GST, or General Sales Tax, is a goods a services tax that is levied on most goods and services sold for domestic consumption. The tax is absorbed into the final price of a product or service and paid to the government at the end of the financial year by the business selling the goods or service. It’s a term you will have heard often, although it’s not something consumers actively need to consider due to the tax included in sale prices, making it easily forgotten.
When you set up your business, we’re pretty sure it wasn’t because you love bookkeeping right? In fact, it’s probably the one part of running the business that keeps you awake at night.
We get it. Your business is a success because you’re doing what you’re good at, so maybe it’s time to get an expert to do what they’re good at and start outsourcing your bookkeeping.
If you’re not sure whether bookkeeping is right for your Brisbane business, we’ve answered some frequently asked questions to help you decide.
Most business owners dread having to complete the end-of-fiscal year preparations. These tasks are time-consuming and require a certain level of expertise, so consider working with a Brisbane based EOFY bookkeeper that can make this process an easy one!
Take the Stress Off Your Plate
As a business owner, you already have a lot on your plate and having to manage the year-end bookkeeping preparations is not something you should have to worry about. Besides, these reports and requirements must be completed accurately – and on time – so that you remain compliant.
You will love our EOFY preparation process because we put together everything your accountant needs, so you don’t have to! This will free up your time to continue doing what you do best: running a successful business.
Outsourcing to a Brisbane based small business bookkeeper will also save you money in the long run because your accountant won’t need to spend time hunting for your financial records and billing you for those hours! At Everest Business Solutions, your accounts will be delivered to your accountant in a highly organised and itemised manner.
Are you a Brisbane based small business? Then keep reading to learn about the 10 things bookkeepers take care of for you in a small business.
1. Sales & Revenue
Tracking sales and revenue is one of the most important things you can do as an organisation. Small business bookkeeping services can help you keep track of your incoming revenue and ensure that you accurately record your information. Not only will this help you track business success and ensure that you meet all reporting requirements, but it will also help you find areas where you can improve growth.
2. Accounts Payable
If you struggle with tracking your accounts payable, which is everything you need to spend to run your business, then it’s time to consider outsourcing your bookkeeping. When you outsource to a Brisbane small business bookkeeping firm, they will ensure that all of your bills are paid on time. They will also keep track of what you spend and how much you owe.
3. Accounts Receivable
A bookkeeper will also take care of your AR or accounts receivable. This term refers to all of the money you are expecting to collect from your customers. An outsourced bookkeeper will ensure that you collect on these invoices as soon as possible, and don’t let any outstanding accounts fall through the cracks.
4. Cash Management
Cash management is another important function that a small business bookkeeper can take care of for you. This process involves tracking all of your financial activities, from payments and expenses to deposits and withdrawals. Maintaining accurate bank reconciliations and a log of all transactions is essential to running a successful business!