Bookkeeping helps you keep track of all your transactions so you are able to track where your company is spending money, where your revenue is coming from, and which tax deductions you will be able to claim. Bookkeeping services for small businesses matter because bookkeeping helps you catch more tax deductions, helps you obtain a business loan, helps you see which customers or products/services are profitable, helps you catch financial mistakes and gives you a clear picture where your money is going. Bookkeeping services for small businesses is also important as it provides information on what the financial position of your company is as of today and how it performed over a period of time.
Bookkeeping involves the recording of a company’s financial transactions. With proper bookkeeping, businesses can track all information on their books to make key operating decisions. Without bookkeepers, businesses would not be aware of their current financial position, as well as the transactions that occur within the company. Accurate bookkeeping is also crucial to external users, which include investors, financial institutions, or the government that need access to reliable information to make better investment or lending decisions. Bookkeepers resolve any kind of discrepancy occurring in a company’s accounts and improve financial communication between staff members.
If you are applying for a business loan, banks are going to need financial statements. You will need something that shows your expenses and revenues, otherwise known as an income statement. This is what your will get through bookkeeping. Furthermore, if you are using bookkeeping services, you will be able to keep close eye on the transactions in your business which means you will be able to catch things such as bank errors, invoicing mistakes like paying someone twice and sneaky subscription fees for services that you forgot to cancel. In addition, when you have bookkeeping in place, you will be able to track your expenses so you can budget better. Simple bookkeeping and accounting services will help you understand your cash flows so you can see what is an expense versus a payment to a loan or a credit card. You will also be able to track how your business is growing and improving over time, and what months are busy and slow.
It can be really difficult for some small business owners to handle matters related to accounting and bookkeeping. If your business or organisation needs the assistance of a bookkeeper or accountant in Australia, count on the complete services of Flat Planet. We are based in the Philippines and have English-speaking, well-educated, experienced Southeast Asian professionals, highly-regarded worldwide in roles such as: Customer Service, Help Desks, Finance, Technical Support, Software Development, General Administration, Project Management, Design and Creatives, Marketing, and Database Development.
Flat Planet also provides payroll services. We can provide you with the legal framework to hire your staff, including: weekly payroll, full compliance with local laws, taxes, health coverage, a local office for your team to call with issues, etc. Payroll services also include collecting payroll information, processing paychecks, paying deposits, withholding amounts from employees’ pay for government-mandated and other deductions as well as remitting the amounts withheld to the appropriate authorities and plan administrators. Additionally, payroll services include filling regulatory and tax reports with regard to deductions and preparing special payroll reports at client’s requests. .
Accounting is a language that provides information about the financial status of a company. Accounting allows organisations to analyse the financial performance of the business and look at statistics such as net profit. Accounting reveals profit or loss for a given accounting period and the value of a firm’s assets, liabilities and owner’s equity. Our accounting and tax services help individuals, businesses and other organisations in Australia prepare their financial records for submission to the ATO. Organisations and individuals use tax preparation services to meet compliance responsibilities, minimise tax liabilities and maximise returns. Preparing tax submissions for individual consumers and small-to-medium-size businesses is the largest revenue segment for sole proprietors and smaller industry firms.