With your bookkeeping, do you find that it’s always a last minute thing?
Taking that approach can be a costly gamble. With end of financial year for 2009 - 2010 fast approaching, it’s a good idea to get your bookkeeping upto date.
By being ontop of your bookwork, you can have a chat with your accountant and make sure that you have the correct strategies in place to reduce your tax liabilities.
Failing to be prepared can be costly when you come to lodge your tax return after 30 june 2010
There’s many reasons why you should get your bookkeeping upto date before the end of the financial year on 30 June 2010.
Often clients are devastated when they discover how much tax they have to pay because they didn’t plan for the FYE (financial year end). Leaving it until after 30 June is too late.
We are not tax agents or accounts, but our team of mobile Sydney bookkeepers can certainly help you get your paperwork upto date so that you can at least have three quarters of the 2009/2010 financial year upto date and ready to visit your accountant before the end of June 2010
When cash flow is tight, you want to do everything you can to ensure that you are not paying invoices twice
A bookkeeping client in Bankstown asked whether he should pay his supplier from the invoice, or the statement. A common bookkeeping mistake made by many small business owners is to pay an invoice twice.
Why would you pay an invoice twice?
Here’s a common example: One day the business owner sees the invoice come through the mail, and he gets around to paying it a couple of weeks later.
Meanwhile the supplier sends out the monthly statements, which the business owner then places in his intray with the intention to pay some bills in a few days time.
The next day, one of his sales staff requests a product that is out of stock, so the business owner picks up the phone to the supplier, who says that there is some money outstanding which needs to be settled before another order can be placed.
In a panic, the business owner pays the total amount that is shown outstanding on the supplier’s statement - not realising that one of the invoices listed had been paid two weeks earlier
This simple error would have never occurred if the business owner followed our advice, which is, as bookkeepers we always say pay from the invoice - NEVER pay from the statement.
Why not pay from the supplier’s statement?
When you always pay from an invoice, then there’ll be no risk of wondering whether you’ve paid that invoice or not - and when your bookkeeper comes to enter the data into the accounting software package, be it MYOB or Quickbooks, the bookeeper will know what you’ve paid and what you haven’t.
When you receive a statement, it may list invoices that you have since paid, and you could end up paying them twice. But surely the supplier would tell you that you’ve paid the invoice twice. Maybe, or maybe not.
By sticking to the rule of always paying from an invoice, and never a statement, you can see what the invoice relates to.
Why do your suppliers issue a statement?
The supplier will send out a statement advising you of which invoices have been paid and which are outstanding in that reporting period.
Nothing wrong with attaching the invoices that you are going to pay, and put them with the statement - as long as you ensure that the amount you pay is not the amount requested on the statement, but the total amount of the invoices that are attached to that statement.
When cash flow is tight, you want to do everything you can to ensure that you are not paying invoices twice - and one way of doing that is never to pay from a statement.
Last week we were flooded with enquiries from small business owners around Bankstown and Panania asking about MYOB Bookkeeping for the December quarter BAS that’s due 2 March 2010
If you are a small business owner in and around Revesby, Panania, Padstow, Picnic Point, and suburbs to Liverpool and Bankstown, we encourage you to focus on what you do best, and we’ll do the rest
contact our Panania Bookkeepers, your local mobile bookkeeping service today
Savvy business owners around Bankstown have contacted our Bankstown Bookkeepers, looking for a mobile bookkeeping service.
Rather than you struggling and getting stressed out over it, give us a call, and we’ll come to your premises and review your MYOB data files.
Our Panania bookkeeping service can help you with reconciling your bank account statements. We’ll run various checks and reports to ensure that all the data has been entered correctly and allocated in the correct accounts
The Australian Taxation Office [ATO] advise that almost 80% of BAS forms are lodged incorrectly - as many small business owners are challenged with the task of completing their Business Activity Statements
Australians love an excuse for a public holiday.
It’s ripper when it falls on a Tuesday, because it’s a true blue fair dinkum reason to take Monday off, and make it a long weekend!!
Throw another prawn on the barbie, grab a slab of coldies, invite a few mates around, and have a good time
Thanks to penrithcity.nsw.gov.au for the photograph – Happy Australia Day
Had a phone call today from a lady who told us she works at the ATO Australian Taxation Office.
She’d been reading our website and wanted to correct our entry regarding the due date for the December Quarter Q2 BAS lodgement for Business Activity Statements
“I’m calling from the ATO and noticed your website states the BAS is due 2 March 2010″
“Yes, That’s right!”
“Well, they are actually due on 28 February”
- “Really? What day is 28 February?
