Do I Need a Bookkeeper, an Accountant, or Both?

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As a small business grows into a medium- or large-sized operation, it often becomes impractical for the founder to balance the books. Picture a back-office employee, already stretched thin, trying to manage the detailed work of itemizing and coding transactions—where would they find the time?  While office managers can temporarily bridge the gaps, bringing in a dedicated bookkeeper or accountant becomes essential for maintaining efficiency and accuracy.

The terms bookkeeper and accountant are often used interchangeably, but in fact, they are not one and the same. The educational requirements, daily schedule, and specific skills of these two roles can overlap but are not synonymous. Let’s look at why accountants and bookkeepers can each help your business, and how to tell if you need a bookkeeper or an accountant. 

What does a bookkeeper do?

Bookkeepers are responsible for the day-to-day record keeping of your business’s money. The duties of a bookkeeper can include documenting financial transactions, posting credits and debits to a balance sheet, processing payroll, generating invoices, and merging accounts. The bookkeeper may also stay on top of the vital records required by the Australian Tax Office (ATO) or New Zealand’s Inland Revenue Department (IRD). 

In short, bookkeepers create the financial records that an accountant can later analyse and use to create more complex reports or file full tax returns. A bookkeeper is the first stage in the accounting process. They benefit your business by tackling daily financial records that must be accurate in order to create useful reports later. 

Who is a bookkeeper? Some bookkeepers are trained by their employers, but other bookkeepers learn their skills by getting a Certificate in Accounting and Bookkeeping and registering to become a BAS Agent. You may want to hire a bookkeeper if you have a tax accountant but need someone to handle your office’s in-house financial records.

What do accountants do?

Not only will an accountant use the records that a bookkeeper created, but they will also crunch the numbers on their own reports. Their work tends to be more senior level and they may even advise the company regarding high-level company decisions. As a result, the salary of an accountant can be nearly double that of a bookkeeper. 

The typical role of an accountant encompasses things like prepping for taxes, preparing financial statements, plotting the growth of your business, verifying that the company’s finances are government compliant, examining revenue and recommending budgets, resolving accounting discrepancies, and setting up accounting processes. When you’re deciding between a bookkeeper or an accountant, you know you’re ready for a full-time accountant if you have the need for financial analysis and advice regarding the impact of financial decisions. 

An accountant may have a Diploma of Accounting or another advanced degree. Many businesses can get by with one in-house accountant, but you may need the expertise of a whole team as you grow and scale. 

When you need both an accountant and a bookkeeper

It is important to understand when you might need both a bookkeeper and an accountant. Having both roles working together offers significant benefits. Separating their duties helps ensure compliance with government reporting and creates a built-in system for cross-checking. The bookkeeper records the financial transactions, while the accountant reviews and verifies the books, reducing the likelihood of errors.

A complicated tax structure may also call for both roles. You want one professional to keep an accurate general ledger and track daily expenditures (the bookkeeper) and another to analyse the books, look for available tax credits, and prepare tax reports (the accountant). If your business is growing and in search of investors, having both a bookkeeper and an accountant also strengthens the financial picture of your growing organisation. 

So, do you need a bookkeeper or an accountant, or both? Bookkeeping services keep your day-to-day financial tasks done on time. You’ll never miss payroll again. Meanwhile, an accountant offers more robust analysis and internal financing advice. Larger companies probably need both. Bookkeeping services keep you running smoothly in the present day and accountants make sure the future remains stable, allowing you to focus on growth.

If you need a team of financial experts to keep your company’s ship upright, contact Visory. Our highly skilled experts are tailored to the expertise you need, and we can tackle bookkeeping and accounting projects large and small. We’ll become such a part of your team you’ll want to invite us to the holiday party (after we tell you if that can be expensed).

6 Signs You Need to Upgrade Your Business Bookkeeping

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Here you are again, burning the midnight oil to reconcile your bank statements. Are you spending more time crunching numbers than enjoying the fruits of your labour? It might be time to upgrade your business bookkeeping system. 

As your business grows, your original accounting system won’t make sense anymore. Keeping a general ledger in a spreadsheet is too basic for a growing enterprise. Are you getting in the weeds trying to do your own bookkeeping? You may be able to save time and money by upgrading to a new bookkeeping system. 

Do these sound familiar? It’s time to upgrade your bookkeeping

There are some common red flags that signal your business’ bookkeeping is not up to scratch. Some common themes include: wasted time, wasted money, and lack of compliance. If any of these scenarios sound familiar: you may need to overhaul your bookkeeping system.

You spend more time on bookkeeping than your business

If your DIY bookkeeping system is taking up all your time, who is running your business? Too many business owners waste hours entering transactions and finding accounting errors. This is all time that could be spent winning new business or inventing new marketing ideas.  

It’s also important to acknowledge the differences between an accountant vs. bookkeeper. If your in-house accountant is also doing daily bookkeeping, they may be taking time away from vital business processes like payroll.

You’re always behind on your business bookkeeping

You just can’t seem to get ahead in your bookkeeping anymore. Surprise, surprise — bigger businesses have more complex financial records. If catch-up bookkeeping is your only form of bookkeeping, there is a problem. The health of your business will suffer if you can’t get an accurate snapshot of your accounts payable and accounts receivable when you need it. 

When you try to do your own books as an expanding organisation, you will nearly always make mistakes. Not only are you dealing with an increased volume in transactions, but your small business tactics may not apply anymore. Larger businesses often need to switch from single-entry bookkeeping to double-entry bookkeeping and make other structural changes to stay current. 

You have reached the limits of your current software

Small business software has its limitations, including the number of transactions, staff, and clients you are allowed to track. Your business’ bookkeeping needs an upgrade if you can’t scale within your current system. Simply put, using small business accounting software when you’re no longer a small business is asking for trouble. Ideally, you would upgrade to a new system before you hit your official limit and have to scramble to transfer your data.

Your business’s tax seasons are always chaotic

Do you find yourself in chaos each June? Tax season means tracking income tax rates for business, capital gains tax, fringe benefits tax, PAYG withholdings, goods and services taxes, payroll taxes, tax deductions, tax credits, and more. Plus, staying compliant is the only way to avoid certain government penalties. 

Despite the complexities, lodging your taxes doesn’t have to be a nightmare. If it is, you are probably not using the right bookkeeping system.

Your cash flow is unpredictable

A good business bookkeeping system helps you strategise. You should be able to estimate peak seasons, low seasons, and estimate overhead costs. Another sign that it’s time to upgrade your bookkeeping is that you can’t forecast your cash flow. While there could always be other things at play as well, inconsistent record keeping makes it more difficult to accurately predict your accounts receivable. 

