Do you know that saying:”A Little Knowledge is a Dangerous Thing”? When applied to an accounting software package like Quickbooks or MYOB, it can become costly.
Many clients around Robina, Mudgeeraba, Burleigh, and Varsity Lakes have contacted our professional bookkeeping service after having difficulties keeping on top of their bookkeeping. Contact us for more details
Use an efficient and simplified system to keep your book keeping in order, your books upto date and produce reports so that you have an accurate and current record of where your business is each week.
They’ve been shown just enough to be able to enter data and produce reports. However the reports that are generated are not a true reflection of their business.
This can happen through incorrect allocations of funds, or looking for ways to by-pass certain automated features built into accounting software packages.
The GST and BAS Nightmare
For clients in industries such as those involving food, the GST component can become a real nightmare. An example may be when purchasing raw food without GST, then preparing and selling food items that now have GST.
This “extra” income that you’ve collected for the Government can be very handy in helping you through a cashflow problem until such times as the ATO is asking you to pay the tax you’ve collected for them. If you haven’t set aside a GST account, you could find yourself in hot water.
If you’ve been entering invoices in MYOB as GST items and then altered the tax amount to match the invoice, your reporting at the end could give an incorrect picture of the payable GST.
Recently a client presented a situation such as this, because no one had told them to split the GST payable and GST free items on the invoice when entering the data. If you don’t do that, when you go to the BAS report, you’ll have a false reflection of the figures.
If you have no idea what this is all about, go and speak to your Accountant or Registered Tax Agent. If you are struggling to keep ontop of your bookkeeping, email Contact us for more details and let’s get your bookwork sorted out.
Use an efficient and simplified system to keep your book keeping in order, your books upto date and produce reports so that you have an accurate and current record of where your business is each week.
It could be too late by the time your accountant or tax agent has reviewed your book keeping. Contact our professional bookkeeping service around Robina, Mudgeeraba, Burleigh, and Varsity Lakes HERE for more details
