Bookkeeping involves the recording of financial transactions by an individual or organisation. It is a legal requirement to keep records that are accurate and true for a period of at least 5 years from the date that the documents were prepared, obtained or the transaction completed, whichever occurs the latest.
Being compliant on this front can be a very time consuming process and causes many headaches for small and medium business in Australia.
MaxTax are able to provide bookkeeping services that will free you to focus on the operational side of your business.
Bookkeeping services include:
- Bank Reconciliations compare your internal records with bank statements in order to identify and rectify any discrepancies
- Profit Loss Statements generated monthly and/or annually that reports the earnings of a business by stating all relevant income and all expenses that have been incurred to generate that income. Also referred to as an Income Statement.
- Cash Flow Management manage your cash flow to ensure you have cash when you need it. This is the most critical aspect of business.
- Financial Reporting Analysis key information about the financial state of your business into language you can understand.
- Accounts Payable Receivable identify money you owe suppliers and money that is owed to you by your customers.
- End of financial year processes take away all the pressure associated with ensuring your books are ready for the end of financial year.
- Budgeting forecast your income and expenditure in order to identify how much you afford to dedicate to particular expenses.