Services

Our Services

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We are bookkeepers – but what makes us different
from the rest, is our commitment to you to help
make running your business easier.

The team at Bonafide Bookkeeping provide a range of services to help you meet your obligations.
These services can be tailored to your specific needs.

Our services include:

  • Set-up Bookkeeping and Office Systems
  • Data Entry and Maintenance Bookkeeping
  • Regular weekly, monthly or quarterly bookkeeping
  • Rescue Bookkeeping (3 months or over)
  • Bank Reconciliations
  • Accounts Payable & Receivable
  • Financial Reporting & Analysis
  • Training and support in MYOB, Xero, Intuit Quick Books and Reckon Accounts
  • Payroll and PAYG Withholding (including payment summaries)
  • BAS / GST (including electronic BAS lodgement)
  • Debt collection
  • Year end reconciliations for your tax accountant
  • TPAR (for Building and Construction Industry)
  • End of Financial Year Processes
  • On site visits or off site (pick up) service

Click here to book your free consultation today.


Bookkeeping Services

As a business, you engage in various activities whereby money flows through your business. Essentially, you have money coming into your business and money going out of your business. These money flows are called transactions.

Money will flow into your business from four main sources, and it will flow out of your business for four main reasons – each is essentially the opposite of the other.

Money flowing into your business may be:

  • income from selling goods or services
  • money from selling business assets
  • money you have contributed to the business
  • money you have borrowed.

Money flowing out of your business may be:

  • payments for expenses of carrying on the business
  • payments to buy or replace business assets
  • payments to you from the business (drawings)
  • money lent to others.

Bookkeeping is the skill of recording these financial transactions in an accurate manner to meet legal requirements.The most important reason for keeping good records is that it is a LEGAL requirement.By law, you must keep business records: for five years after they are prepared, obtained or the transactions completed, whichever occurs latest and they must be in English or in form that we can access and understand in order to work out theamount of tax you are liable to pay.

You may also need to keep records relating to assets for capital gains tax purposes for a longer period – see page 12 (Record keeping for Small Business – ATO NAT 3029-05.2011)

Other reasons for keeping good business records are to:

  • make it easier to complete your activity statements and prepare your annual income taxand fringe benefits tax returns
  • monitor the health of your business and be able to make sound business decisions– forexample, by keeping track of debtors (people who owe you money/customers) and creditors (people you owe money to/suppliers)
  • help you to manage your cash flow so you can pay your tax when it falls duedemonstrate your financial position to banks and other lenders, and also to prospective buyers of your business
  • make best use of your Accountant/tax adviser. Rather than paying them to sort through a shoebox of paperwork, give your tax adviser well prepared records and pay them instead to help you with your business and financial planning

And that’s where we come in… For many business owners, it may be difficult to find the time or motivation to meet this requirement on top of running their own business. We will collect your paperwork, process it and provide you with accurate reports to help you run your business smoothly.

General bookkeeping services include:

  • Data Entryuntitled-1
  • Bank Reconciliations
  • Accounts Payable
  • Accounts Receivable
  • Financial Reporting & Analysis,
  • End of Financial Year Processes

 


Payroll Services

Payroll is the process of calculating payments, entitlements and withholding tax for employees in a business. Usually payroll may be processed weekly, fortnightly or monthly and ensures that employees receive all the financial entitlements they are owed in a timely manner.

Our payroll processing services include:

  • General Payroll
  • PAYG Withholding
  • Entitlements
  • Deductions
  • Payroll Tax
  • Superannuation
  • Record Keeping.

 

The legislation surrounding payroll, awards, superannuation, payment methods and with holdings can become a complex and time consuming procedure. This legislation, industry specific awards and agreements are changing continuously and for this reason, many business owners are interested in outsourcing this to the team at Bonafide Bookkeeping.

To discuss your business’ requirements, please Contact us now to book a consultation.


BAS & GST Services

The Australian Taxation Office (ATO) requires businesses to submit a Business Activity Statement (BAS) which reports on tax obligations. Thisstatement is submitted monthly, quarterly or annually depending on your business structure and income.

The BAS outlines all business tax obligations including:

  • GSTuntitled-2
  • PAYG Withholding
  • PAYG Instalments
  • Fuel Tax Credits
  • Deferred Tax Scheme

 

GST (Goods and Services Tax) was introduced in 2001 and is a tax of 10% on most goods and services in Australia. Businesses can claim credits for the GST they have paid on their purchases. The ATO indicates that if a business has a turnover of $75,000 or more, they must:

  • Register for GST
  • Determine if their sales are taxable, GST Free or Input Taxed
  • Include GST in the price of taxable sales
  • Account for GST on a cash or accruals basis
  • Report sales and purchases by lodging activity statements
  • Pay the required GST.

If a business is registered for GST, they will:

  • Include GST in the price of sales to customers
  • Claim credits for the GST included in the price of business purchases
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Are you feeling confused, overwhelmed or simply lacking the time to be able to fulfil your legal and financial responsibilities?

 

 

Contact us now and book a consultation to find out how we can help you.


Rescue Work

Recue work is any work required that is over 3 months old.

It’s not deliberate. You had good intentions. Time runs away from you because you are busy running a business. Before you know it, it’s BAS time AGAIN and you know you’re going to have to spend the weekend getting it done.
Or maybe you had someone who you thought you could trust but got it all wrong because of their inexperience.

Over time the problem becomes so big that:

  • a) It has taken over your officeuntitled-5
  • b) It keeps you awake at night
  • c) You don’t know where to start
  • d) You’re fearful that the ATO will call
  • e) You have no idea how much tax or GST you owe
  • f) You are completely in the dark
  • g) All of the above

 

This is what we call “The Bookkeeping Monster!

The good news is we can tame The Bookkeeping Monster. This is our specialty.

Because every “rescue job” is as individual as you are we can’t say exactly what we need to do to clean it up, get you up to date or how long it will take. During the initial consultation, we will explain to you what the problems are and what needs to happen to transform your data file into a source that provides you with reliable information.

Contact us now to arrange a consultation.


Accounting Systems & Setup

Effective accounting systems are an important element of any sized business.

Record keeping of accurate financial information plays a large part in the future of a business. There are a number of different systems and setups which can be personalised to suit a business.

Some reasons for having systems and processes include:

  • It gives businesses a greater ability to manage your cash flow.
  • It helps in meeting legal requirements.
  • It demonstrates the financial position of a business to banks or lenders.
  • It makes data entry more efficient, therefore, more cost effective.
  • It enables businesses to make sound decisions regarding purchases.
  • It helps businesses to communicate effectively with their Tax Advisors.
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The team at Bonafide Bookkeeping can assist your business in implementing accounting systems that are individualised to meet your needs.

Contact us now to arrange a consultation.

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