What is the difference between a Bookkeeper and an Accountant?
A bookkeeper handles the daily grind of recording accounting transactions in your books, as well as invoicing, preparing payments, bank and credit card reconciliations, performing payroll functions and filling monthly and quarterly Federal and State tax returns and producing financial statements.
An Accountant takes this information to prepare, lodge and file your yearly tax returns and where required, prepare returns with ASIC. –We complement and enhance your accountant’s services. We will work closely with your accountant and record all transactions according to their specifications on a regular basis. This way, not only will your monthly and quarterly figures be prepared quickly and cost effectively but your year-end procedures will take your accountant less time to file and will save you money.
Does my accountant have access to my books?
It is up to you. We can arrange for various levels of online access to your books via our website. Granting your accountant access allows them to run necessary reports at their convenience. This removes the need to have to send everything on disk, freeing up your time and theirs; as well as enabling them to provide you with more accurate financial advice.
What are outsourced online bookkeeping services?
Outsourced online bookkeeping services use the Internet to provide a third party service to perform and manage your account keeping activities. We work by providing fast and reliable 24/7 access to a software application (QuickBooks, MYOB, and BankLink etc) over the internet, and the convenience of accessing a wide range of reports, including profit and loss, balance sheet and payroll information.
What advantages does outsourcing my bookkeeping to you give me?
(1) a reliable, accurate, confidential and timely bookkeeping service by our team of qualified bookkeepers and accountants;
(2) peace of mind that you will be in a position to fulfill your statutory requirements
(3) free up valuable time and timely information to grow your business; and
(4) Save on bookkeeping costs as we are at a fraction of the cost of employing a bookkeeper.
How can I access my accounting data?
You can access your data from any computer with internet access through our website using your username and password.
Who owns my data?
You do! You always own your data. We manage and store your data in your secure Document Management System, but you retain ownership at all times. If you wish you may additionally download the data and store it on your own computer.
Who controls the money and makes the decisions?
You do! Your money and all decisions on your business finances remains 100% under your control at all times. Our services record your transactions and manage the input and output of accounting data to provide you with information to make informed business decisions. Depending on the service that you choose, we advise you on which accounts need to be paid and/or place purchase orders on your behalf – however you retain control over the payments of invoices at all times.
Can other people access my data?
Your data can only be accessed by those individuals to whom you have given permission. We can arrange for different levels of access to your staff members or accountant based on your requirements.
How much will online bookkeeping services cost?
Having us perform your bookkeeping activities will cost you approximately 50% less than the cost to hire a bookkeeper.
How can you be sure that outsourcing provides better results and reduces costs? How can outsourced online bookkeeping help me better manage my business?
Our team consists of experienced bookkeepers and accountants, who are experts at what they do. We have developed and are continuously updating software, appropriate controls, procedures and systems that standardize what we do, to ensure the accurate and timely processing of all your accounting data.
Outsourcing your bookkeeping function frees the time that you would otherwise spend doing bookkeeping activities and/or frees up the resources you would otherwise use on employing a bookkeeper. Many small business owners are often under enormous stress when BAS or tax lodgment is due as they burn the midnight oil to get the job done. Having accurate and up-to-date accounts allows for better business planning and forecasting, which is beneficial for strategic growth and expansion of your business and will reduce your stress.
Will we lodge our tax returns for you?
Our standard package includes GST compliance lodgments such as BAS or IAS to the ATO via the web portal. Depending on the package you select, we may lodge payroll tax returns on your behalf as well. We have registered tax agents on our preferred consultants list to handle your year end taxes if you do not have one.
What software do we use?
QuickBooks, MYOB, and BankLink are what we use for the majority of our clients. If you have other preferred software we are happy to use it to meet your needs.
How does BankLink work for you?
We use BankLink which is a powerful tool used by our Accountants to complete our clients’ bookwork efficiently and accurately. BankLink works by collecting an electronic encrypted copy of your bank statement data (of course once you have given permission) directly from your financial institution, and delivering this under strict security measures straight to us. At no times does the Accountant or BankLink have the authority or ability to change any details or transactions on your Bank Account. There is no need to supply your PIN. BankLink is a totally separate system from Internet Banking and you will still receive your printed bank statement from the Bank as usual.
Is my data secure? Are your services reliable?
We have high speed connectivity with cable connection for back up connectivity. This complements secure, robust, encrypted data transfer between you and our office. We are also armed with firewall and intrusion detection technology and 24 hour power supply with back up facilities in case of power shortage. Backups of data are performed at our offices on a daily basis. Your data is only accessible by you or your appointed staff or accountant.
Do you have to keep the original receipts and invoices?
You have to keep receipts and invoices for 5 years and longer in certain circumstances. However originals and their storage and indexing burden may be discarded if you have kept a readily accessible electronic copy.
If there is an emergency can you help me?
Absolutely, we are contactable by email 24/7 and aim to respond to your inquiries within 1 business day.
How do I find out more?
We welcome the opportunity to answer your questions and discuss how we can make a real difference in your business.
Please talk to one of our sales team on: 1300bpocom or
+61 (02) 8295-0286 or email us: sales@1300bpo.com
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