Whether you have payment terms with your suppliers or give your customers credit you have credit risk and need to manage the balance between credit and cash. On the purchase side this involves negotiating the best deal you can get for delayed payment of good and services but on the customer side it’s about understanding the credit risk and keeping clients in strict payment behaviour within your credit terms and conditions.
Good credit management starts before you engage with a new customers and involves daily and weekly activities to ensure a healthy credit management program. It involves the daily and weekly actions you take as you deal with your supplier and customers and understanding credit management reports is very important.
Learn more about Credit & Debtor Management
Payroll can be complicated and it is strictly governed to protect the rights of Australian workers and administer the obligations companies have to the ATO. Payroll management is affected by changes in tax tables each year, superannuation options, holiday and sick pay, long service, entitlements, accruals and more. It takes into account awards and timesheets and there are very strict requirements for when official documentation is provided to your employees.
Payroll is a very sensitive part of a companies accounting department because you’re dealing with private information about employees, including pay rates.
Learn more about Payroll Services
Software Setup and Training
Many business starting up, using computerised accounting for the first time or transitioning from a different software program need training (and a course provides a consistent way of inducting accounting staff) but they want to know that they can speak with someone in applying that knowledge to their current business.
The cost for training on MYOB, Xero and Quickbooks Online is based on long the bookkeeper is required, the skill level of training and the time it takes for the bookkeeper to get to your location – also how much support time is needed after the training. A good trainer needs to have a good understanding of accounting, accounting software and experience in the type of business you operate.
Learn more about Accounting Training & Setup
The growing trend of cloud based services in accounting software, telephone and other services like support systems, message etc have enabled businesses to choose their team based on the talent rather than the talent that is located within 20-30 kms of the business and this includes international businesses that operate in Australia and therefore need to manage their Australian accounting obligations.
Even if you are a growing medium size business you can now outsource your daily accounting functions to the team of your choice using cloud based technology.
BAS Lodgement Service
This is an important compliance requirement for all company registered for GST and there is a high level of skills and qualifications required to perform this work. As a bookkeeper you’re also obligated and responsible to the Tax Practitioners Board to ensure you have the experience to be responsible for the final sign off in approving the information in the BAS.
Some of the preparation work on your accounts can be performed by a low cost bookkeeper or accounts person while the more complex tax components can be performed by a more experienced and qualified Registered BAS Agent.
Management Accounting and Chief Financial Officer (CFO)
Small businesses and not-for-profit organisations that are growing quickly or need more experienced financial managers are often not in a position to hire someone of the right calibre in a full time position but want and need a good financial manager and that is where this service comes in. Some members of our team are experienced corporate executives or owners of small businesses that have grown successfully and if you are interested in these services please request a quote.
Learn more about Virtual CFO Services