Here at BCI Bookkeeping, I tailor a service that suits you and your budget.

Ongoing Service

If you’re a business owner too busy to manage your books, my ongoing service is perfect for you. This option ensures continuous bookkeeping, tailored to your business needs, whether on a weekly or monthly basis.

I’ll familiarize myself with your financials, consistently record transactions, and reconcile accounts. I’ll also monitor outstanding invoices and payments, keep you informed about your tax obligations, including payroll and Super Guarantee, and provide you with monthly reports on how your business is doing.   I’ll also give you cashflow advice to help you keep up with gst payments, super and payg so you’re never searching for money to make payments.

Depending on your business structure, you may need anywhere from an hour a week to a few hours a week, or even just a few hours a month. By maintaining your books regularly, I can help alleviate your stress, giving you more time to focus on running your business effectively and enjoy some well-deserved personal time.

Catch Up

If you’re behind on your bookkeeping and need to get your records up to date for an upcoming BAS, tax lodgment, bank loan, or simply to stay current, the Catch-Up Service is ideal for you.

After a free consultation, I’ll provide a clear understanding of the steps needed to bring your books up to date and ensure you’re prepared for any upcoming requirements.

Services Can Include.

• Bank feed transactions and monthly reconciliations
• Invoicing / Bills
• Accounts receivable and Credit Management
• Accounts payable
• Payroll
• Fuel Credits
• Year End Reports for your Accountant
• Lodging TPAR reports
• Liasing with your Accountant on your behalf.
• BAS / IAS preparation and Lodgment.
• Budgeting and Forecasting: Help with setting and monitoring budgets, and creating financial forecasts.
• Cash Flow Management: Assistance with tracking and managing cash flow to ensure your liabilities are always paid on time.
• Tax Planning: Guidance on tax strategies to optimize tax obligations throughout the year.
• Financial Statement Preparation: Preparation of financial statements such as profit and loss, balance sheet, and cash flow statements.
• Compliance and Regulatory Updates: Keeping you informed about changes in financial regulations and compliance requirements.
• Custom Reporting: Tailored financial reports to meet specific business needs or management requirements.

Some Essential Bookkeeping Terms Explained

Monthly Reconciliations

Even with advanced accounting software, mistakes can happen, especially if you’re busy. Correcting errors after a financial year or quarter closes can be time-consuming and costly.

Monthly Reconciliations are designed to catch and address mistakes early, preventing bigger issues down the line.

What should be reconciled?

• Bank Accounts: Ensure all transactions are accounted for.
• Payroll: Check for any errors in payments or missing employees.
• Superannuation Account: Make sure your Super Guarantee payments are up to date to avoid fees. Missed payments can be included in the next submission.

At BCI Bookkeeping, we handle these reconciliations to keep everything accurate and up to date.

TPAR

• TPAR stands for Taxable Payments Annual Report. It’s a report that businesses must submit to the ATO if they hire contractors or subcontractors in certain industries. This report is due by August 28 each year.

Industries that need to submit TPAR include:

• Building and construction
• Cleaning services
• Courier and road freight services
• IT services
• Security and surveillance services

The TPAR helps the ATO make sure contractors are reporting all their income.  It includes information like the contractor’s ABN, name, and total amount paid. If your business is in one of these industries, I can keep track of payments to contractors throughout the year, making it easier to prepare and submit the report.

FUEL TAX CREDITS

• Fuel Tax Credits (FTC) allow businesses to get back part of the fuel cost used in their operations for heavy vehicles on or off road. It reduces the cost of fuel by letting businesses claim back some of the tax included in the price.

Who can claim?
Businesses using fuel for:

• Machinery or equipment
• Heavy vehicles over 4.5 tonnes on public roads
• Off-road activities like farming, construction, or mining

Eligible fuels:

• Diesel
• Petrol
• LPG
• Biodiesel blends

The claim amount depends on how and where the fuel is used. I can help you track your fuel use and keep the necessary records so you can claim these credits when lodging your BAS. Fuel Tax Credits can mean big savings for businesses that use a lot of fuel.

GST Coding

GST Coding refers to how transactions are categorized for Goods and Services Tax (GST). Using the correct GST code is crucial for claiming GST credits and complying with tax regulations.

1. Correct Codes Matter: Accurate GST coding helps ensure you can claim the right GST credits and avoid issues with the tax office.

2. Industry Differences: Different industries have unique rules about what qualifies for GST credits and how GST applies to sales..

Overall, using the right GST codes is essential for good financial management and compliance.