How to set sales targets using accurate bookkeeping data

Setting sales targets gives your business something measurable to work towards. It can help you plan sales activity and give you a benchmark against which actual results can be reviewed.

The quality of the information you use to set those targets matters.

If your bookkeeping is current, you can see what the business has actually sold, when sales occurred, which periods were stronger or quieter and how much money is still owing from customers.

This gives you a more reliable starting point than choosing a percentage increase from last year and hoping the numbers work.

Regular bookkeeping and reporting also mean you can review your actual sales against your targets throughout the year rather than waiting until much later to discover the result was different from what you expected.

Review your sales targets as your business changes

Sales targets may need to change as the business changes.

Your sales can be affected by seasonal demand, customer changes, staffing levels, pricing changes or simply a stronger or quieter period than expected.

This is where current bookkeeping becomes useful.

Rather than relying on what you think has happened, your accounting records can show actual sales for the period and how they compare with previous months or years.

Regular reporting gives you the opportunity to compare those results against your sales targets and identify differences earlier. You can then decide whether the target still makes sense or whether there are other areas of the business that need further investigation.

First Class Accounts Ovens & Murray helps keep this information current so you are reviewing actual business numbers rather than working from incomplete records.

Understand the numbers behind your sales

Before setting a sales target, it helps to understand what has already been happening in the business.

Your bookkeeping records can show previous sales, monthly or seasonal patterns, outstanding customer invoices and changes in revenue over time.

Depending on your accounting system and the information being recorded, you may also be able to review sales by customer, product, service or another category that is useful to your business.

This information gives you a factual starting point for setting future targets.

It also gives your accountant, business adviser or internal management team better information to work with when broader planning decisions need to be made.

The role of First Class Accounts Ovens & Murray is to make sure the underlying bookkeeping is accurate, current and structured in a way that gives you useful information from your accounts.

Important steps for setting sales targets

Sales targets are more useful when the information behind them is reliable.

Before setting or reviewing your targets, make sure your bookkeeping is current, bank accounts are reconciled and sales have been recorded correctly.

You can then use that information to look at previous performance and compare future targets against actual results.

Understand what your sales numbers are showing you

Turnover is one of the figures you may use when setting sales targets, but it should be viewed alongside the rest of your financial information.

Current bookkeeping allows you to see the sales that have been recorded for a particular month, quarter or year and compare them with previous periods.

Your profit and loss report can then provide additional information about income and expenses for the same period.

First Class Accounts Ovens & Murray can make sure transactions are recorded correctly and reports are kept current so you have accurate information available when reviewing sales performance.

Where more detailed advice is required around profit targets, margins, pricing or broader financial strategy, those current records also give your accountant reliable figures to work from.

Make your targets SMART

Sales targets should be SMART: Specific, Measurable, Achievable, Relevant and Time bound.

Once a target has been set, your bookkeeping and reporting can help you measure progress against it.

Rather than waiting until the end of the financial year, you may choose to review sales monthly or quarterly depending on how your business operates.

For example, if you have set a monthly sales target, regular reporting can show the sales recorded for that month and how the result compares with your target.

The important part from a bookkeeping perspective is having current records available when you need them.

If several months of transactions are still waiting to be entered or reconciled, it becomes much harder to know whether the business is tracking as expected.

Track the sales information available in your systems

Your accounting records can provide more information than a single total sales figure.

Depending on the way your accounting system has been set up, you may be able to review sales by customer, service, product, location or another category relevant to your business.

You can also review outstanding invoices and customer payment patterns.

This information can help you understand where recorded revenue is coming from and whether customers are paying within expected timeframes.

Good system setup matters here. First Class Accounts Ovens & Murray works with accounting platforms and connected business apps, helping businesses establish processes that reduce duplicated work and improve the quality of the information being recorded.

When systems are connected properly, it becomes easier to access useful information without manually piecing it together from different places.

Use historical information when forecasting sales

Previous sales data can provide a useful starting point when preparing a sales forecast.

Current bookkeeping allows you to compare sales across different periods and identify patterns that may be relevant when looking ahead.

You might compare this month with the same month last year, review quarterly results or look at how sales changed during particular seasonal periods.

The figures can then be used as part of your forecasting process alongside other information you know about the business.

First Class Accounts Ovens & Murray can help make sure the historical information you are using is complete and current. If the bookkeeping is behind or transactions have been recorded inconsistently, your historical comparisons may be less useful.

