Bookkeeping involves the recording of financial transactions by an individual or organisation. It is a legal requirement to keep accurate and true records for a period of at least 5 years from the date that the documents were prepared, obtained or the transaction completed.
Ensuring compliance on this front can be time consuming and may cause headaches for small and medium businesses in Australia.
Lockwood & Ward’s Accountants are able to provide bookkeeping services that will free you to focus on the operational side of your business.
Basic bookkeeping services include:
- Bank Reconciliations – compare your internal records against bank statements in order to identify and rectify any discrepancies
- Profit & Loss Statements – Reports on the earnings of a business by stating all relevant income and all expenses that have been incurred to generate that income. Typically prepared monthly and/or annually.
- Cash Flow Management – manage your cash flow to ensure you have cash when you need it. This is the most critical aspect of business.
- Financial Reporting & Analysis – key information about the financial state of your business into language you can understand.
- Accounts Payable & Receivable – identify money owed to suppliers and money that is owed to you by your customers.
- End of financial year processes – take away all the pressure associated with ensuring your books are ready for the end of financial year.
- Budgeting – forecast your income and expenditure in order to identify how much you afford to dedicate to particular expenses.