Bookkeeping & Payroll Services for Small Businesses

  Hiring a bookkeeper can be the most important decision you will make in your business. Ask yourself the following 2 questions and it will help you in making a more informed decision. Can your small business afford an individual bookkeeper? If you’re thinking about hiring an individual bookkeeper, there are a few things to keep in mind first. Unless your business is very small and you can easily handle all the bookkeeping yourself, it’s probably not a good idea. Here are four reasons why: If you are paying someone to attend your office, you are inherently paying them for their travel time and breaks as they spend time in your office. Unless you are proficient in various accounting and financial software programs, you’ll be placing a huge amount of trust in this individual’s abilities. An individual bookkeeper is unlikely to be familiar with your industry and the specific needs of your business. Hiring an individual bookkeeper means ...

  On a day to day basis, the team at iKeep are helping business owners with a clear picture of how their business is performing. Part of helping business owners is demystifying the hype in the media about what is happening in the economy, so we decided to speak with the experts in our network to make sense of what’s going on in property, in crypto and the stock market. If you are interested in attending one of these complimentary events, tickets can be found here. Property Discussion (watch the video) In this session we held a discussion with David Kenney of Hall Chadwick and Chris Gray of Your Empire. We started by discussing David’s experience around maximising the value of a business and how to realise this when the time is right. The discussion then flowed to Chris to talk about various strategies on how to build a property portfolio, and how this can be an achievable goal for someone who is living in Sydney. Crypto Discussion This session has been designed to be...

  When most people think about starting a new business, one of the first things that come to mind is how they’re going to manage their finances. The reality is that many start-ups don’t have any experience in this area and will need to find someone who can help them out. In this blog post, we’ll discuss why should you outsource your bookkeeping. How much can you expect it to cost? And 3 benefits of outsourcing your bookkeeping needs for start-up founders. Why should start-ups consider outsourcing bookkeeping? There are probably more valuable things you can be doing in the start-up phase of your business than learning the difference between a debit and a credit. Generally, a founder juggling the responsibility of sales, product, cashflow, human resources, compliance and more – many of these things can drain the enthusiasm they had for their business. By out-sourcing key roles to professionals, you will have more time for growing your business and generating new ideas that can he...

Bookkeeping is the process of recording financial transactions, understanding the details, and preparing summaries to be able to generate accurate reports. A bookkeeper can work for a company or as an independent contractor. If you are considering becoming or hiring someone to handle your bookkeeping needs, then this blog post will answer all your questions about what it takes to become a qualified bookkeeper! What is Bookkeeping? It is simply the activity or occupation of keeping records of the financial affairs of a business. Bookkeeping is the process of recording financial transactions, understanding the details, and preparing summaries to be able to generate accurate reports. Bookkeepers are individuals who manage all financial data for companies. Without bookkeepers, companies would not be aware of their current financial position, as well as the transactions that occur within the company. A bookkeeper can work for a company or as an independent contractor. Bookkeepers play...

  Outsourcing bookkeeping services to a third party can make business decisions easier. It allows a management team to focus on the goals and strategies of the business instead of trying to juggle a large number of tasks. Outsourcing firms have a centralized office that can access data anytime, from any location, and through any device. By leveraging the cloud, outsourced bookkeeping providers can also deliver timely books to management teams that will help them make better, more informed decisions. One of the benefits of outsourcing your bookkeeping to a third party is that it saves you money. Hiring an in-house bookkeeper is expensive because you have to pay their salary, workers’ compensation, and medical insurance. Not only is hiring an in-house bookkeeper expensive, but it also requires your time. You can also benefit from labor cost arbitrage savings by outsourcing your bookkeeping to a third party. Outsourcing your bookkeeping tasks frees up your time for high-margin activ...

  What is an e-invoice? Electronic invoicing (or e-Invoicing) is the automated digital exchange of invoice information between suppliers’ and buyers’ software through a secure network. An electronic invoice is a PDF or similar document that contains information about the products and services you have sold. It has all your company’s contact details, including name, address, phone number and email address. Often these documents are generated automatically by accounting software on receipt of payment from your customer. Australia has adopted the Peppol framework as the common standard for e-Invoicing. Peppol e-Invoicing is a new channel that is a more efficient, accurate and secure way to transact with your suppliers and buyers than PDF and email. What is not considered an e-invoice? An electronic invoice does not include any signature or handwritten annotations that are required for certain tax purposes. For this reason, it may be necessary to issue paper invoice...

  When you’re looking after a portfolio of small business clients, you need to be able to trust the financial reports you are given. Accurate accounts come from an experienced bookkeeper which for many clients means you may have to  outsource bookkeeping services  from time to time. Bookkeeping involves tracking financial transactions and it includes the recording of every single transaction and can save a lot of your time. If your accounting firm outsources bookkeeping, you want to be sure that it is in safe hands. A widespread problem faced by most accounting firms is that bookkeeping tasks are often delegated to their junior who have no formal training or experience in accounting software. If you are running an accounting firm, you will appreciate that it is extremely important to ensure that you get more high value work and the information reflected in the books is accurate for better financial decisions. Often, we see teams juggling between different projects simul...