Fill the gaps in your financial information

Before relying on your sales figures, check that the underlying bookkeeping is complete.

Are all sales entered? Have bank accounts been reconciled? Are customer payments allocated correctly? Are outstanding invoices genuinely still outstanding?

Small gaps in the records can change what your reports are telling you.

For example, an invoice may appear overdue because a payment has not yet been allocated correctly. Sales may appear lower because transactions are still waiting to be entered.

Keeping the accounts current helps reduce these gaps and gives you better information when reviewing your sales targets.

This is a core part of reliable bookkeeping. First Class Accounts Ovens & Murray keeps the day to day financial records up to date so business owners do not have to spend time trying to work out whether the figures in front of them are complete.

Connect sales targets to cashflow

Reaching a sales target does not necessarily mean the same amount of money has arrived in your bank account.

If customers are invoiced on payment terms, there can be a delay between recording the sale and receiving the money.

Your bookkeeping records can help you see both sides of this.

Sales reports show the revenue being recorded, while your accounts receivable information shows what customers still owe and when those invoices are due.

At the same time, payroll, super, suppliers, GST, PAYG and other commitments continue to fall due.

This is why sales information and cashflow should be reviewed together.

First Class Accounts Ovens & Murray helps maintain accurate debtor records, payment information and bookkeeping reports so you have a better picture of what has been sold, what has been paid and what is still outstanding.

Review targets using current bookkeeping data

Sales targets become much easier to monitor when your bookkeeping is up to date.

You can compare current sales against previous periods, review outstanding invoices and access reports without first having to catch up months of transactions.

This also means information is available when you need to speak with your accountant, review your budget or make other business decisions.

Reliable bookkeeping is the foundation underneath that reporting.

With First Class Accounts Ovens & Murray managing the day to day bookkeeping, reconciliations and reporting, you have current financial information available throughout the year rather than having to reconstruct it later.

Keep the numbers behind your sales targets current

You can set the sales target yourself. The important part is having accurate information available to measure what actually happens.

First Class Accounts Ovens & Murray can help keep your bookkeeping current, reconcile your accounts, maintain debtor information and provide regular reporting so you can see how sales are tracking over time.

If your financial records are behind or your reports are difficult to rely on, talk to us about improving the bookkeeping and reporting behind your sales targets.

Frequently asked questions

How can a bookkeeper help with sales targets?

A bookkeeper can make sure the financial information used to review sales targets is current and accurate. This includes recording sales, reconciling accounts, maintaining debtor information and producing regular reports that show actual business performance.

What bookkeeping reports are useful when reviewing sales targets?

Sales reports, profit and loss reports and accounts receivable reports can all provide useful information. The reports that matter most will depend on how your business operates and what information is being recorded in your accounting system.

Why should sales targets be reviewed alongside cashflow?

A sale may be recorded before the customer actually pays. Reviewing sales alongside accounts receivable and cashflow information helps you see how much has been sold, how much money has been received and what is still outstanding.

Why accurate financial data matters for your business

Cloud accounting software such as Xero has reduced much of the manual work involved in bookkeeping. Bank feeds can bring transactions directly into the accounting system, software can suggest matches during reconciliation, and digital document capture can reduce the amount of information that needs to be typed in manually.

That makes it easier to keep business records current, but there is still one point of weakness: the quality of the data going into the system.

Some information still needs to be entered, coded, checked or approved by a person. Even when information moves automatically between systems, it still needs to be allocated correctly. A supplier bill can be captured automatically and still be coded to the wrong account. A bank transaction can be imported correctly but remain unreconciled. An invoice can exist in the system but have the wrong due date.

If information is missing, incorrect or out of date, the reports produced from it will reflect those problems.

This is why accurate financial data starts with reliable bookkeeping. Software can make the process faster and reduce repetitive work, but the records still need to be reviewed and maintained properly.

Accurate data supports better business decisions

When you are making decisions about the future of your business, you need the full financial picture. That means working with records that are current, complete and accurate.

Forecasts are a good example. A cashflow forecast is only useful when the information behind it reflects what is actually happening in the business.

If supplier bills have not been entered, the forecast may overstate the cash you have available. If invoices are raised late, expected cash coming into the business may be missing. If payroll liabilities, leave, super or tax obligations are incomplete, future outgoings can be understated. Even a group of small coding errors can change the way expenses, margins or particular parts of the business appear in a report.

