Bookkeeping: Robina Bookkeepers, Gold Coast0415 453 536 – MYOB,Quickbooks, Robina, Varsity Lakes, Reedy Creek and Mudgeeraba

Have you heard the bookkeeping term “Bank reconciliation“? If you’re wondering what it is, this may help you get a better understanding.

A bank reconciliation is the process of comparing and matching figures from the accounting records against those shown on a bank statement. The result is that any transactions in the accounting records not found on the bank statement are said to be outstanding.

A bank reconciliation allows companies or individuals to compare their account records to the bank’s records of their account balance in order to uncover any possible discrepancies.

Such discrepancies could include:

• cheques recorded as a lesser amount than what was presented to the bank
• money received but not lodged
• payments taken from the bank account without the business’s knowledge(eg bank fees)

A bank reconciliation done regularly can reduce the number of errors in an accounts system and make it easier to find missing purchases and sales invoices.

Here’s a simple formula that may help you :

Balance per Bank Records + Deposits in Transit – Outstanding Cheques = Correct cash balance

The Australian Taxation Office (ATO) announced that their E-Record system will not be available from July 2010.

So where does that leave small business owners? There’s a free accounting software package that’s available online. For details click here

Many of our clients around Robina, Mudgeeraba, Varsity Lakes and Burleigh do not have accounting software, they simply hand us the paperwork and we prepare the bookkeeping on their behalf. Companies like MYOB and Quickbooks offer a basic software packing starting at around $50 and there are other options of free accounting software on the internet.

• Check out the free accounting software system here
• You can browse through the range of Quickbooks and MYOB software HERE
• Need MYOB or Quickbooks Training? Contact Us HERE
• Want to know if Quickbooks or MYOB is the best for your business?
  Contact Us HERE

As we all know, there ain’t such thing as a free lunch, so before you rush into a new accounting software program, have a chat with us and we’ll offer some economic solutions for your business.

Whilst the staff at Hardly Normal and similar electrical stores sell software, they know little about accounting or bookkeeping and will endeavour to sell you the most expensive package they can!

You can browse through the range of Quickbooks and MYOB software HERE or Contact Us HERE and we’ll help you determine which accounting software may be most suitable for you, to replace ATO E-Record.

Small business owners believe one way of saving money is by doing the bookkeeping themselves, or paying a spouse, friend, or relative a minimal fee to get their bookkeeping done.

Cash flow is the blood of any small business, and the control of cashflow is an important part of bookkeeping. By hiring an inexperienced bookkeeper to save the business money can often lead to failure down the track

Bookkeepers that do not have sufficient experience don’t always understand the importance of financial management in a small business, and the necessity to keep accurate and up to date accounting records. A small mistake through lack of bookkeeping experience can be extremely costly to a small business.

We’ve all heard stories about taking the car to a “cheap” mechanic, or using “fly-by-night” tradespeople. So why would you contemplate handing the lifeblood of your business over to an inexperienced bookkeeper?

Professional bookkeepers are working everyday on bookwork for a variety of small business owners. They see patterns, they notice trends, they have the benefit of experience behind them that you can take advantage of in your small business.

Business owners that have hired their spouse, friend or relative to help them out may not realise the true state of their bookkeeping until it’s too late. The accountant may not get to see the books until the end of the financial year. Indeed, many accountants are too busy to look in depth at the bookkeeping.

As professional freelance bookkeepers, we’ve come in behind “cheap” bookkeepers and have seen the devastation that’s been left behind.

Having a handle on your financial position will affect the decision making in your business. How else do you know if you can afford to replace or upgrade equipment? Or whether you can afford to employ more staff, or take on a new client?

Business owners that look at bookkeeping fees as an expense rather than an investment do not understand the full benefits of engaging professional bookkeepers. Without having a full understanding of their finances, these are the types of businesses that tend to fail within a few years, They throw away all their hard work to save a few dollars each week or month.