Checking Out Your Bookkeeper

Warning-Sign

As Cloud Bookkeepers – we specialise in Xero Cloud Accounting Software. We know the in’s and outs of the system, how it is to be setup to best suit your business, how to process your transactions so you can obtain USEFUL information from your end of month reports.  We also know right from wrong, and how to fix things that may have gone awry.  We’ve undergone formal training, Certificates in Bookkeeping, Financial Services and Small Business Management – all for the benefit of the clients we manage.

We CARE about the growth, development and compliance of our clients accounts.  That’s why this post is being aired.

We’re tired of seeing Small Business Owners suffering at the hands of incompetent bookkeepers!

In 2009 the Bookkeeping and BAS Agent industry was overhauled and is now quite heavily regulated – for a good reason!  Too many backyard bookkeepers who are were untrained and inexperienced were costing clients thousands as a result of incorrect processing and reporting to the ATO.

As Registered BAS Agents, we are required to meet a minimum standard of education, maintain ongoing continuing professional development and carry out our work in accordance with the TPB Code of Conduct.

In the past 6 months, this practice has inherited 5 clients from other bookkeepers and we’ve been HORRIFIED at the way these accounts have been setup, and the way the clients data has been processed and the time and costs involved (to our clients) in having us fix these errors.

Simple transactions! That if trained properly, any qualified BAS Agent could process!

In particular, legalities around Payroll.  Your employees MUST be issued with Payslips at the time of payment, you MUST maintain accurate records of how much they are paid, the hours worked, their leave entitlements and their superannuation accruals.

Proper coding of your income and expenses.  Proceeds from day to day sales need to be allocated to a revenue account – not an asset account.  Expenses to expenses, not to a revenue account to try and depict a profit and loss figure from within an account.

Meticulously Managed was named as such because we are METICULOUS in ensuring that all of your data is processed CORRECTLY.  If we come up against something new, we figure out how to process it in accordance with ATO Regulation (we don’t just allocate to a suspense account because we don’t know what it is).

What’s the point of sticking all of those transactions in a suspense account – it certainly won’t help you understand the performance of your business!

We IMPLORE you. Check Out Your Bookkeeper.

Ensure they are Certified Xero Advisors, are Registered with the TPB (Tax Practitioners Board), are knowledgeable, confident in handling your information and are willing to demonstrate how things are done and provide training where required.

Time is Money, we don’t want to see you wasting either!