Accurate forecasts can help you plan payment dates, prepare for quieter periods, decide when the business can afford new equipment or additional staff, and make sure there is enough cash available for wages, suppliers and ATO obligations.

It is also important to understand that profit and cashflow tell you different things. Your profit and loss report may show a healthy result while cash is tied up in unpaid invoices, stock or upcoming commitments. Current bookkeeping data helps you see those issues earlier and respond while there are still options available.

Businesses that make decisions using incomplete or outdated information can find themselves dealing with a cash shortage that was visible in the numbers earlier, but was hidden by missing or inaccurate data.

There is a direct relationship between accurate, current financial data and better business decisions. Reliable bookkeeping gives you numbers you can use, rather than figures that need to be questioned or corrected before they become useful.

Use automation to improve data accuracy

One way to improve data accuracy is to automate appropriate parts of the bookkeeping process. The aim is to reduce repeated manual entry, move information between systems more efficiently and make it easier to keep records current.

Xero is one example. Bank feeds can bring transaction data directly into the accounting system, while reconciliation tools can help match transactions against the records already entered. Connected apps can then extend that process into areas such as document capture, approvals, job management, inventory, payments and forecasting.

Dext Prepare can capture information from receipts and invoices and send that data through to accounting software such as Xero. This reduces manual entry and keeps the source document with the transaction for future reference.

You can photograph or upload receipts and invoices rather than relying on a paper filing system. In many cases, original paper receipts do not need to be retained when the electronic copy is a true and clear reproduction and satisfies the relevant ATO record keeping requirements. Business records still need to be stored for the required period and remain accessible if they are needed later.

For forecasting and reporting, Futrli remains available and can connect with accounting platforms including Xero. It can use accounting data to support cashflow forecasts, budgets, scenario planning and financial reporting.

The important part is how these tools work together. Adding apps without reviewing the underlying process can create duplicated work, inconsistent information or gaps between systems. The right setup should reduce manual handling, give your bookkeeper the information they need and make the data in your accounting system more reliable.

This is where business app advisory becomes useful. First Class Accounts Ovens & Murray can review the way information currently moves through your business, identify where manual processes are creating errors or delays, and recommend apps that suit the way you work. We can also help with setup, integration and ongoing bookkeeping so the systems continue to produce useful information.

If you are making decisions from reports but are unsure whether the underlying data is current and accurate, talk to First Class Accounts Ovens & Murray about reviewing your bookkeeping processes and connected apps.

FAQs about accurate financial data

Why is accurate financial data important for a business?

Accurate financial data gives you reliable information about income, expenses, cashflow, liabilities and business performance. It supports better budgeting, forecasting and day to day decisions because you are working from figures that reflect what is actually happening in the business.

Can bookkeeping automation improve data accuracy?

Yes, when it is set up and reviewed properly. Automation can reduce repeated manual entry, bring transactions into your accounting system, capture invoices and receipts, and move information between connected apps. Human review is still important to make sure transactions are coded correctly and missing or unusual items are identified.

What causes inaccurate bookkeeping data?

Common causes include missing supplier bills, late sales invoices, unreconciled bank transactions, duplicate entries, incorrect coding, incomplete payroll information and apps that are poorly integrated. Regular bookkeeping and properly configured systems help reduce these problems.

Sources

Xero Australia bank feeds and reconciliation

Dext 

Futrli forecasting and reporting platform

ATO guidance on electronic receipt records

Closing a business: what you need to do

Closing a business involves a number of financial, payroll, tax and administrative steps that need to be completed before everything can be wrapped up.

You may have decided to close because you are retiring, changing direction or simply no longer want to operate the business. You may have sold the business to someone else. In other situations, the decision may be driven by financial pressure.

Whatever the reason, stopping work does not automatically bring your business obligations to an end.

Your bookkeeping needs to be brought up to date, employees need to receive their correct entitlements, tax and reporting obligations need to be completed and registrations may need to be cancelled.

The exact process will depend on your business structure and whether you are closing, selling or dealing with financial difficulty, so it is worth involving your bookkeeper and accountant early.

Get your bookkeeping up to date 

If you are closing your business or the business has been sold, you need to get all your bookkeeping up to date so your accountant has accurate information to prepare the final accounts and deal with your tax obligations.