You can never get ahold of your bookkeeper

Your financial records should not be a mystery. Do you struggle to contact your bookkeeper when you have a question about a bank statement, or you need a balance sheet? This is a sure sign that you’ve outgrown the person or service that you currently work with. The right bookkeeper will make your records available to you around the clock, not hold accounting software passwords hostage or failing to offer guidance when you need it. 

Have you outgrown your business bookkeeping system? Whether you are trying to do it all yourself or you just have a bookkeeper who can’t keep up with your growth, it’s wise to bring in reinforcements. Visory is a business bookkeeping service that can scale with you. Begin with basic bookkeeping needs, then add new experts to your remote team as you need them. Contact us today to see if we can help.

How to Manage Your Bookkeeping This Black Friday

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Black Friday offers huge sales opportunities for small businesses, but it also brings a surge in bookkeeping tasks. For small business owners, managing your finances efficiently during this period is crucial to ensure profitability, cash flow stability, and accurate reporting.

Our top tips for bookkeeping this Black Friday

We have developed a guide to help you stay on top of your bookkeeping this Black Friday, so you can make the most of the holiday sales season.

1. Prepare for Increased Sales Volume

The influx of sales during Black Friday can be exciting, but it also means handling a higher volume of transactions. To stay organised:

  • Use Automated Bookkeeping Tools: Platforms like Xero, or other bookkeeping software can streamline data entry, track sales in real-time, and reduce manual entry errors.
  • Reconcile Daily: Regular reconciliations ensure accurate records and prevent the end-of-month backlog. With high sales volume, daily or weekly reconciliations keep your books accurate.

 

2. Stay on Top of Inventory Costs and Management

Inventory management becomes essential as demand increases during Black Friday. Here’s how to stay on track:

  • Record Inventory Changes Promptly: Ensure that your inventory purchases and restocking costs are accurately tracked. Proper tracking allows you to stay aware of cost of goods sold and prevent stock shortages.
  • Adjust for Discounts: Offering Black Friday discounts? Track the inventory and cost changes accordingly to avoid impacting profit margins and financial reporting.

 

3. Keep a Close Eye on Cash Flow

Cash flow management is key during Black Friday. Increased revenue is great, but promotions, marketing, and increased operational costs can put pressure on cash flow. To manage this:

  • Monitor Incoming and Outgoing Cash Closely: Track the sales inflows and promotional expenses to maintain a clear understanding of cash flow.
  • Plan for Immediate and Future Expenses: Black Friday might mean a temporary cash boost, but setting aside funds for future expenses, like restocking or holiday bonuses, helps maintain stability.

 

4. Track Expenses and Understand Profit Margins

Black Friday promotions often involve discounts and marketing expenses, which can impact profit margins. Accurate bookkeeping is essential to understanding these costs and assessing profitability:

  • Categorise Promotional Expenses: Use specific categories for Black Friday marketing, shipping, or other promotional costs. This helps you track how much you’re spending on the sale and assess its overall profitability.
  • Review Profit Margins: With proper expense tracking, you’ll have insights into profit margins after discounts. This information is valuable for future Black Friday planning and pricing strategies.

 

5. Consider Tax Implications and Potential Liability

An increase in Black Friday revenue could affect your tax liabilities, especially if your business is close to moving into a higher tax bracket. To avoid surprises at tax time:

  • Track Revenue Accurately: Make sure all Black Friday sales and discounts are recorded in detail. Accurate records are key for both tax filings and financial analysis.
  • Set Aside Funds for Taxes: Based on your expected profit from Black Friday, set aside a portion of revenue to cover potential tax liabilities. This can prevent cash flow shortages later in the fiscal year.

 

6. Use Black Friday Insights for Financial Reporting and Future Planning

The data generated during Black Friday can provide valuable insights for your business:

  • Analyse Sales Data: With thorough bookkeeping, you can review which products sold best, track customer behaviour, and evaluate the success of promotional efforts. This data will guide you in future promotions by helping you understand profit margins and bestsellers.
  • Strategic re-investment: If your Black Friday sales brought a boost in cash flow, consider reinvesting it strategically. Stock up on bestselling products, enhance your marketing efforts, or upgrade technology to streamline operations. You could also expand your product line, improve customer experiences, or set aside funds as a financial buffer. Thoughtful reinvestment can drive long-term growth and set your business up for future success.

 

Final Tips for a Successful Black Friday Bookkeeping Strategy

Managing bookkeeping during Black Friday can feel overwhelming, but with a proactive approach, you can handle the increased volume and make the most of your sales. If you’re looking for extra support, partnering with a bookkeeping service like Visory can streamline the process, from daily reconciliations to managing cash flow and generating timely financial reports.

This Black Friday, let Visory handle the numbers so you can focus on growing your business and delivering outstanding customer experiences. Contact Visory today to learn how we can support your business through the holiday season and beyond.

7 of the Most Common Bookkeeping Mistakes

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You’re motivated, savvy, on the move and incredibly time starved. Between growing your client base and seeking new investors, it’s common for day-to-day tasks to fall to the wayside. Just don’t let bookkeeping be one of them. Small bookkeeping errors add up to a major landslide. A few missed financial transactions here and there can throw off entire financial reports, or even lead to tax implications. Here are seven common bookkeeping mistakes you can avoid with the right bookkeeping help. 

7 of the most common bookkeeping mistakes and how to avoid them

Businesses of all sizes experience bookkeeping errors. From undocumented expenses to unfiled taxes, accounting mistakes come in all shapes and sizes. You could face not only unexpected losses, but government penalties if you fall into one of these seven avoidable traps. 

1. Falling behind in bookkeeping

One of the most common bookkeeping mistakes is simply falling behind. Even a month of missed reports stops you from accurately understanding your cash flow and current debts. Keeping a daily general ledger, the right way means staying on top of every single transaction that comes in and out of your accounts. 

2. Using accounting software incorrectly

Popular accounting software programs can do a lot of heavy lifting. But they are still subject to human error. In other words: You can’t skip taking the tutorial. Do an annual check-in with your accounting software and ask yourself: Am I using the most up-to-date version of this software? Can this software handle the scale of my bookkeeping needs? Is this software updated with the latest tax rates?

3. Incorrectly paying employees

If you have a full-time employee classified as a casual worker, the mistake could cost you thousands. You may be held responsible for back wages plus interest, and face legal penalties. What might seem like a small formality is in fact a major decision. Familiarise yourself with employee classification in Australia and New Zealand to avoid this costly mistake.  

