The Issue
Most businesses engage their own bookkeeping team, or some of your staff are doubling up in their job description and covering the bookkeeping as and when it is needed. Or perhaps you are doing the long hours yourself. Data entry and bookkeeping is one thing, but ensuring you are lodging accurate and complete information with the authorities is another.
What we do for you
When it comes to month-end routines and getting ready every quarter to lodge your BAS, with all of these hands in the accounting file we think it would be worthwhile if one of our team of accountants were to cast their eyes over the work done to ensure your data is correct. What we do is:
- Establish a monthly timetable with you and your bookkeeping team so that all parties know what is expected.
- When your online file is ready, one of accountants who does this almost every day would undertake a review of the key financial data in your file. This is someone who would know where to look to see what is right and what is wrong.
- Once the review is complete, they will provide a short summary of the actions taken, recommend any changes in process required and ensure your team understands what is required going forward.
We recommend a monthly review that can be done online so that the amount of information is a manageable data set. We will also include in our services ongoing phone support for your team.
The benefits to you
- By reviewing the data every month, this will ensure the data for the year is accurate. This will enhance management reporting, make your BAS accurate and improve the year end process. Because financial records are accurate, It will also ensure any tax issues are more visible.
- With each review, we will be sure to provide feedback to your team about errors we find. This should improve their skillset, reducing errors going forward and increase job satisfaction. It will also speed up the review process on our side as we progress.
- With our team regularly reviewing your data, it may bring to our attention sooner than it otherwise would, any potential transaction issues and other matters of interest.
- Accurate data means that you can more easily identify anomalies or inefficiencies, and you have the right information to make good business decisions.
