New Business or do you need to streamline current bookkeeping systems?
Bookkeeping Setup – How Does Your Business Look from the Inside-Out?
We love setting up fresh books from scratch. Squeeky clean – all ready for you to use so that you can really fly with your new business. We will review what you need and advise you whether you should go for XERO or MYOB and which feature packed product will be best for your business.
We are equally passionate about clean up/fix up work where you may have started by yourself and got a bit stuck. It looks easy to do by yourself – but the reality is that it’s not! The longer you put off calling in the The BookSitters – the more difficult it can get for you to review how your business is travelling and whether you are on the right track! Are you really making a profit?
So what are some of the common mistakes in new business software setup:
- Chart of Accounts – too detailed, incorrect tax codes, linking to incorrect account types;
- Business Setup -not accounting for cash setup expenses or loans;
- Accounts – incorrect opening balances, not linking bank accounts correctly;
- Payroll – missing/lack of documentation for payroll setup, accruals not calculating correctly;
- Accounts Payable – accounting for supplier payments twice or not clearing against payments;
- Accounts Receivable – under invoicing by GST portion, applying incorrect payments;
Bank Reconciling – not reconciling or force reconciling.
All of these factors affect the end reports that are produced for your business. What does this mean? Your business many not be in the shape that you think it is in! Let The BookSitters ‘Paint the Picture Behind Your Numbers’ by making sure that the numbers are correctly accounted for in the first place!