4. Inaccurately reporting payroll and sales tax

A major part of keeping accurate business finances is paying the proper tax rate. Since payroll taxes vary across states and territories, you may need some help sorting out how to set up your payroll system the right way. In this case, it is always better to triple check than risk a hefty penalty at the end of the year. 

You must also make sure your point-of-sale systems are set up with the right sales tax (10% in most cases in Australia and 15% for most goods and services in New Zealand). Rest assured, if you don’t pay enough in taxes now, you will end up paying for it later. 

5. Mixing business and personal

The best financial practice for any business – even a small or medium-size organisation – is to separate personal and business transactions. When you’re trying to calculate tax deductions and reconcile your end-of-year reports later on, blended finances are a headache. You will have less to untangle later if you use a designated business account now. 

6. Tossing your records too early

Did you know the government requires your business to keep certain financial records for a set period of time? It turns out you can’t just send everything to the shredder when tax time is over for the year. In Australia, you should keep written evidence of your financial reports for five years after you lodge your tax return. In New Zealand, financial records should be kept on hand for seven years after you lodge the year’s taxes. This includes everything from invoices and receipts to wage books and vehicle logbooks. 

7. Hiring an inexperienced bookkeeper

Many of the above errors trace back to one common misstep: hiring a bookkeeper who is not able to keep up with your evolving bookkeeping needs. Someone with more experience can manage financial reports, prepare an accurate balance sheet, and stay on top of tax requirements. If you keep running into inaccuracies, it may be time to enlist a more robust bookkeeping team to round out your back office and keep things in line. 

If you’re a growing business in need of additional help, outsourcing your bookkeeping service may be the answer. Visory can help your organisation avoid these common mistakes. You will be connected with a team of experts with industry specific knowledge, and you will have 24/7 access to your financial reports. Contact Visory today to learn more about our suite of services that support your back office and help you avoid common bookkeeping errors.

Finding Professional Bookkeepers in Your Area: A Guide for SMEs

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Introduction

Small businesses rely on bookkeeping to track financial transactions and monitor their cash flow. Bookkeeping involves the systematic recording of financial transactions, so as a business owner, you always know where your money is coming from and where it’s going.

Accurate bookkeeping is vital for:

  • making informed decisions
  • managing your small business’s financial health
  • adhering to tax regulations
  • attracting potential investors in your industry
  • and planning for your future success. 

However, many small business owners face significant challenges when it comes to finding and hiring the right bookkeepers and accountants.

For example, many small businesses lack the time, expertise, and resources to manage their bookkeeping in-house. Others might have the time and resources, but find it difficult to find a qualified and trustworthy bookkeeper with relevant experience.

As many small business owners know, hiring the wrong staff comes with a high cost and risk. Without a professional and reliable bookkeeper or accountant, it’s possible to end up with bookkeeping errors and compliance issues that will set you back.

Thankfully, there are new bookkeeping services and solutions available to small business owners.

For example, Visory is an online professional bookkeeping and accounting service that helps SMEs in Australia and New Zealand overcome their business bookkeeping challenges.

Visory takes over all the bookkeeping responsibilities that small businesses need so you can focus on growing your business.

When you partner with Visory for your bookkeeping needs, you’ll receive many benefits, such as:

  • Access to a network of certified bookkeepers and payroll experts regardless of location
  • A professional bookkeeping service that provides quality assurance and customer support, so you can have true peace of mind.
  • A platform that integrates with your cloud accounting software to streamline and manage your business finances in one place
  • Best practice processes and workflows that ensure your business is running efficiently
  • Affordable and flexible pricing plans tailored for SMEs

In this guide, we’ll show you how to find professional bookkeepers in your area using Visory, the online bookkeeping service provider for SMEs.

How to Find Professional Bookkeepers in Your Area

Finding and hiring professional bookkeepers is a straightforward process with Visory.

First, you’ll need to book a meeting with one of our Experts to discuss your business and your goals.

In your discussion we’ll ask about:

  • Your business and the services or products you provide
  • What you’d like to achieve by working with a team of bookkeeping professionals
  • What kind of tools and bookkeeping responsibilities Visory can assist you with

You can also share any other business needs you have at this point, such as managing your cash flow, understanding your financial data, or entering new industries.

Once you’re confident Visory is the right fit for you, we will begin tailoring a detailed proposal for your business. Completing deep technical audits of your back office, you’ll receive recommendations on ways to improve your process and a service offering to meet your needs.

If you decide to proceed, we’ll introduce you to your team, which includes a Customer Success Manager and relevant Bookkeeping or Payroll Experts matched for your industry, business size and software.

Tips and Best Practices for Finding and Working with Bookkeepers

When working with professional bookkeeping services, it’s important to stay focused on the goal at hand.

Visory’s team of recognised and professional bookkeepers receives proper training to assist all new clients and keep their financial data up to date.

Here’s what you can do to help you get the most out of your bookkeeper’s expertise and education.

Be clear about your expectations and goals

It’s a great idea to share any specific expectations you have from a professional service. For example, some small business owners need more assistance with accounts management, while others need support when it comes to compliance or software.

Every small business is different, and Visory’s team of professionals is here to help you create bookkeeping systems that improve your financial health.

Provide accurate and timely information and feedback

To keep your company financials in check, it’s important to share accurate details with your bookkeeper. Many bookkeepers have a set process to manage their client financials but will tailor them around your specific needs.

Be sure to share specific details regarding services such as payroll and specific accounts management. Your bookkeeper will work with the details you share to set up the best tools and accounts to help your business financials grow as much as possible.

Use the Visory platform to track your progress and performance

With Visory’s services, you’ll always have access to your company’s financials. The more you track your progress, the more you can improve your decision making and ultimately your cash flow. Using Visory’s platform helps small business owners keep their focus on reaching and surpassing their business goals.

Review your financial reports and statements regularly

It’s also a smart idea to review your financial reports on a regular basis. Apart from the benefits of improving your decision making, this will also help you better understand which clients improve your profits the most, and where there might be potential for new clients and industries.

Ask questions and seek advice from your bookkeeper

One of the benefits of Visory’s services is that you get a team of professional bookkeepers and accountants to answer your questions and guide you as needed. Whether you have questions specific to your industry or just need help understanding your payroll reports – your Visory team is there to help.

Why Choose Visory for Your Bookkeeping Needs

When it comes to managing your small business’s financial health, Visory stands out as the go-to choice for many reasons. Some benefits of working with Visory include:

  • Convenience and accessibility
  • Security and privacy
  • Scalability and flexibility
  • Expertise and quality
  • Savings and value

Convenience and accessibility

Visory offers unmatched convenience and accessibility for a professional bookkeeping service. You can access your small business bookkeeping data anytime, anywhere, from any device.