This includes reconciling bank accounts, credit cards and loan accounts, reviewing outstanding invoices and bills, recording any remaining transactions and making sure assets and liabilities are properly reflected in your accounting system.

Outstanding customer invoices also need attention. You need to know what money is still expected to come in, which bills remain unpaid and whether there is enough cash available to meet the final commitments of the business.

Accurate bookkeeping becomes particularly important at this point because your accountant will be relying on those records to determine what still needs to be reported, paid or addressed before the business is closed.

If your bookkeeping has fallen behind, getting the records caught up before registrations and accounts start being cancelled can make the closing process considerably easier.

Give your accountant the information about the sale 

If you have sold the business, your accountant will also need the relevant information about the sale.

This can include the sale contract, settlement documents and details about assets, stock or other items included in the transaction. Your accountant can then determine how the sale needs to be treated for tax purposes, including whether GST or capital gains tax may apply.

Your bookkeeping records should support the information contained in the sale documents so there is a reliable financial record of what happened before and at settlement.

If there are unreconciled accounts, missing transactions or outstanding invoices sitting in the accounting system, dealing with them before the final accounts are prepared can save a great deal of unnecessary backtracking.

Finalise employee payments and payroll 

If you have employees, payroll needs particular attention when closing a business.

Employees need to receive their final pay, including any outstanding wages and applicable entitlements. Depending on the employee and their circumstances, this may include unused annual leave, payment in lieu of notice, redundancy pay and certain long service leave entitlements.

Closing a business can also trigger redundancy obligations. Awards and enterprise agreements may contain consultation requirements, so employers should check the requirements that apply to their employees before employment ends.

Payroll reporting also needs to be finalised correctly through Single Touch Payroll.

Super needs to be included in the process as well. From 1 July 2026, Payday Super requires employers to pay super in connection with each payday, with contributions generally needing to reach the employee's super fund within seven business days. This makes accurate payroll and super processing particularly important during the final weeks of a business.

Payroll should be completed before access to payroll software, banking arrangements and other systems is removed.

Work through your registrations and final obligations 

Your bookkeeper and accountant can help you work through the registrations and reporting obligations that need attention when a business closes.

Depending on the structure and circumstances of your business, this may include:

• Completing outstanding BAS, PAYG withholding and other reporting obligations.
• Cancelling PAYG withholding when it is no longer required.
• Cancelling GST registration. If you have sold or permanently closed the business, GST registration generally needs to be cancelled within 21 days.
• Completing the final BAS and making any required GST adjustments, including adjustments relating to business assets that are retained after GST registration ends.
• Cancelling your Australian Business Number. The ABN generally needs to be cancelled within 28 days of permanently stopping business activities, although outstanding reporting and payment obligations should be dealt with first.
• Cancelling a registered business name with the Australian Securities and Investments Commission if it is no longer required.
• Deregistering a company where appropriate. A company continues to have legal obligations while it remains registered with ASIC, including its annual review obligations.
• Lodging final tax returns and dealing with remaining tax liabilities.
• Cancelling licences, permits, subscriptions and other services associated with the business.
• Reviewing insurance requirements, including whether run off insurance may be needed to cover claims made after the business has closed.

The order matters. Cancelling registrations or access to systems too early can make it more difficult to complete outstanding lodgements and reporting.

Before cancelling your ABN, GST registration or company registration, check what still needs to be completed with your accountant or other relevant adviser.

If you are preparing to close or sell your business and need help getting your bookkeeping, payroll and financial records up to date, First Class Accounts Ovens & Murray can help you work through what needs to be completed before your accountant finalises the business. Get in touch.

Keep the records you still need 

Closing the business does not mean the records can be deleted.

Business owners still have record keeping obligations after the business stops operating. Most business and tax records generally need to be kept for at least five years, although some records may need to be retained longer depending on what they relate to.

Employment records also have separate requirements. Employers generally need to retain time and wage records for seven years.

Before closing accounting software, payroll systems, document storage or other business apps, make sure the records you are legally required to retain have been exported or stored somewhere secure and accessible.

This is also a good opportunity to review who still has access to your systems and remove access that is no longer required.

When a business is in financial difficulty 

Sometimes a business reaches a point where cashflow, debt or ongoing losses make it difficult to continue.

