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If you are running a business or are a sub-contractor, then you will need to keep records of your transactions so that you can see how your business is going and to generate the information you will need to lodge activity statements, other ATO manadatory reports and end of year tax returns. The bookkeeper will generally record and post these transactions for the business while the accountant will use these records as the basis for the preparation of the business finnacial statements and year end tax return. Unless you are opting to keep the books yourself, you will need both a bookkeeper and an accountant.
On average, bookkeepers charge between $40 to $80 plus GST per hour in Australia depending on their bookkeeping experience and the scope of services required by a client. An accountant who then prepares the tax return will likely have a charge our rate of between $150 to $300 per hour plus GST. At Intaxnet, we prefer to take away the guesswork of how much you will have to pay in total for bookkeeping and tax services year on year by offering you our fixed price package which includes bookkeeping (excluding payroll), the preparation and lodgement of actvity statements and end of year financial statements and tax return for the trading entity. However, if you would still prefer to have services charged at a rate per hour, please let us know and we will provide you with a quote after having assessed the volume and complexity of the work required to be done.
Bookkeepers are generally responsible for setting up and adding to the Chart of Accounts, enter and post all business transactions, ensuring that GST is properly accounted for and reconciles the bank account to the transactions posted. Bookkeepers also provide optional chargeable services to set up and prepare payroll for employees of the business and prepare monthly or quarterly management accounts. Where a bookkeeper is also a registered BAS Agent, they may also prepare and lodge the activity statements. At Intaxnet, we offer all of these services and those of tax accountants as well.
Yes, payroll and the payroll obligations can also be handled by a bookkeeper but usually for an additional charge. Our preference is for our clients to manage their own payroll for operational and cost saving reasons and we will provide training to and support the business in managing its payroll.
A bookkeeper would not be in a position to prepare and lodge tax returns unless they are also registered tax agents in Australia. At Intaxnet, we are a registered tax agent and will be able to lodge not only tax returns but also act on your behalf with the ATO on all tax matters relating to you and your business.
In the simplest of terms, bookkeeping is responsible for the recording of financial transactions whereas accounting is responsible for interpreting, classifying, analyzing, reporting, and summarizing the financial data. In the case of a tax accountant, these data is then used as the basis to prepare and lodge tax returns,activity statements and other ATO mandatory reports for the business.
Certificate IV in Accounting & Bookkeeping qualifies individuals to become a Certified Bookkeeper in Australia. There is also an option to complete the AAT Pathway for Bookkeepers. Bookkeepers with these certifications are competent in providing bookkeeping services but will have little to no formal training or knowledge of taxation other than any working knowledge developed through working with tax accountants. At Intaxnet, we are qualified tax accountants and will keep your books with a tax pespective in practise and in mind.
Some bookkeepers only have a high school diploma, but many businesses prefer those who have an accounting university degree. Although bookkeepers do not need a license, they can obtain optional certification or licensing through national organisations. Intaxnet is a licensed tax agent and accountant.
Accounting is a high-level process that uses financial information compiled by a bookkeeper or business owner, and produces financial models using that information.
The process of accounting is more subjective than bookkeeping, which is largely transactional.
Accounting is comprised of:
Preparing adjusting entries (recording expenses that have occurred but aren’t yet recorded in the bookkeeping process)
Preparing company financial statements
Analyzing costs of operations
Completing income tax returns
Aiding the business owner in understanding the impact of financial decisions
The process of accounting provides reports that bring key financial indicators together. The result is a better understanding of actual profitability, and an awareness of cash flow in the business. Accounting turns the information from the ledger into statements that reveal the bigger picture of the business, and the path the company is progressing on. Business owners will often look to accountants for help with strategic tax planning, financial forecasting, and tax filing.
Great bookkeepers are hard to find. Here’s a short list of what to look out for.
Great bookkeepers take the time to do things right the first time
Great bookkeepers understand your business
Great bookkeepers ask questions
Great bookkeepers know what they don’t know
Great bookkeepers do their homework and stay up to date
Great bookkeepers who are also accountants
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Come in for an informative FREE consultation. No pressure. Boon will review your particular tax situation and listen to your concerns as a business owner.