“Oh, I don’t know, I’ll see if I can find a calendar,” she said [One wonders why she can't use the calendar on her computer]
Amazing! People at the ATO have nothing better to do than web-surfing and calling up website owners
It’s wonderful to know that our hard-earned tax dollars are keeping Australia’s Public Servants so gainfully employed and contributing so much to the Australian Economy
Reminds us of an incident last year where the ATO sent out a letter advising that 5 cents was owing
Unfortunately the call dropped out, and the woman from the ATO didn’t get back to us.
Maybe she did find the ATO website page entitled “Activity statement generate dates” (BAS) which shows the Legislative due date as being 2 March 2010,
The reason the BAS is due 2 March is owing to the fact that 1st March (Monday) is a public holiday in Western Australia
It’s good to know that the staff at the ATO feel the need to search our website to see what dates the BAS are due 
Probably because it’s so confusing trying to navigate around the ATO website
With Christmas out of the way, and many small businesses returning to work, it’s time to get all your paperwork together and get it to your bookkeeper or outsourced bookkeeping service- to report on the 2nd quarter (1 September to 31 December 2009) to get your BAS lodged on time.
Maybe the Australian Taxation Office (ATO) does have a heart, after all. Rather than asking for lodgements on 28 January, they automatically give everyone an extension to the BAS lodgements to 2 March.
However, don’t be fooled by their grace, because there is NO WAY that they’ll consider granting an extension after that date. So you need to ensure that you have your Business Activity Statement lodged by 2 March 2009
If you are struggling and need help, if you do not have a bookkeeper, or are looking to outsource to a mobile bookkeeping service, then contact us now
Our bookkeeping Service has clients in and around Campbelltown, Bankstown, Sydney CBD and Northern Beaches, Australia. Contact us here for details
How would you know that your bookkeeper is doing the right thing?
There’s a bookkeeper in San Francisco that’s facing a life in prison for fraud, after he pleaded guilty to charges of defrauding investors in excess of $20million
The bookkeeper had been running a ponzi scheme – not quite the same scale as Madoff, but for longer. Apparently the bookkeeper had been promising clients that the money they invested with him would earn huge returns through a series of commercial loans. He’s been doing this for the last thirty years!
Simply, he persuaded new investors to get on board, and used those funds to pay out existing investors, or for his own personal use
A bookkeeper in Chicago, USA has been accused of stealing more than US$500,000 form a spring manufacturing company.
Apparently the bookeeper was falsifying invoices as she entered data into the accounting software as an account payable to a legitimate vendor when doing the bookeeping.
The book keeping software system allowed the bookkeeper to print the cheques in her own name, then she’d change the name on the cheque details recorded in the system.
The prosecution also alleged that the book keeper would intercept bank statements and destroy copies of the cheques she wrote to herself so that no-one else could discover her farudulent book-keeping activities
Whether you use MYOB / Quickbooks, or you need Software Training for your small business in and around Blacktown, Seven Hills, Doonside, Prospect, HuntingWood ot Arndel Park we are here to help. Contact our team of mobile book-keepers now
Is “Off-sitebookkeeping” the same as “Mobile Bookeeping”?
When looking for bookkeeping services in Blacktown, you may decide to do an internet search for “Black Town bookkeeping”
Others may look for “book keeping services in Seven Hills”, or even “Bookkeeper Seven Hills” as well as “Book-keeping” or “book-keeper”
Then there’s those people that are never quite sure if there’s only one “k” in bookeeping, or would you search for “bookeeper”?
You could do a search for “book keeper” in Blacktown
Either way, you’ve come to the right website, because our team of mobile bookkeepers will either come to your premises and work on-site at your offices / business that may be located in Doonside or surrounding suburbs, or we can collect all the documentation and take it away to work at our premises. This is often referred to as “off-site” bookkeeping
Is “Off-sitebookkeeping” the same as “Mobile Bookeeping”?
There are a number of bookeeping services that will only work at their premises. These bookkeepers tend to be inflexible and demand that their clients drop ff the paperwork at the bookkeeper’s premises
That may not always be convenient for a small business owner, and that’s why so many businesses in and around HuntingWood choose our mobile travelling bookkeeping services, because our Kings Park bookkeepers will find the solution that works best for you and your business
Whether you use MYOB / Quickbooks, or you need Software Training for your small business in and around Doonside, Prospect, HuntingWood ot Arndel Park, New South Wales, Australia, we are here to help. Contact our team of mobile book-keepers now
We service Blacktown, Seven Hills, Doonside, Prospect, HuntingWood, Arndel Park, Lalor Park, Kings Park, Dean Park, Woodcroft, Quarkers Hill, and Marayong
4th Quarter: 28/07/10
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