Monday, 29 June 2015 02:28

How to choose best bookkeeper

An expert bookkeeper/accountant can make a significant difference to the fundamental benefit of your business as well as its success. When searching for a bookkeeper, do not just follow geographical convenience. Make sure they are expert in tax laws for your business instead of their base location. Select your accountant/bookkeeper wisely. Look for proactive bookkeepers that actively engage with the clients and advise you about all the legislative changes and developments. It’s in best interests of your business to have a capable and expert professional bookkeeper handling the most important part of your business i.e. your FINANCES.

These days you can check facebook or twitter accounts to know how much are they enthusiastic about their work and how they talk about their solutions and services? For more information, you can read their testimonials / reviews. You can easily find them online. The right person will save your money and your time year after year. There are plenty of options to choose from. If you want your company to grow, it is recommended to hire professional accountant/bookkeeping services in the beginning rather than later on. Make sure your bookkeeper is a registered BAS agent.

Ideally your bookkeeper should have vision for the issues that businesses go through such as cash flow, budgets, payables and receivables etc. Accountants/tax agents should create ways for reducing the complexities and providing great financial planning and reporting to meet your present needs as well as managing the future goal shifts.

Tax planning is a beneficial asset for anyone whether small or big business and even for the individual tax payers. It’s not that complex. Many bookkeepers and accountants show the hard and fancy picture of tax lists to their customers. With the right tax advisor you can be at peace and become familiar with the fair ways to meet all your needs in the most efficient manner.

We are a Melbourne based Bookkeeping/Accounting service. To read more blogs from us, please click here.

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The popularity of cloud bookkeeping programs such as XERO, SAASU, MYOB essentials, Sage One etc. in today’s world continues to increase as updates are made everyday in order to make it more reliable, quick and user-friendly. Despite its advantages, however, like everything, cloud programs also have their limitations that restrict it from deriving an accurate, complete and reliable result that a bookkeeper can provide.  

What exactly drives small business owners to think bookkeepers can be replaced by cloud programs?

Cloud programs are used commonly to store data on virtual servers instead of a PC making it accessible almost any place from which you can an internet connection.  Not only that, due to such software being available on a subscription basis, it saves business owners the upfront cost involved in purchasing the software outright and installing it on a desktop where its accessibility is limited. These are some of the most common reasons why small business owners choose to switch to cloud programs.

Due to the automation, availability of live bank feeds and real time data, lot of business owners assume they don’t need a bookkeeper anymore.

Can Xero replace bookkeepers?Xero Limitations

My answer is NO!

In spite of the ease of accessibility and cost benefits, other factors also need to be taken into consideration when doing business bookkeeping. Bookkeeping requires precision and accuracy and dealing with complexities of the business transactions such as complex payroll transactions, year-end processes, import GST transactions etc.

Bookkeepers can perform complex the transactions, oversee data and systems or recognise an oversight which a cloud program like Xero can’t do.

I regularly come across business owner who let go of their bookkeeper as they use Xero now and they think they don’t need a bookkeeper. Very often while reviewing their accounts, we can find numerous errors in postings, mix up between balance sheet and profit and loss items etc.

A bookkeeping system like Xero or any other is a means not an end in itself, you still need qualified and experienced bookkeeper who can process the information accurately.

A bookkeeping program cannot replace a bookkeeper, yes an efficient cloud program can reduce the time required for bookkeeping, however in no way it is a bookkeeper in itself.

Got any more question how you can use a cloud program best for your business bookkeeping? Give HS Bookkeeping Service a call today on 1300 664 796 to get the answers.

Published in Blog
Thursday, 07 May 2015 06:13

Xero Recent Updates

Most of small business bookkeeping these days is done online on cloud software packages. Xero is a popular cloud bookkeeping program that is used by many small and medium-sized businesses.

When you need an experienced small/medium business accountant in Lyndhurst or any outer suburb,you need a local business accountant who understand the needs of your business structure.

Xero has many features to offer to enable efficient bookkeeping processes including automatic bank and credit card account feeds, invoicing, accounts payable, expense claims, purchase orders and others relevant to everyday accounting. It is also known to be able to import bank and credit card statements and support multiple tax rates and currencies.

