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Accounts Payable and Receivable
Definitely one of the most universal of the essential bookkeeping functions – all businesses will need to buy things and receive payment for the items they supply. You can expect your bookkeeping company to carry out such tasks as:

• Arrange an invoicing system
• Track the status of payments
• Identify problem payers from among clients
• Pay your bills speedily

Payroll and PAYG
This is likely one of the most heavily regulated sectors in bookkeeping, and what is required to comply often changes annually. Payroll law may be something of little interest t many business owners and you should expect any skilled bookkeeping company to offer both payroll and PAYG administration.

BAS Preparation and GST compliance
Despite the fact that the system has been around now for well above ten years, GST law continues to be one thing that doesn’t come naturally to most business owners. Based on your particular business, there could be specialist taxes that you must account for, like wine equalization tax and luxury car tax. A reliable bookkeeping company will be able to handle} your Business Activity Statements, assist you in keeping up to date with GST obligations, and identify any issues with your setup or records prior to them becoming unmanageable.

Superannuation
Even sole traders and partnerships can get advantage the support associated with a basic bookkeeping service in maintaining superannuation records for themselves; for businesses who may be employing people though, professional assessment is crucial. Your bookkeeping company will manage aspects of superannuation obligations like:

• Arranging the amount and regularity of contributions
• Ensuring super fund eligibility
• Setting up employees with a selection of super funds
• Calculating the superannuation guarantee rate

Profit and Loss Statements / Balance Sheets
It is often difficult to have an accurate idea of how your business resides financially by looking at the fine details. Even if you happen to be the main one making payment on bills and doing the invoicing, Profit and Loss statements, or a balance sheet, assist in keeping the fundamental picture in mind. A professional bookkeeping company can create these in a manner that makes it a breeze for the accountant or other qualified financial adviser to import the records into their system, as well as offering suggestions about the bottom line. Ensure you have a grasp of basic bookkeeping which allows you to liaise with the bookkeeper.