At GP Accountants + Advisors we’ve had a couple of examples lately when owner/operators have taken the role as bookkeeper for their business and risked over-stating their taxable income and GST payments to the ATO by a significant amount. This increased their ATO liabilities and took cash from their pocket.
It may seem simple to match payments received to invoices you’ve created. At times there is more to bookkeeping and accounting than hitting “OK” on a green cell in Xero. If you are using an app to mark off invoices as paid, running multiple bank accounts, handling cash, have customers making part-payments or overpayments or paying amounts in error, these are all points where mismatches can happen, and income can be accounted for incorrectly.
It may seem simple to match payments received to invoices you’ve created. At times there is more to bookkeeping and accounting than hitting “OK” on a green cell in Xero. If you are using an app to mark off invoices as paid, running multiple bank accounts, handling cash, have customers making part-payments or overpayments or paying amounts in error, these are all points where mismatches can happen, and income can be accounted for incorrectly.
'I’ve been running my business in the Golden Plains Shire for years, and when it comes to accounting and advice, Golden Plains Accountants and Advisors are my go-to. They’ve been with me since the early days, back when it was just me on the tools. As the business grew, Teresa helped me restructure so everything was set up properly for the next stage. They handle the tricky stuff, tax planning, BAS, ATO and ASIC, so I can focus on the work that actually makes money. I never get blindsided because they keep me up to speed and ahead of the game.From advice to bookkeeping, they’ve taken a huge weight off my shoulders. Running a business feels a lot less stressful with the GP Accountants + Advisors team in my corner'
The overall savings for a small business to engage a qualified professional to complete your bookkeeping can be substantial. Not just with the ATO. Increased reliability of your financial reports making it easier to make decisions with confidence. Time and frustration in front of your software trying to make sense of it all, allowing you to be out doing what you do best, earning the income in the first place and servicing your customers.
if you have concerns about this topic or any others. We will happily provide you with a quote to see if you can save time and money by doing less.
Contact us to discover how we can make a difference and simplify your financial and taxation obligations.
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