Whether you’re at the office, on the go, or at home, your financial information is at your fingertips. This flexibility allows you to stay in control and make informed decisions no matter where you are.

Security and privacy

Visory takes your data’s security and privacy seriously. Your information is stored and encrypted on secure servers located in Australia and New Zealand. This means that you can peacefully focus on your business, knowing that you’re protected from any potential threats.

Scalability and flexibility

Small businesses aren’t static; they grow and evolve. Visory understands this and offers both scalability and flexibility.

You can always adjust your plan and bookkeepers as your business grows and you gain new clients, or as your needs change. This adaptability ensures that you always have the right level of support, no matter your industry or the stage of your business.

Expertise and quality

When you partner with Visory, you gain access to a network of certified and experienced bookkeepers. These professionals bring their skills and knowledge to the table, ensuring that your bookkeeping is in expert hands. 

Savings and value

Outsourcing your bookkeeping to Visory isn’t just a convenience; it’s a smart financial move.

It saves you time, money, and the hassle of handling bookkeeping in-house. By streamlining your financial management with Visory, you can redirect your resources toward growing your business and achieving your goals.

Conclusion

In the dynamic world of small business, effective bookkeeping is vital to financial success. However, finding the right bookkeeper can be a challenging task, and hiring the wrong one can lead to costly mistakes.

Visory steps in as the solution to these challenges. With Visory, you gain access to:

  • certified and experienced bookkeepers
  • a user-friendly platform for streamlined financial management
  • flexible pricing plans
  • and unwavering customer support.

Choosing Visory offers unmatched convenience, security, scalability, expertise, and cost savings. Your financial data is always at your fingertips, protected by advanced security measures, adaptable to your business’s growth, handled by experts, and cost-effective.

To simplify your bookkeeping and improve your financial well-being, choose Visory. Contact us today for more information and take the first step towards a brighter financial future for your small business.

How to Grow Your Business with an Effective Invoice Template

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If you’ve ever heard the phrase “time is money,” its significance in the world of business could never be more true. Every minute on your business clock presents an opportunity to make money. For many businesses, however, administrative tasks take up too much valuable time— an average of 16 hours per week! The process of creating and delivering invoices can be especially frustrating and time-consuming. And even though this important administrative task is important and keeps your business running, it shouldn’t take up so much of your time. That’s why you should consider using an invoice template.

An invoice template eliminates the hassle of creating invoices whenever you need to. It lets you quickly enter data against an already-created format, saving time and effort.   

What is an invoice? 

An invoice is a document a business sends another business or customers detailing the products or services provided. It’s a sort of bill that serves as a request for payment. It also acts as a transaction record, ensuring both parties are aligned on the goods or services exchanged and their financial obligations. An invoice contains several details, such as: 

  • The quantity of goods
  • The amount charged
  • The payment terms
  • The terms of the transaction 

Importance of invoicing

As mentioned earlier, invoices play a crucial role in maintaining accurate records of transactions. This is extremely important for accurate financial recording and organisation, especially if your business deals with many clients. Imagine providing services or selling products on credit but not having a record of these transactions. How would you ask for payment? Imagine having to remember all the details of the transactions off the top of your head when it comes to asking for payment. Invoices make this process easier. They act as a legal agreement between you and your customers. 

Invoicing provides several benefits for your business, such as: 

  • Improved cash flow: Well-recorded invoices set clear expectations for when your business expects payment from its customers. This reduces the time it takes for money to flow into your business. When you have a steady flow of income, this translates to improved liquidity, enabling you to meet financial obligations and invest in growth opportunities.
  • Reduced debtor days: Effective invoicing contributes to shorter debtor days—the time clients take to settle their bills. With well-structured invoices, you’re signalling your clients about the terms and due dates. This minimises the risk of overdue payments.
  • Enhanced customer relationships: Your invoice is not just a payment request; it’s also an opportunity for building stronger relationships with your clients. A well-crafted invoice demonstrates professionalism, attention to detail, and transparency. It shows that you value your clients’ trust and want to make the payment process smooth.

When you have a steady flow of money into your business, shorter debtor days and great customer relationships, your business is more likely to grow. That’s why invoicing is essential, whether you are dealing with 10 or 100 clients.

Invoice vs. tax invoice

Sometimes, you may need to create tax invoices. A tax invoice is a type of invoice that contains detailed information about a taxable sale or supply of goods and services. It’s a legal document issued by a seller to a buyer that outlines the specifics of the transaction, including the amount of Goods and Services Tax (GST). A regular invoice differs from a tax invoice in that a tax invoice shows that the price of certain or all of the goods you’ve sold includes GST, whereas a regular invoice lacks this feature.

So when is your business required to provide tax invoices? There are several circumstances where you may need to provide tax invoices. These include: 

  • You make a taxable sale of more than $82.50 (including GST).
  • Your customer requests a tax invoice from you.
  • You make a sale that is partly taxable and partly GST-free.
  • You make a sale on credit or provide a lay-by service.

What must businesses include on an invoice? 

Creating a well-detailed invoice template is extremely important. It’s not just about your business potentially losing income; it’s also about avoiding unwanted issues. For instance, an invoice that doesn’t reflect all the required information will likely raise eyebrows. It may come off as fraudulent, especially with many AI tools increasing the focus on accuracy. 

That said, your invoice template should contain the following information:

  • Invoice Title: The word “Invoice” should be prominently displayed at the top of the document to identify its purpose.
  • Supplier’s Information:

Legal name or trading name of the supplier

Supplier’s business address

  • Recipient’s Information:

Recipient’s name

Recipient’s business address

  • Invoice Date: The date when the invoice is issued.
  • Description of Goods/Services:

Detailed description of the goods or services provided

Quantity of goods or services supplied

Unit price for each item

  • Total Amount: The total amount payable for the goods or services.
  • Payment Terms: Clear and concise terms outlining when the payment is due and the accepted payment methods.
  • Reference Number: A unique identifier or invoice number for tracking and reference purposes.
  • Terms and Conditions: Any relevant terms and conditions related to the sale, including return policies, warranties, and late payment penalties.
  • Payment remittance information: Provide payment methods and information such as bank account details and currency.

A tax invoice template contains all the information in a regular invoice template. However, it contains minor differences or additions, such as:

  • Tax Invoice title: Instead of the words invoice, you should indicate “Tax Invoice” at the top of the document. 
  • Supplier ABN: This is your Australian Business Number (ABN), which is essential for GST reporting.
  • Recipient’s ABN: If the recipient is registered for GST, you should include their ABN in the tax invoice template to establish eligibility for claiming input tax credits.
  • GST Amount Breakdown: Your tax invoice template should include a section that breaks down the GST amount on each product separately. 
  • Total Amount Payable: The final total amount, including any applicable GST.

