Sydney Bookkeeping & Payroll Services
Effective bookkeeping from Pherrus can mean the difference between business failure and success.
No matter what stage your business is at, our bookkeeping services could give your enterprise a welcome boost. Offering a high-grade, tailored approach to your finances, delivered by a highly qualified team of accountants, agents, consultants and industry experts, when it comes to finding a bookkeeper Sydney businesses can rely on, Pherrus is here to help. Give us a call to book your FREE accountancy health check!
What is bookkeeping?
At its most basic, businesses can expect a bookkeeping service to concentrate on recording financial transactions. The reality is that, depending on the bookkeeper, a business can (and should) expect far more advice. The type of tasks you might expect a Sydney bookkeeping company to provide include:
- Recording all transactions: both credits (payments) and debits (expenditure).
- Production of financial statements.
- Completion of Business Activity Statements (BAS) for ATO, if required.
- Bank reconciliation.
- Data entry.
- Accounts receivable (including credit control)
- Accounts payable
- Payroll reporting
In addition to these core tasks, time-served bookkeepers are also usually able to assist with more advanced financial procedures. At Pherrus, when you contact us for bookkeeping services, you will have access to professionals with experience who, in addition to being able to perform the above tasks, will also able to assist with:
Setting up sustainable financial systems
Particularly when a small business has been started from scratch, sophisticated financial systems may not have been a priority. Many owner/operators and fledgeling businesses manage their financial affairs using little more than an Excel spreadsheet and a jar for receipts! Whilst this can work reasonably well in the early days, as time goes on and the business grows, better systems are needed to ensure the best results.
A bookkeeper with years of experience can work with you to ensure that the systems you have in place are fit for purpose! If not, they can suggest cost-effective alternatives. Remember financial systems don’t just have to provide accurate, timely financial information, they also need to be secure, in order to protect your data and that of your customers and suppliers. If appropriate, bookkeepers will suggest suitable financial software that complies with all relevant data protection requirements.
Capacity building and training
Start-ups and new businesses, in particular, may not yet have started to employ a worker charged with keeping financial affairs in order. In many cases, business owners end up doing the bookkeeping management themselves, in between all the other tasks required to keep their businesses on track. In these circumstances, Pherrus can step in to train a finance worker in the appropriate systems to keep your business running smoothly. Making sure that your staff are aware of what’s needed to ensure compliance with ATO requirements is vital – we can work with your workers to make sure they have the training needed to keep your books in top form.
Whilst submission of a correctly completed, accurate tax return is one of the accounting services Sydney residents can expect to receive from us as accountants, bookkeepers play a key role in ensuring that the relevant evidence is available to back up the figures included in the tax return. Accurate, meticulous bookkeeping makes the task of tax filing much simpler and faster: not only does this save on your accountancy fees, for smaller businesses (especially those that aren’t eligible for GST registration and/or don’t employ any staff) it may be possible to submit a return without employing an accountant, provided you can have confidence that the bookkeeper has done their job properly.
General clerical duties
In many companies, a large number of queries relate to the financial side of the business. From queries regarding invoice amounts through to bank queries about irregular payments, bookkeepers have the knowledge and expertise to resolve these matters. Many businesses find that using a bookkeeper to field financial enquiries and deal with them directly saves a large amount of time. It also results in better customer service, as clients and/or partners contacting the company on a financial issue can be certain of a timely, appropriate response. Ask us for your FREE accountancy health check.
Special reports/ end-of-year reporting
Whether you’ve got a board meeting coming up, are considering a significant change in direction, or are looking at investing in an additional asset, the need for accurate, real-time financial information is always a priority. As well as providing regular financial statements (usually monthly), which record profit and loss, services that offer bookkeeping Sydney businesses can count on are also able to generate a range of other financial data. This can be tailored to meet individual requirements, ensuring a customised response to what’s needed to inform decision-making.
Why is bookkeeping important?
As bookkeepers Sydney businesses use on a regular basis, a key consideration for us is defining what added value professional bookkeeping brings to an enterprise. Here we take a look at five key reasons good-quality bookkeeping needs to be central to your organisation’s operation.
Picking up financial irregularities
It’s all too easy for an error to creep into the system! From a typo in an invoice through to mix-ups in creditor payments or a banking error, there are all sorts of reasons why figures aren’t accurately inputted. If undetected, these errors can cause all sorts of problems: from disgruntled customers who realise that the amount that you quoted them isn’t the amount they paid through to suddenly realising your bottom line is nowhere near as good as you thought, errors are bad news. A bookkeeper’s job is to go through your figures with a fine-toothed comb, picking up each and every irregularity and resolving it.
Facilitating good decision-making
Accurate, timely and appropriate financial information is at the heart of good business decision-making. A bookkeeper gives you the data and tips needed to make good-quality decisions.
The ATO has specific requirements when it comes to a business’s financial affairs. Bookkeepers are familiar with these requirements and ensure that the companies they work with comply. Nobody wants an audit from the ATO, triggered by concerns over inadequate systems: a bookkeeper makes sure your systems are strong, as well as facilitating the creation of high-calibre financial data.
When resources are short and work pressures high, it’s all too easy to let an unpaid invoice slide. Similarly, if your business needs to borrow money, insufficient consideration may be given to the best method of borrowing (or even if the borrowing is necessary). A professional bookkeeper will work with you to make sure that a suitable system for dealing with late payments exists, as well as ensuring that it’s implemented in a timely manner should payment not be forthcoming.
When it comes to borrowing, bookkeepers can usually provide predictive financial data solutions on how different loan amounts and repayment schedules might affect your bottom line, as well as potentially suggest other ways of managing cash flow so that borrowing isn’t necessary.
Saves companies time and money
Once employed, Sydney bookkeeping services will take care of all your financial record keeping. This can potentially free up a considerable amount of time to concentrate on core activities, as well as remove the stress associated with keeping up with financial record keeping. Many business owners, particularly those who have been completing their own bookkeeping, are amazed by the savings that can be made outsourcing this to our team here at Pherrus.
What added value do Pherrus bring to your bookkeeping?
As one of the leading bookkeeping services in Sydney, Australia, we’re committed to providing every client with more. Use us and benefit from:
A FREE accountancy health check
Take advantage of our FREE assessment of your current bookkeeping processes. We will tell you what’s working well, in addition to highlighting areas where improvements would benefit your organisation.
Strategic wealth creation planning
Our Sydney bookkeeping services are designed to provide wide-ranging financial support, assisting businesses not only to keep their financial affairs in good order but also to plan ahead in order to optimise their financial position.
Services of a multi-disciplinary team
When you use us for bookkeeping, Sydney businesses enjoy the services not only of bookkeepers, but also accountants, agents and consultants. This results in a complete financial solution that’s suitable for enterprises of all shapes and sizes.
Our team members have diverse backgrounds, coming from a variety of industries. This means that they can offer expert bookkeeping Sydney businesses can count on to accommodate industry-specific challenges and requirements.
We offer customised bookkeeping services Sydney businesses can depend on to provide exactly what’s needed. This tailored approach ensures excellent added value.
Call us now to find out more about our bookkeeping services, or to book your FREE accountancy health check.