What is Bookkeeping?
Bookkeeping is a term often heard, and even more often mis-understood.
Bookkeeping involves the process of recording, analysing and interpreting the financial transactions of a business or individual. The discipline of bookkeeping accounts for a large proportion of the accounting process.
It is a legislative requirement to have up to date financial records to ensure a business pays all necessary taxes and levies. A bookkeeper's duty is to set up financial statements so that an accountant can easily perform legal and tax management in a timely manner.
A skilled and compliant bookkeeper should be able to produce financial records that give a business accurate information about its financial activities. These records are critical to the future success of any business.
A good contract bookkeeper is able to:
Set up accounting systems and software properly
Enter transactions
Perform checks, reconciliations and end of year processes
Ensure they are up to speed with legislative requirements and management reports
Undertake payroll duties and compliance
Legally prepare BAS returns
Provide general business administrative support
Freequently Asked Questions
Why do I need a bookkeeper?
A professional bookkeeper will save you time and money by managing all of your day to day bookkeeping needs including data entry, the preparation of BAS statements, payments to suppliers and payroll; which will leave you with more time to concentrate on developing your business. Having instant access to financial reports will allow you to make prompt business decisions and allow you to take a proactive rather than a reactive approach to managing your business effectively.
Can't my accountant do my bookkeeping for me?
Yes they could, but by having a bookkeeper organise your books and keep them up to date, your accountant can concentrate on minimising the amount of tax owed and increasing your tax refund. Accountants’ fees are also a lot higher than those of a bookkeeper so by employing a bookkeeper for data entry activities you will keep accountancy fees to a minimum.
Why choose In Focus Bookkeeping?
You can have absolute trust and peace of mind knowing your information is kept secure and confidential. We at In Focus Bookkeeping pride ourselves on being completely trustworthy and reliable. Whether we are dealing with suppliers, staff, clients or contractors, you can be sure we will offer an exceptional customer service.
Which software do you use?
In Focus recommends Xero as our preferred accounting solution, but are also proficient in MYOB & Saasu, and are willing to learn any other industry specific software you may already be using.
Can you work on-site?
Although we specialise in remote services, we can come on-site if this is your preference. The fantastic thing about our chosen software, Xero, is that you are no longer tied to a particular computer with your accounting software, meaning that off-site services are much easier to facilitate. We are happy to discuss your servicing needs at our initial consultation.
What areas can you service?
On-site services are limited to the Brisbane Western Corridor. Off-site services are available the whole of Australia.