Invoicing tools and eInvoicing

For invoices to be effective, they must reach your clients on time. You, therefore, need an efficient system that can send these invoices accurately and efficiently. Your business can leverage invoicing tools such as eInvoicing. eInvoicing, or electronic invoicing, is an electronic method of creating, sending, receiving, and processing invoices. This method eliminates the use of paper and saves your business time and money. Examples of invoicing tools include Square, Xero, and Invoice2go.

In an eInvoicing system, invoices are generated electronically within a software application and then shared with the recipient through electronic channels such as email, electronic data interchange (EDI), or specialised eInvoicing platforms. The recipient can then directly import the electronic invoice data into their accounting or enterprise resource planning (ERP) systems.

Quick tips for sending invoices and getting paid

Creating a great invoice template is only the first step. Even after sending the invoices on time, you may still have to deal with delayed payment. So, how do you ensure you get paid on time for maximum cash flow? 

  • Set up automated reminders for overdue invoices. This saves time and maintains consistent communication with clients, encouraging them to address outstanding payments promptly.
  • Clearly state payment terms on your invoices. Specify the due date, accepted payment methods, and any early payment discounts or late payment penalties.
  • Provide detailed descriptions of the goods or services you’ve provided. This reduces confusion and helps clients understand the value they’re paying for.
  • Offer a small discount for early payments. This can motivate clients to settle their invoices sooner, improving your cash flow.
  • Assign unique invoice numbers to each invoice. This simplifies tracking and organisation, both for you and your clients.
  • Regularly reconcile your invoices with your financial records to promptly identify and address any discrepancies.
  • Embrace a range of payment methods, such as automated transfers and online transactions, simplifying the payment process for your clients.

How Visory helps businesses get paid

While a well-crafted invoice template is essential for your business’s cash flow and growth, managing them is just as important. At Visory, we understand the challenges of dealing with clients regarding tracking and following up on payments. When you use our services, we help you get paid faster. We do this by handling all your contacts, establishing clear contracts and tracking invoices and payments. This way, you focus on other income-generating tasks that help your business grow.

Contact us today, and let us take care of your Accounts Receivables. 

Super due dates for 2023 and 2024

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Superannuation is an essential part of long-term financial stability for most Australians. It provides your employees with retirement income, helping them live comfortably throughout their golden years. However, as an employer, you must make super contributions on time. So, you need to be aware of super due dates. 

As the name of these dates suggests, these are the dates on which your super contribution payments for your employees are due. Continue reading to learn the super due dates for 2023 and 2024, who needs to pay superannuation, how to handle extra contributions, and more. 

When do employers pay super?

Employers must make superannuation contributions for their employees every quarter. Unfortunately, the dates that super payments are due change every fiscal year. So, as a new fiscal year commences, it’s important to familiarize yourself with the super due dates for that year. The super due dates for fiscal year 2023 (July 2023 through June 2024) are as follows:

  • First Quarter: The first fiscal quarter spans from 1 July, 2023 to 30 September, 2023. First-quarter super payments are due 28 October, 2023. 
  • Second Quarter: The second quarter runs from 1 October, 2023 to 31 December, 2023. Payments for the second quarter are due 28 January, 2024. 
  • Third Quarter: The third fiscal quarter is from 1 January, 2024 to 31 March, 2024. Third-quarter payments are due 28 April, 2024. 
  • Fourth Quarter: The fourth quarter is from 1 April, 2024 to 30 June, 2024. Fourth-quarter super payments are due 28 July, 2024. 

Who needs to pay superannuation?

If you’re an employer in Australia, you must pay superannuation for your employees, often all of them. Here’s who you need to make super contributions for:

  • Employees over 18 years of age: You must pay superannuation for all of your employees who are 18 years old or older. This includes all full-time, part-time, and casual employees, regardless of how much money you pay them or how you pay them – even if they are temporary residents. All employees over the age of 18 are entitled to super contributions from their employers. 
  • Employees under 18 years of age: There is no requirement for you to make super payments for some employees under 18 years of age. However, if you have an employee under 18 years old who works more than 30 hours in any week, you do need to make super contributions for them, regardless of how often or how much money you pay them. 

What to do when staff want to make extra super contributions

It can be difficult to attract quality employees to your business. One way to do so is to offer additional benefits for employees, benefits like salary sacrifice. In fact, the salary sacrifice benefit is especially useful when you have staff that want to make extra super contributions. 

Salary sacrifice gives your employees the ability to make additional super contributions, as well as pay for other benefits, on a pre-tax basis. This gives them the ability to reduce their overall tax burden. If you have staff who want to make additional super contributions, consider offering a salary sacrifice benefit to make that option available to them. 

Super funds and award rates

When you hire a new employee who’s eligible for super contributions, it’s important to give them a superannuation standard choice form. This form tells you which super fund you’ll need to pay the employee’s super contributions to. 

As an employer in Australia, you’re required to offer at least an 11% award rate. That means you must contribute at least 11% of your employees’ earnings into their super funds. However, the super award rate may increase to 15% by 2025. 

Late Super Payments

If you make late super payments, you’ll likely have to pay a superannuation charge. That charge is based on the unpaid amount plus an administration fee and interest on the amount you owe. 

The good news is that you can avoid additional fees by contacting the ATO. Even if you can’t make the entire super payment you owe, you may be able to set up an installment plan to avoid additional fees and further action. 

Super guarantee charges and due dates

As mentioned above, you are required to make your super contributions by or before the super due date for the period the super is owed. If you fail to do so, you’ll likely face penalties known as superannuation charges or super guarantee charges. There are three parts to the super guarantee charge:

  • Shortfall Amount: Super contributions that haven’t been paid or that have been paid late. 
  • Administrative Fee: This is a fee charged by the ATO to cover the administrative costs of collecting late super contributions. 
  • Interest: You’ll also have to pay 10% per annum interest on the total past-due super contributions you owe. 

What Is a Clearing House?

It can be easy to get confused when you have multiple employees who want their superannuation contributions made to different funds. The good news is that you don’t have to fumble through the process and put in extra effort to make sure you make the right contributions to the right funds every quarter. 

That’s where superannuation clearing houses come in. 

A superannuation clearing house gives you the ability to make all of your super contributions for all of your employees from one platform. All you need to do is set up each employee in the platform when you bring them onto your team. The clearing house saves your employees’ super fund information and handles the disbursement of multiple payments for you. You simply make one lump-sum superannuation payment each quarter. 

