F.A.Q

I work for myself and just brought MYOB so my wife and I can do our books. Can you show us how?

MYOB, and other accounting software, is a great way to record and maintain business financial activities electronically, however, Bookkeeping is recognised as a technical accounting profession. Just like other professions – such as electrical, plumbing, accounting, Certified Bookkeepers are required to meet competencies to ensure quality work practices and knowledge of their role. Bookkeeping is not only data entry, it requires a thorough knowledge of accounting principles. We can set a new MYOB file and discuss systems to work together so your bookkeeping is more efficient and accurate.

My business is growing, I’m thinking of purchasing assets and new equipment – How do I claim GST and record interest payments?

A common mistake business owners make is not claiming the correct amount of GST or interest payments on purchases of assets. Engaging Books & BAS to assist with your record keeping will ensure your records are accurate and possibly save you money in Tax Agent fees.

I’m thinking of hiring another staff member – can I pay them cash?

Of course you can pay with a method of cash, but, as an employer, you have legal responsibilities around how the wage is calculated and recorded as well as superannuation, tax and insurance obligations. Employing staff is a great time to engage the services of Books & BAS.

We have a person in our office to answer the phones and do our admin – can’t they do our bookkeeping and payroll?

Books & BAS can work with your existing business arrangements to ensure your staff can continue to carry out duties appropriate to their role and level of experience while ensuring the business is meeting its record keeping obligations in a cost effective and efficient way.

We don’t have many staff and we pay them the same each week, we just right it in a book.

This system may be appropriate depending on the information that is being recorded. The Australian Taxation Office (ATO), as part of their 2008/09 Business Compliance Program, recognised that compliance issues for micro and small enterprises arose particularly in relation to their responsibilities as employers in managing PAYG with holding, superannuation guarantee and FBT obligations.

We just give our books to our accountant – why do we need a bookkeeper?

Bookkeepers and Tax Agents have separate roles and can add value to business owners in different ways. A lot of accountants report they spend so much time preparing the books of their clients they don’t have time to offer tax advice and planning. Accountants tell us the ideal system is to receive accurate and complete financial records so they can do the job they know best.