Small Business Bookkeeping
Professional bookkeeping & payroll services to small & medium businesses
Accounts & Advice is the book keeper Melbourne turns to for quality and low cost bookkeeping services. We aim to deliver accountant-standard bookkeeping services Australia wide.
Bookkeeping is an accounting function which needs to be performed to strict standards in order to meet the various obligations required by law as well as business owners. Unfortunately, many book keepers Melbourne companies use have no accounting qualifications or are not properly trained. Inaccurate bookkeeping can lead to expensive accountant's bills at tax time.
Public accountants offering a bookkeeping service usually charge accountant's rates for this service. This is unnecessarily expensive for most businesses. We offer the best of both worlds: qualified accountants at bookkeeper rates.
Accounts & Advice is a book keeper Melbourne businesses can trust. Accounts and Advice has experience across a wide range of industries in both small and large businesses including non profit organisations.
Why you need a bookkeeper with accounting knowledge
Your accountant relies on the correct recording of purchases, purchase credits, sales, sales credits, receipts and payments made by a bookkeeper in order to prepare accurate tax returns and avoid penalties if you are ever audited by the Tax office. A book keeper with some accounting background is able to know which journal and ledger to record each transaction.
A ledger shows the balance of each account i.e. a debit or credit. The different types of accounts (collectively known as the chart of accounts) are: asset, liability, equity, income and expense. A trial balance is a list of balances of all the accounts in the general ledger. All the debit balances must equal the credit balances in a properly maintained set of accounts.
Transactions also need to be classified for GST purposes. Tax codes are used in most accounting software packages to classify transactions for BAS purposes and to correctly determine your liabilities to the Tax Office.
Whilst many transactions have a simple classification as an income or expense with the standard 10% GST rate, others do not. In order to deliver an accurate bookkeeping service, it is preferable for a bookkeeper to have some accounting training to deal with these transactions. At Swift Essendon Bookkeeping, our staff are qualified accountants or qualified Melbourne book keepers and have both the training and experience to provide an accurate bookkeeper service.