Conclusion

Super guarantee contributions can be confusing, especially if you’re attempting to process them manually for multiple employees. However, the super contribution process doesn’t have to be a painstaking one. In fact, if you have a quality payroll solutions provider like Visory, chances are super contributions are as easy as a click of the mouse. 

Technological innovation has changed the way you do just about everything. Why not let technology simplify the payroll process? Learn more about how Visory’s payroll solutions can help simplify your super contribution process and let you focus more time on growing your business. 

 

Work-related travel expenses: How to track them and what to claim for your business

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Many business owners and employees travel, so you’ll likely need to record work-related travel expenses. The good news is that business travel expenses are often tax deductible, so tracking them can help you save money on taxes. Tax deductions can lower your taxable income, so you could pay less in taxes overall. 

In this post, we’ll cover everything businesses need to know to track, record, and claim work-related travel expenses, including: 

  • What are work-related travel expenses?
  • Business travel expenses you can claim
  • What you can’t claim
  • Records you need to claim business travel expenses
  • How to track work-related travel expenses

What are work-related travel expenses? 

Work-related travel expenses may include costs for business travel, accommodation, or meals. However, not all travel expenses qualify as work-related. 

Many small businesses run into issues with the Australian Tax Office when they deduct travel expenses. It can be confusing to determine what counts as a qualified business travel expense and what doesn’t.

One of the key issues employers run into is understanding the line that separates personal and business expenses. So, the ATO established clear definitions for the types of expenses that qualify to be tax deductible.

Business travel expenses you can claim

To qualify as a work-related travel expense, you or your employees must be:

  • Travelling away from your home and staying away overnight
  • Able to prove that the travel was necessary for your business

Some of the common travel expenses businesses can deduct are costs for:

  • Rental cars and additional fees for parking, fuel, tolls, etc.
  • Public transport (bus, trains, etc.)
  • Taxis or ride-share (Uber)
  • Airfare (tickets and baggage costs)
  • Accommodations (hotels)
  • Overnight meals

What you can’t claim

You can’t deduct travel expenses that aren’t necessary for conducting business. In other words, you can’t deduct your holiday. However, you can deduct the travel costs to go to another city and meet with a client. In that case, you may deduct transport, hotel, and even some meal costs. 

Other types of non-deductible travel expenses include: 

  • Leisure activities while on a business trip
  • Holidays during business travel
  • Travel insurance, visas, and other documents
  • Gifts and entertainment

If you combine a business trip with holiday, then you can only claim the portion of the trip that was for business. For example, if you live in Perth and attend a work conference in Sydney, you can claim those costs. But, if you decide to stay in Sydney a few days after to sightsee, then the extra days and money doesn’t qualify. 

To qualify part of those expenses, you’ll need to show how you separated the work from personal costs. 

Records you need to claim business travel expenses

Businesses may cover employees’ work-related travel expenses through travel allowances. However, there are specific guidelines for how much an employee may spend daily on travel allowances, which we’ll cover later in this post. 

To claim travel expenses, you’ll need to keep records. If you can prove something was a qualified business travel expense, you should have no issues with your tax return.

Businesses should keep these records for five years:

  • Meal and other receipts
  • Tax invoices
  • Ticket stubs
  • Boarding passes
  • Travel diaries

You may be able to show proof that something is a work-related travel expense through: 

  • Signed contracts 
  • Meetings with documentation
  • Proposals
  • Email confirmations

How to track work-related travel expenses

Businesses can cover work-related travel expenses for employees and track them. To do this, you generally have three options: 

  • Pay for expenses directly with a company card or business bank account
  • Set up a reimbursement program for travel expenses 
  • Pay employees a travel allowance

If your business covers travel expenses through any of the above methods, then employees can’t claim those on their personal taxes. Instead, you may be able to claim them and deduct the cost from business taxes. 

Keep in mind if you offer travel allowances that they might trigger the fringe benefits tax, which is a separate income tax. For example, some businesses offer an employee a living-away-from-home allowance instead of a travel allowance. Because the employee is away from home to work for long periods, it might be considered a fringe benefit.

Businesses need to keep accurate records on those travel expenses. Here are some tips to help you track work-related travel expenses.

1. Educate employees on what they can claim

You can reduce errors and missing records by training employees on how to track travel expenses before they go on a trip. Even a simple checklist of what travel expenses you cover and don’t will be helpful. 

Again, if you offer travel allowances, inform employees of the daily limits or reasonable amounts for meal, accommodation, and incidental expenses. The reasonable amounts vary depending on location and other factors, so consult ATO’s guidelines.

Additionally, your employees should keep all of their receipts and documents while travellingon business. 

2. Track expenses and keep records 

The ATO requires that businesses keep records for five years as proof of travel claims. There are several expense tracking apps that make it easier to save receipts and other documents. 

The ATO app also has a myDeductions tool for sole traders. Larger small-to-medium enterprises will want to invest in a more robust tool. Accounting software like Xero and MYOB also have expense tracking features. 

3. Log a travel diary

If you’re a sole trader or partner and travel for work for more than six consecutive nights, the ATO requires you to keep a travel diary. It’s a logbook of what you do and spend money on while traveling. 

A travel diary can be in any format as long as it shows:

  • The days you travelled
  • What you did each day
  • The times you did it 

These entries should all correlate with the records you keep—this acts as an activity timeline with records. 

Keeping a travel diary even for trips shorter than six nights might be beneficial. If you ask your travelling employees to keep a travel diary, you’ll have an extra way to verify their claimed expenses.

4. Track expenses with a bookkeeper

The ATO is particular about what you can and can’t claim for travel expenses, and it can be costly if you track them incorrectly. At the same time, business travel expenses can become complicated to track, deduct, and report. When your business is fast-growing and you have over 100 employees to track, this is especially true. 

Online bookkeeping services like Visory can help you track, record, and report your travel expenses. Once you need to lodge your business taxes, you’ll have organised books that include all the documents the ATO may need.

To learn how Visory can help you manage work-related travel expenses, and all your back-office finance needs, chat with one of our bookkeeping experts. Once you schedule a time to chat, we’ll get to know your business and identify the best services for you. 

How Do Bookkeeping Services Help Small Businesses?

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It can be overwhelming to take care of back-office responsibilities like bookkeeping while still focusing on growing your business. Online bookkeeping services for small businesses can help. 

