important to get right from the beginning (although we can fix it for you). Not linking to your bank accounts, not importing previous transactions, not entering the correct opening balances. We regularly check that your bank account matches the balance in your software platform to ensure accurate reporting.
Accounts Payable – entering in-accurate supplier information which can affect GST being calculated incorrectly, not checking supplier/contractor ABNs, accounting for supplier payments twice or not clearing once paid, not checking supplier bank account details to endure payment received by the supplier.
Accounts Receivable – applying customer payments received incorrectly, under-invoicing for the GST required, not provisioning GST when funds are received which can result in a large debt owed to the ATO at BAS time which can be stressful. We provision all GST owed / PAYG / PAYGI / Super throughout the quarters, so you are never caught out!
Superannuation – not provisioning for Superannuation owed, not calculating the Superannuation correctly, not setting up a clearing House for Super stream, not offering your staff the Superannuation Choice Form.
Contacts – Accurate contact information is important for Invoicing, chasing debt, supplier information, and contractor information. Another consideration if you are in a required industry – are they a part of the legally reporting of TPAR and need to be grouped?
Loans – incorrectly splitting the interest and loans repayments, incorrect balances.
Free business owners of time-consuming tasks:
Bookkeepers are organised, detail focussed, and love the administration jobs you find time-consuming and boring. By hiring an expert Bookkeeper, you will create more time to focus on your business and business growth.
Ensure you are complaint:
There is so much to learn when starting out and there are regular legislative compliance changes and updates. We keep track of the compliance requirements to ensure you don’t have to worry.
Partner with Business owners:
We are always willing to track and gather financial information to run through the companies financial position. We annually have a catch-up meeting to discuss the latest goals of the business and any areas of concerns to keep your company on-track and providing you with meaningful data without the financial jargon.
A ‘BAS Agent’ or (Business Activity Statement Agent) is issued a licence that allows them to advise a client, provide certainty to a client or represent a client to the tax office in relation to all GST matters, PAYG, PAYGI, TPAR, Wine Tax, Fuel Tax, Luxury Car Tax and payment of FBT. Provide a GST Audit prior to lodging any tax compliance. To become a BAS Agent, they must meet the requirements of the Tax Practitioners Board (TPB) requirements.
For more information:
https://www.tpb.gov.au/register-individual-bas-agent
A BAS Agent ensures you are calculating and reporting accurate tax information to the ATO and State Revenue Office. This means you can relax knowing your business is complaint with Australia’s Tax system.
Yes, definitely!
With software platforms such as Xero / MYOB / Xero / Simpro / VEND etc
Via email: We usually create or use a separate email address per client for communication to business owners, employees, customers, suppliers etc. We create an email signature with your logo to provide professional correspondence between external & internal contacts. Some clients have left other Bookkeepers and partnered with Katebooks as they did not know what the other Bookkeeper did. We provide a summary of our work each day so that business owners know exactly what they are paying for.
Shared folders: Such as Dropbox / Google Docs are a great way to share information – receipts / invoices / Payroll / Super / access financial information etc.
With the above tools it’s very easy to communicate, give and receive information required and keep your company running smoothly. Of course, we are happy to meet up over coffee to discuss any queries or goals you may have.
The duties are varied and substantial, please see below the main tasks of a Bookkeeper:
- Aged Payables – making sure your suppliers are paid on time.
- Aged Receivable – managing clients who owe your business.
- Debtor Management – following up client’s who have not paid within your business terms. At Katebooks we are a dog with a bone when it comes to customers owing money – we won’t stop until you receive the funds – always polite and friendly however relentless.
- Bank Account reconciling
- Credit Card reconciling
- Loan account reconciling
- Set up a payroll system & categories
- Set up timesheet categories.
- Process Payroll – issue payslips, provision PAYG / Super and set up wage payments.
- Set up Company Superannuation clearing account with a
- Superannuation provider.
- Ensure accurate employee information in Payroll, Superannuation account and State Revenue office.
- Calculate & report Superannuation
- Calculate & report Payroll Tax
- Calculate & report WorkCover renumeration
- Check supplier & contractor ABNs for accurate GST reporting
Streamline and automate processes to save time and energy - Provide financial reports and analysis for the business
- Track revenue & expense categories important to your business
- Data entry
- Expense tracking
- Cash Flow Management
- Budgeting
The Profit and Loss report =
Income – Direct Costs (COGS/COSS) = Gross Profit – Expenses = Net Profit
The Balance sheet =
Assets – Liabilities = Equity / Owners Equity
Net profit is not the cash in the bank account, it’s the profit after all expenses are deducted from your earnings.
Example: A business has a car loan that is paid monthly of $660
The amount when recorded is split into loan principle amount and interest paid. The interest is an expense and will therefore show on the P&L report which reduces the net profit. The loan principle amount will be applied against the liability account – car loan which shoes on the Balance sheet. The actual payment amount is deducted from the bank account of $660.
It may sound confusing – feel free to give us a call!
Many times, business owners think these two roles are the same profession however this is not the case. Both roles are extremely important to businesses and compliment each other. A Bookkeeper’s role is to assist the business with ongoing financial recording, enter transactions, compliance and accurate lodgements to keep your business running smoothly. An Accountant’s role is to analyse data the bookkeeper prepared to minimise the businesses taxation obligations and make tax recommendations. At Katebooks we work closely with your chosen Accountant to serve the financial requirements of your business.
Running a small business means you need to have many hats and juggle between client liaison, growth, employee management, advertising etc. Having an expert Bookkeeper relieves business owners of the heavy burden of administration and frees you to focus on your business and your goals. Many times our existing clients have stated “I’m so glad I’ve got you in my business, I couldn’t do this without you!
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