The golden rule to saving time and money with any
bookkeeper or accountant is to always organise your
work before handing it over to them.
Here are a few handy bookkeeping tips to keep in mind
before you next submit your
1. Bank Statements
Have all the bank statements for all business accounts
ready for the period to be completed. If you are missing
any, obtain copies from your bank.
2. Barter Card Statements
If you use Barter Card please have the entire relevant
Barter Card statements ready. If you are missing any,
please obtain copies by calling Barter Card directly.
3. Credit Card Statements
Have all credit card statements for the period to
be prepared. If any are missing, please obtain copies
of them from your bank.
Details of all business loans need to be available.
Statements are one of the best forms of paperwork as
they show the
commencement of the loan, the set up expenses, the
interest and any other fees payable, and also the balance
With loans for equipment the purchase invoice is
required along with the loan documentation from the
body. Different loans are treated differently so
documentation is required in order to calculate the
interest / GST etc correctly.
5. Automatic Deductions
Make a list of the automatic deductions that are
automatically deducted from your Bank accounts. These
Motor Vehicle payments, Fuel Card payments, Insurances
(including Workcover), equipment loans and lease payments.
Have the documentation to back up the deductions for
Always keep receipts of the money you have earned.
Have copy of Invoices issued and the payments made,
advices (if available) and the Bank Deposit book. Make
a note of any cash amounts that are not banked so these
can be taken into account when calculating income for
Ensure you have all invoices that you have paid ready.
It is a good idea when making the payments to write
on the invoice the date paid, cheque number and the
paid. If paid by cash, credit card, internet banking
or direct transfer, write this instead of the cheque
number. It makes it easier down the track to identify
payments if and when required. Also, ensure you keep
all your Cheque stubs, as your bookkeeper or accountant
will also want to see these.
Make sure you have all relevant details of your employees,
including Tax File Number, Address, Phone Number and
Date of Birth. Also, always remember that employees
must complete a Tax Declaration Form (available from
local newsagent) when they commence work, a copy of
which must be forwarded to the Australian Taxation
The wage book must also be available in order to complete
the tax liability.
9. Business Activity Statements
Ensure you have all relevant BAS statements available
in order to reconcile your ATO liability.
Try to file your documents in some order – chronological
order is a good starting point. We can discuss your
filing needs with you and set up a system beneficial
you and the bookkeeper.