Bookkeeping services for small businesses should do more than help you track financial records accurately. A professional bookkeeper can keep track of all transactions, reconcile bank statements, prepare financial reports, and more. By depending on professionals with greater bookkeeping and accounting knowledge, you reap the benefits of their expertise. 

This post will reveal the key benefits of bookkeeping services for small businesses. But before then, let us look at what bookkeeping entails.

Table of contents

What Is Bookkeeping?

In the business world, bookkeeping is the process of recording and organising financial transactions. It is an integral part of accounting, focusing on recording daily business transactions in the books of accounts. These include sales, purchases, taxes, loans, investments, payroll, operational expenses, etc.

Bookkeeping establishes the accounting groundwork. In other words, accounting focuses on analysing the data collected from bookkeeping. This process allows business owners to know their financial position, detect financial problems early and fix them before they grow into full-fledged disasters. How you do your bookmaking determines the accuracy of the overall accounting process. Thus, it is vital to hire a qualified bookmaker to do the job.

7 Benefits of Bookkeeping Services for Small Business

The benefits of outsourcing bookkeeping services for your small business are unmatched. Besides helping you organise and analyse financial information, you can accurately conclude the financial health of your business. These are not the only reasons bookkeeping is essential for a small business. 

The Australian Taxation Office (ATO) expects all businesses to maintain specific records and utilise accounting practices to track income and expenditure. Without accurate bookkeeping, tracking and reporting appropriate information to the ATO can be difficult. Here is a detailed overview of how bookkeeping services help small businesses. 

1. Makes You Prepared for Tax Time

Every business has to lodge a tax return at the end of the tax year. Tax deadlines are very strict, and lodging can be time-consuming. With a bookkeeping process in place, your financial information will be ready on time. That way, you won’t need to scramble for receipts and invoices with the taxman breathing down your neck. 

2. Enhances Accurate Budgeting

Outsourcing a bookkeeping service makes it easier to budget for the business accurately. With proper organisation of your income and expenses, it’s straightforward to review your costs and financial resources. A budget defines the financial roadmap for your business, helping you plan for the future by creating a manageable budget. 

Comparing your budget and the actual financial data is a perfect way to detect cost reduction opportunities or potential cash flow issues. If your financial books are inaccurate, it’s hard to make accurate budgeting since it will all be guesswork. 

3. Promotes Better Decision Making

As a business person, you need to clearly understand your finances to plan your company’s future effectively. You may have to make significant decisions like opening a new location or hiring a new employee. To make such decisions with confidence, it’s critical to understand your company’s financial performance. 

Accurate bookkeeping with the help of a professional offers up-to-date information, helping you make informed decisions. If the reports say that your business is running out of capital, you can opt to take a loan to boost development. 

4. Maintains Organised Records

The stress of trying to find a crucial document at the last minute can lead to missed deadlines and possibly a few errors. One thing a business can’t afford to do is make mistakes, as it could lead to costly consequences. A bookkeeping service can help with that! It will keep your books updated throughout, and help you maintain organised records. That way, it will be easier to find any information you need in no time.

5. It Helps You Focus on Other Business Operations

If you decide to do bookkeeping on your own, you will spend much of your time paying invoices, processing payroll, and tracking expenses. As a result, you will have insufficient time to attend to other operations. A bookkeeping service allows you to focus on what you do best. Having enough time to focus on operations enables you to grow your business effectively and gives you ample time for research and development plans.

6. Lowers Costs

Every business owner aims to reduce their overall costs of operations. One way of achieving this is minimising the salaries and wages of workers by employing only a few. An in-house bookkeeper requires a significant salary and benefits, but it’s possible to do without them. The cost of hiring a third-party bookkeeping service can be relatively lower, and you will have an assurance of excellent services. 

7. Avoids Conflicts of Interest

It can be risky to entrust bookkeeping and accounting to one of the owners in partnership businesses. Misconduct accusations can potentially ruin the relationship even when a record-keeping error is unintentional. If something goes wrong, the other members might question the intentions of the person responsible. 

Hiring an independent bookkeeping service helps avoid these inconveniences while boosting confidence among the owners. They can have faith that every financial statement is true, accurate, and unbiased.

What Bookkeeping Method Should You Use?

One of the first steps to bookkeeping for small businesses is to decide which method you should use. The method you choose may depend on various factors, including the amount of revenue you earn and the volume of daily transactions your business processes. 

Below, we discuss two of the most popular bookkeeping solutions for small businesses—single-entry and double-entry bookkeeping.

Single-Entry Bookkeeping

A single-entry system tracks all income and expense transactions. That means each transaction is recorded once and posted to the appropriate account. 

For example, if you receive $1,000 from a client, you would enter this into the “Sales” account. This method is ideal for businesses with low volumes of sales or purchases. However, it does not support a detailed analysis of past transactions.

Double-Entry Bookkeeping

As the name suggests a double-entry bookkeeping system tracks all transactions twice. In addition to recording the original entry, it posts the same transaction to both accounts. 

For example, if a customer pays you $1,000, you would first record (debit) the transaction in the Sales account. Then, you would also post the payment to the Customer account (credit). This method supports a more detailed analysis of past transactions because you can access information about previous entries. It also provides better visibility into cash flow.

How to Do Bookkeeping for Small Businesses

Bookkeeping tasks may include: entering transactions, reconciling accounts, analysing financial data, and creating monthly financial reports. Hiring a professional bookkeeper with extensive experience in the field can save you time and improve your business decision-making.

Bookkeeping for a small business requires these three steps: 

Track Each Transaction

The first step in any bookkeeping process is tracking each transaction. The bookkeeper needs to know what type of transaction it is – whether it’s a purchase, sale, receipt, or withdrawal. They must also determine which account to put it in. After entering the transaction, the bookkeeper must ensure that it is correct. This includes verifying the date, amount, and source of funds.

Accounting software like Xero and MYOB can help speed the process along. 

With tools like Xero, bookkeepers create invoices, bills, receipts, and other documents. An experienced bookkeeper has the knowledge to help your business use these tools accurately and effectively. 

Manage Bank Reconciliations

Tracking every transaction goes hand in hand with bank reconciliation. 

Bank reconciliation is the process of matching or comparing the balances in your accounting records against the actual balance in the bank. If there are discrepancies, the bookkeeper must find out why. Some common causes include incorrect debits or credits, missing transactions, or duplicate entries.

The bank reconciliation process is pretty straightforward. First, it involves obtaining the bank’s ending cash balance and adding any deposits in transit from your business. Afterward, the bookkeeper subtracts any funds not yet cleared by the bank and adds or deducts any other items. 