All financial data is stored in the cloud on a single unified ledger, allowing users to work in the same set of books regardless of location or operating system, very much like emails!

This year, however, there have been many upgrades that have been added to the program that have significantly increased its efficiency rates. The noteworthy changes are the following:

  • Quotes: ability to create a quote/purchase order from within a contact form, these have been added to help small businesses streamline their processes. Xero.bookkeeping
  • Ability to set up default expiry date for quotes.
  • Notifications: introduced to make it easy for users to stay on top of what’s new, what’s important and what you need to know.
  • New improved Apple iPad mobile app.
  • Practice reports.
  • Side by side files: makes entering transactions easy- see your files on-screen alongside the record you want to update.
  • Inventory: track the value of your inventory and improve stock control.
  • Work papers redesign: Work papers gets a new look and tighter integration with Xero and Practice Manager and
  • Find and recode: This feature enables to fix mistakes made with the ability to recode multiple lines at once, making it easy for advisors to find and recode transaction items for year-end clean up.

Xero is constantly updating to make its use easier to their customers and Partners. For more information, please contact on 1300 664 796 or via our contact us page.

Published in Blog
Friday, 17 April 2015 05:18

Guidelines to hire a good Bookkeeper

If you’ve made a decision to contract out your bookkeeping requirements, CONGRATULATIONS! you have identified that you simply cannot do everything. Below are few pointers that will provide a guide to hire a good bookkeeper:

1) Qualification and Experience: In accordance with the Tax Practioners Board, it is mandatory for any one providing a bookkeeping service to complete at least a certificate IV in Bookkeeping or higher. If the bookkeeper does not possess the relevant qualification, then you will be wasting your time, energy and money with them. Also a qualified bookkeeper without any practical experience would be useless, since you will be their Guinea Pig where they will be practicing their knowledge to gain experience and skills within the practical work environment. A good bookkeeper should have the relevant qualification and at least few years experience.

2) BAS Agent : It is essential you make sure your bookkeeper is a registered BAS agent, since this will ensure that the candidate has got the appropriate expertise and qualification.

3) Insurances: According to a new law, it is mandatory that each and every bookkeeper has professional indemnity insurance, ensure you check their insurance policy so that you're not liable for the fines imposed by the ATO for any blunders in your BAS.

4) Basic Knowledge of Your Industry: Ofcourse, you can’t expect the bookkeeper to be an expert in every industry to being with, but it assists when they have an idea of how your industry operates. Figures are dealt with exactly the same in order to get calculations however in some industrial sectors there might be different factors to be aware of which will be useful to your bookkeeper.

5) Attention to Detail: Simply because somebody is a bookkeeper does not necessarily mean they may be always detail-oriented. You certainly do not have enough time to double-check their work so ensure the person you hire is skilled enough to deal with the minor details.

6) Hire A Bookkeeping Firm: A freelance bookkeeper might not always have the time to get things done on the schedule you would like and as per the ATO deadlines. A bookkeeping firm like HS Bookkeeping Service however are going to have number of bookkeepers readily available to manage your requirements and respond to any queries that arise.

7) Flexibility: It’s better to hire a company that provides a flexible service which is customized for your particular requirements rather than off-shelf plans which don't often suit your purposes.

8) Ease of Contact: If you're a business owner who spends most of the working day doing your work then you'll definitely reap the benefits of having the ability to talk to or see your bookkeeper outside work hours.

9) Accounting Softwares: Bookkeeper should be able to understand the modern day business accounting software’s and not the old pen and paper type bookkeeping.

10) Personality: As a business owner, you should be able to communicate with your bookkeeper about any concerns you have, so it's essential that individual is friendly in their attitude and tone. There's no reason working with a bookkeeper with many years of experience if you're discouraged by their attitude.

Additionally you can judge a bookkeeper by the price they are charging, if you're quoted too low, then the bookkeeper does not value their services and you wouldn't want to do business with someone who isn't confident of themselves. If they have quoted you very high then you'll know that they're over charging you, any bookkeeper who is quoting you a reasonable and fair price will be honest, reliable and genuine.

Contact HS Bookkeeping Service today for any or all of your bookkeeping requirements on 1300 664 796 and get your bookkeeping done by the bookkeeping professionals.

Guide to hire a Bookkeeper

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