What exactly is bookkeeping?

What exactly is bookkeeping?

The background

If you have valuable, skilful staff working on administrative tasks instead of focusing on your business, then your organisation isn’t concentrating efforts in the most efficient ways. The first step to alleviating those tasks is to define them, and here are the most important parts of the process:

  • Conducting and analysing transactions
  • Managing cash flow
  • Accurate management for tax reports and potential audits
  • Payroll processing and invoicing
  • Reconciling accounts at months end

While it is possible to handle these tasks on your own, the ideal solution for businesses like yours is to outsource the bookkeeping and accounting duties to save time, money, and resources.

A bookkeeper

Registered BAS Agents have specialised skills gained from recognised qualifications, technical experience and continuing professional education requirements.

Registered BAS and tax agents are required to meet the qualifications set down by the Tax Practitioners Board (TPB).

The TPB is an independent statutory body responsible for regulating BAS and Tax Agent services. The TPA administers the Tax Agents Services Act 2009 (TASA) and reports to the Assistant Treasurer.

In contrast, anyone can call themselves a bookkeeper. In fact, anyone can call themselves an accountant.

Why have an outsourced bookkeeper?

To take the administrative challenge of bookkeeping and accounting from your organisation’s plate, outsourcing to a business like ours is a simple solution that allows you to get back to what’s important to you: your business.

When bookkeeping is a dirty word

Traditionally, bookkeeping was primarily characterised by data entry. However, bookkeeping is not data entry and it’s not matching transactions with bank statements.

Right now, there is a huge shift in the way ‘bookkeeping’ is performed. Amazing automation tools are improving efficiencies and eliminating manual tasks.

Embracing these new technologies will help you to focus your skills on your business.

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