Are you Having Bookkeeping Issues?

So you have been running your business for some time now and all is going well but there are just a few things bothering you:-

1.    You have receipts everywhere in your glove box in your home office in your purse or wallet you have no system in place to file and manage those receipts and you wonder even do you have all your receipts?

2.     You have no bookkeeping software in place so you do not even know truly your accurate profit & loss? How much profit is your business really making? Or is it actually making a loss?

3. You are scared of the Australian Tax Office and you have not lodged your tax returns for 5 years now???

4. You are past due with your GST obligations in that you have business activity statements (BAS) that need to be lodged way back for 4 years and PAYG due also to be lodged with those BAS.

5.You haven’t paid any super to your employees you are so far behind on that also you are really in a panic.

6.       Your office looks like a bomb hit it there is unopened mail on your desk and receipts and invoices everywhere and all your thinking is I don’t have the time to sort through all this paperwork. Just finding time to sit down and do all your bookkeeping and getting things into order you just don’t know where to start?

Well here are the things that need to be considered so that you can meet your obligations.

You have receipts everywhere?

This is very common and I come across this problem with clients every day. Fortunately, there are very good in the cloud storage options for storing all your receipts just to name a few “dropbox, Box, shoebox,” the main one that I use is dropbox you will be able to sign up to this for free and you should receive a storage space of 2GB. After you have used up all your space for $13.99 a month you can upgrade and receive a lot more space. All you will need is a scanner or even using your phone to take photos of the receipts and saving to dropbox. However, photos tend to take up more of your space than scanning the receipts into dropbox. There is bookkeeping software out there today called Xero this allows you to save your receipts in the software attaching the receipt to the transaction.

Now once you have scanned your receipts into dropbox you have the option to shred them as they are all saved in the cloud and the ATO does except invoices electronically now. However, if this is too frightening for you then you can grab yourself an A4 binder and buy yourself some dividers by months from July- June and pop the receipts straight into this folder everyday as you go.

You have no bookkeeping software in place?

There are many software options out there today that can be used most of the bookkeeping software is moving toward the cloud so this is probably what I would suggest to anyone wanting to start using a software, to name a few Quickbooks online, Myob essentials, myob accountright live and my favourite Xero.

Xero will cost you average $60 a month for the standard, myob essentials $35 a month, Myob accountright $77 per month and Quickbooks online $20 per month. To know which one would be best suited to you, would be best to contact our team on 1300 044 777 as our bookkeepers are using the software regularly they would know how to meet your needs with the best software as depending on which software you go with some can have limited features that may not suit your needs. I am more than willing to discuss your Bookkeeping software options.

You have Tax Returns to be lodge, PAYG and Business activity statements all past due?

You will not be able to dodge the Tax office forever, the ato has ways now to track everything and if you have not lodged your tax return or declared your income, the ATO will find out or are going to know, it’s a matter of “when” they find you.

Now if you haven’t lodged your tax returns it’s probably because you are unorganised with the paperwork so I suggest you call a bookkeeper to help you get onto a bookkeeping software and organise your receipts for you. For a good qualified bookkeeper, you would be paying an average of $60-$70 per hour to take the stress away from you. Bookkeepers can do the bookkeeping for you or train you to use the software yourself if cost is an issue. Some bookkeepers are qualified to help you with your Business Activity Statements and payg obligations and most are qualified to also help you with your superannuation employee obligations. I can help you with any of these matters if this is what you are facing call 1300 044 777, even just for some quick advice or to just discuss the matters.

Once you are up to date with your bookkeeping, BAS, PAYG you then should seek a good accountant to then start preparing and lodging your tax returns.

Don’t procrastinate any longer call us now and we will ensure to lead you on the right track to meeting your ATO obligations and take the stress away from you so that you can concentrate on the important things like running your business and not getting bogged down by the paperwork.

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