The second part of the reconciliation process involves obtaining your business’s closing cash balance, subtracting any bank fees, penalties, or NSF (non-sufficient fund) checks, and then adding any interest earned. In the end, your company’s adjusted cash balance should match the bank’s closing balance. 

Prepare Financial Statements and Reports

Financial statements provide information about your company’s performance over a specific period. Reports help you analyse your finances and make informed decisions based on the data.

At best, your business should prepare financial statements at the end of each month or quarter. This may include an:

  • Income statement
  • Balance sheet
  • Profit and Loss
  • Cash flow analysis

Visory’s bookkeeping services extend beyond tracking transactions, bank reconciliation, and financial reporting. 

We also offer accounts receivable, payable, payroll, and other support that growing businesses often need. Whether you’re looking for a simple bookkeeping service or one that covers everything, we have what you need.

What to Look For in a Bookkeeping Service

An online bookkeeper is typically an individual with relevant experience in accounting services offered to a diverse range of businesses. When looking for a bookkeeper, choose one that is well-acquainted with your business type and preferably industry. Look for those that specialise in helping small businesses like yours. 

Their service should portray excellent skills and experience to determine profits, losses, turnover, and other financial factors. This will help you determine the financial health of your business with ease. 

Bookkeeping Services for Small Businesses

Visory is a reputable bookkeeping company that gives you access to accounting and finance services that scale with your business. Our team of experts has experience in different industries and is ready to hit the ground running anytime. You will receive strategic reporting and insight to drive growth. Our monthly subscription fee is affordable and worth the investment. Contact us now to book a meeting.

What’s the Difference Between Payroll and Bookkeeping?

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No business gets far without sound financial infrastructure. Up-to-date and accurate payroll, bookkeeping and accounting practices help set the foundation of a successful business. So, it is important to understand the difference between payroll and bookkeeping and how, along with accounting, they contribute to your financial health. 

Software has simplified parts of the process, but it has not fully automated bookkeeping, payroll, and accounting tasks. Whether it’s an error preparing payroll payment register summaries or distributing payslips, any glitch can throw financial records off, so it’s important to hire the right expert.

Although many bookkeepers do payroll, by no means are all bookkeepers payroll experts. At Visory, we have a separate payroll team taking over these responsibilities. 

In this guide, we’ll go over the basics of payroll, bookkeeping and accounting. We’ll outline the tasks each may do, and the role each plays in your business. 

What Does a Payroll Expert Do? 

Payroll is the process of verifying and distributing payments to employees at the agreed rate and in accordance with designated award rates. The process might appear straightforward and easily automated, however, it’s an easily tangled process that can require skilled financial experts as well as Human Resources to ensure it is completed without issue.

Payroll Tasks

The tasks that a payroll expert completes may vary slightly depending on if you’re outsourcing payroll or hiring in-house. It also depends on the details of your service agreement. However, these are a few of the common tasks and responsibilities. 

  • Make sure all payroll transactions get processed efficiently and at the correct times
  • Calculate, collect, and record data to manage and track payroll information and balance sheets
  • Compile summaries of earnings, deductions, disabilities, taxes, benefits, leave, and non-taxable earnings for financial statements, audits, and more
  • Resolve payroll discrepancies
  • Follow regulatory payroll policies and procedural operations for compliance
  • Manage PAYG withholding
  • Reconcile payroll tax 
  • Set up single-touch payroll
  • Note total gross award rates of the payment register YTD report
  • Contribute to superannuation funds on behalf of employees
  • Implement ad hoc operational and financial reporting as required

Payroll Checklist

To keep payroll accurate, businesses need to collect and confirm employee details like those listed below. 

  • Have confirmed employee details
  • Legal name and address 
  • Date of birth 
  • Tax file number
  • Start (and termination date) of every employee
  • Details of account they want used to receive wages
  • Track pay details such as allowances, gross wage, hourly award, etc.

What a Bookkeeper Does

Bookkeepers manage many of the everyday financial needs of a business, from tracking cash flow and reconciling your accounts to updating your books and creating standard financial reports. 

Although bookkeepers are not the same as accountants or payroll experts, occasionally, a bookkeeper may perform some payroll or accounting tasks. Although, it is important to note that performing actions like lodging a tax return requires additional certification, such as becoming a BAS agent. If you’re considering hiring a bookkeeper, consider what types of tasks you need and their area of expertise. 

Bookkeeper Tasks

Here are a few common tasks bookkeepers may handle.

  • Pay suppliers, vendors, subcontractors, etc.
  • Produce, record, and track invoices for provided services or goods sent to clients
  • Bank reconciliations
  • Document customer receipts
  • Prepare financial reports like balance sheets 
  • Manage accounts receivable and payable
  • Track depreciation

What’s the Difference Between Payroll and Bookkeeping? 

Although a bookkeeper may complete some payroll functions, the two roles are different. Now that we’ve covered each in detail, let’s look at how they differ. 

In their most basic form, payroll and bookkeeping are different because they manage different functions within an organization. 

  • Payroll: The process for paying and managing award rates to staff.
  • Bookkeeping: The day-to-day management of the company’s finances.

Accounting is also sometimes used interchangeably with payroll and bookkeeping. It is key to understand these differences as well, especially if you are considering hiring an expert to help you with your business finances. 

What an Accountant Does

Accountants are advisers who produce financial reports and offer financial advice. They prepare tax returns and ensure taxes get paid on time and properly. So that the business is stable, accountants evaluate operations and recommend best practices, spot issues, and develop solutions to help the organisation run more effectively.

Accountant Tasks

Here is a brief list of many tasks an accountant might be responsible for daily.

  • Ensure the accuracy of the company’s accounting tax records
  • Make sure any financial transaction complies with relevant laws and regulations such as the Corporations Act
  • Prepare, report, and maintain important financial reports
  • Put together tax returns and see that taxes get paid properly and on time
  • Offer counsel on revenue enhancement, cost reduction, and profit maximization
  • Assess forecasting and risk analysis 

Why You Need Payroll and Bookkeeping Experts

An error in your financial records can impact your entire operation and knock the business off its game. A skilled bookkeeper can help you strengthen your business acumen, whether that be choosing the right bookkeeping software or analysing your financial data to identify areas of growth. 

With Visory, you can be confident that your bookkeeping and payroll system is efficient, effective, and agile.

As professionals, we know small errors turn into large problems so we scrutinise every line to ensure accuracy. 

Whether you are an international enterprise or a growing business, managing payroll and bookkeeping on your own can feel like a daunting task. Visory’s team of experts understands the differences between payroll and bookkeeping and can help you assess what your business needs. If you’d like to learn more about identifying the best ways to improve back-office practices, contact Visory today.