If you want to know how a bookkeeper can help you avoid the most common mistakes in business, then you are in the right place. Read more to understand how bookkeeping services can be helpful for businesses.
Many business owners make these mistakes. It is easy to neglect or forget about small expenditures that seem unimportant and insignificant. A professional bookkeeper uses methods and strategies to keep a record of everything related to accounts. Having a proper filing system and maintaining accurate data on a monthly basis can save your time as well as money on income taxes.
At Aone Account and Bookkeeping, we can provide guidance on record keeping. Having proper record keeping can relieve some stress if your business was to undergo an audit by the ATO. In the audit, accurate records of expenses and income can help you save thousands of dollars on taxes and auditing fees.
If you don’t have separate accounts for business and personal activities, it can create several issues. In case of an audit, you need to provide all business-related records that are separate from your personal activities.
A bookkeeper highlights the importance of this and figures out ways to maintain separate personal and business accounts of the company’s owner. They also make sure to properly reconcile bank statements each month. Hence, they will be able to identify potential issues and minimise errors.
This is one of the biggest mistakes any business can make. Failing to reimburse expenses is like throwing your money away. Knowing the expenses to reimburse is important for the success of any business, as the more you can save, the better it is.
A bookkeeper helps you track your expenses and figure out whether you can reimburse your expenditures later.
We all know that business owners don’t have much time to keep relevant receipts. But it is important to note that neglecting this practice can cause problems while completing your tax return procedure. In simple words, you will not be able to claim back any of your company’s expenses.
You might find it bizarre to secure the receipts for things like stationery you have purchased. However, you can easily prove that your company’s expenses write-offs are accurate. Again, you can’t do this alone. This is why you need bookkeeping services to save yourself from any trouble.
We provide suggestions for online tools that you can use to upload receipts. Our favourite receipt storage program is Hubdoc – it connects to xero and feeds the uploaded receipts directly into xero for account reconciliation. Xero also keeps a copy of receipts and has the option to email receipts directly into xero.
You may have already known that company owners usually use a small amount of petty cash for different purposes. However, knowledge to track this money may be limited.
Experienced and reliable bookkeeping companies or an individual creates a system which allows you track petty cash. They keep an eye on where this money is going and on what things it’s being used for. Depending on your business, your bookkeeper will use different methods to control and manage your expenditures.