Good financial records can help identify warning signs earlier. If reconciliations, accounts payable, accounts receivable and reporting are current, you and your advisers have more reliable information about what the business owes, what it is owed and whether upcoming commitments can be met.

If the business is struggling to pay debts when they fall due, professional advice should be sought as early as possible.

The options available depend on your business structure and financial position. For a company, these can include restructuring, voluntary administration or liquidation. Some eligible companies with debts of less than $1 million may be able to use the small business restructuring process.

A sole trader does not enter company liquidation. Because the individual and the business are legally connected, personal insolvency processes such as bankruptcy may apply instead.

Your accountant, lawyer or registered insolvency practitioner can advise on which options are appropriate for your circumstances.

What happens if a company enters liquidation 

If a company enters liquidation, a registered liquidator takes control of the company and its affairs are wound up.

The liquidator may need access to financial records, accounting software and information held by the company's bookkeeper and accountant. Having complete and current records can make it easier to provide the information required.

Any request for information should be verified before access or confidential records are provided. ASIC maintains company information and published insolvency notices that can be used to confirm whether an external administrator has been appointed. The correct company identifier is the Australian Company Number, or ACN.

Once a liquidator has been appointed, they control the liquidation process. Any further bookkeeping or accounting work associated with the company may therefore need to be discussed with and authorised by the liquidator.

The earlier accurate financial information is available, the easier it is for the business owner and their professional advisers to understand the position and respond to what is required.

Getting the financial side of closing a business in order 

Closing or selling a business involves a lot of moving parts, and the bookkeeping needs to stay accurate right through to the final transactions.

Getting the accounts reconciled, payroll completed, outstanding invoices and bills reviewed, records retained and final information prepared for your accountant gives everyone involved reliable information to work from.

First Class Accounts Ovens & Murray can help make sure your bookkeeping and payroll records are in order and work with your accountant as the business is wound down. If you are closing or selling a business and need support getting the financial side organised, get in touch.

Frequently asked questions about closing a business

What do I need to do when closing a business in Australia?

You generally need to finalise your bookkeeping, pay outstanding employee entitlements, complete tax and reporting obligations, cancel relevant registrations, deal with business assets and liabilities, and retain the records you are required to keep. The steps will vary depending on your business structure and circumstances.

When should I cancel my ABN when closing a business?

An ABN generally needs to be cancelled within 28 days of permanently stopping business activities. Before cancelling it, make sure outstanding lodgements, reporting and payment obligations have been completed. PAYG withholding should also be cancelled before the ABN if it applies to your business.

Do I need to cancel GST when I close my business?

If you permanently close or sell your business, your GST registration generally needs to be cancelled within 21 days. You may also need to complete a final BAS and make GST adjustments for business assets.

What happens to employees when a business closes?

Employees need to receive their final pay and applicable entitlements. Depending on the circumstances, this can include outstanding wages, unused annual leave, notice, redundancy pay and certain long service leave entitlements. Employers also need to complete payroll reporting and super obligations.

How long do I need to keep business records after closing?

Most business and tax records generally need to be retained for at least five years. Employee time and wage records generally need to be retained for seven years. Some records may need to be kept for longer depending on the circumstances.

Is closing an insolvent company the same as closing a solvent business?

No. If a company cannot pay its debts when they are due, insolvency rules apply and professional advice should be sought promptly. Depending on the company's circumstances, options may include small business restructuring, voluntary administration or liquidation.

Card Surcharge Ban

What businesses need to know before 1 October 2026 

What's happening

From 1 October 2026, the way Australian businesses recover the cost of accepting card payments is changing.

Businesses will no longer be able to apply a surcharge to debit, prepaid and credit card payments on designated eftpos, Mastercard and Visa networks.

For businesses that currently add a card surcharge at the point of payment, there is more to review than the wording on a payment terminal. Merchant fees still need to be paid, so businesses need to understand what those fees currently cost, whether pricing needs to change and how any adjustment could affect margins and cashflow.

If you are unsure what your business currently pays in merchant fees, First Class Accounts Ovens & Murray can help you review the figures in your bookkeeping records and merchant statements before you make changes.

Surcharging explained 

A card surcharge is an additional amount charged to a customer because they choose to pay using a particular card. Businesses have used surcharging as one way to recover some or all of the cost of accepting card payments.

