- Avoid Incorrect Invoicing
Errors in Invoices can cause issues with obtaining payments and errors in your inventory stock. A good bookkeeper can not only ensure the Invoices are correct but also monitor your Aged Receivables and follow up on unpaid accounts.
- Meeting ATO Deadlines
There are specific dates for lodging taxes and other requirements. Missing a date can cost you penalties and other charges. With a good bookkeeper the only thing that you have to worry about is getting all the information to them on time and they take care of the rest.
- Correctly classifying items for tax purposes
Tax laws are revised and updated periodically. What is classified as an item under a particular tax bracket or rule may change. A good bookkeeper keeps abreast with the latest tax rules and understand items that may be tax deductible for your business.
- Knowledge of how your accounting software works
Inaccuracies in handling the accounting side of the business can potentially lead to more losses than you think – not to mention government penalties. Accounting software works best if the correct data is input. A good bookkeeper understands this perfectly and the advantage is that you don’t have to worry at the end of your financial year.