As a basic example, say you order a $5 cup of coffee and pay by card. While the advertised price is $5, a 2 per cent card surcharge would add 10 cents, bringing the amount paid to $5.10.

Applying a surcharge is optional, but around 16% of Australian businesses currently collect card surcharges. What’s more, the RBA estimates that Australians pay around $1.6 billion of card surcharges every year, which is no small change. 

For a business, the percentage charged to a customer is only one part of the picture. Merchant service fees, terminal charges and other payment costs can sit across different statements and accounts. Having these expenses recorded accurately makes it easier to see the actual cost of accepting card payments and assess whether your current payment arrangement still makes sense. 

What’s changing? 

From 1 October 2026, businesses will no longer be able to apply card surcharges to debit, prepaid and credit card payments made on designated eftpos, Mastercard and Visa networks.

According to the Reserve Bank of Australia’s research, the current surcharging system is no longer working as intended. Both consumers and businesses have reported finding the rules complex and confusing, while surcharges are not always clearly disclosed.

The changes form part of a broader package of payment reforms. These include:

• Lower maximum interchange fees for domestic debit, prepaid and consumer credit card transactions from 1 October 2026.

• A new cap on interchange fees for foreign issued card transactions from 1 April 2027.

• Greater publication of fee information by card networks and large payment acquirers so businesses have more information available when comparing payment providers.

Interchange fees are one component of the cost of accepting a card payment. A reduction in the interchange cap does not necessarily mean the total merchant fee charged by a payment provider will fall by the same amount. Payment providers can also charge for transaction processing, terminal rental and other payment services.

This is one reason businesses should review their own statements and actual costs before making decisions about pricing or changing payment providers.

Does this mean that all card payment fees will go away? 

No. Businesses will continue to incur costs when customers pay by card. Payment providers may charge for processing transactions, terminal rental and other payment services, and these charges are separate from the surcharge a business may currently add to a customer’s transaction.

From 1 October 2026, businesses that currently recover those costs through card surcharges will need to decide how they will manage the expense. The RBA notes that card acceptance costs can be reflected in a business’s overall pricing. Businesses can also continue to offer discounts for particular payment methods where appropriate.

The RBA does not currently regulate surcharges on non card payment methods. Other payment methods can have different provider rules and pricing requirements, so businesses using services such as PayPal or buy now pay later should check the terms that apply to those services rather than assume the new card rules apply in the same way.

This makes a review of your payment costs useful even if your business does not currently surcharge. If merchant fees are increasing, your bookkeeping data should show what those costs are doing over time and whether they are having a material effect on margins or cashflow.

First Class Accounts Ovens & Murray can help you identify these costs in your accounts and understand what your bookkeeping data is showing before you make decisions about pricing or payment providers.

Prepare early 

Businesses that currently surcharge should review their payment arrangements before 1 October rather than waiting until the change takes effect.

A practical review can include:

• Review your most recent merchant statements. Identify the total fees you pay to accept card payments. Look beyond the headline transaction percentage and include terminal fees and other payment service charges where relevant.
• Confirm where surcharging is currently switched on. This could include payment terminals, online payment systems, invoicing software and any payment apps connected to your accounting system.
• Ask your payment provider what will change on 1 October 2026. Some providers have indicated they may disable surcharging functionality from that date, so find out whether your settings will change automatically and whether you need to take action yourself.
• Review your pricing and margins. If you currently rely on surcharges to recover card acceptance costs, work out the annual value of those costs and assess whether they need to be reflected in your overall pricing.
• Consider the cashflow impact. A relatively small payment fee can become a meaningful business expense when it is applied across a large volume of transactions. Reviewing the annual cost gives you a stronger basis for deciding how to manage it.
• Compare payment providers and plans. The RBA is introducing measures intended to make payment fees easier to compare, and there may be lower cost arrangements available that better suit your transaction mix.
• Review invoices that may be paid after 1 October. The RBA advises that if a card payment is made on or after 1 October 2026, surcharging may no longer be available even if the invoice was issued before that date. Check with your payment provider and make sure your invoicing process is ready for the change.
• Update staff procedures and customer information. Anyone taking payments should know what is changing, when it applies and what customers will see at the point of payment.

Your bookkeeping records can help with several of these decisions. First Class Accounts Ovens & Murray can help you identify merchant fees in your accounts, review how those costs are being recorded and provide the figures you need to assess pricing and cashflow before the new rules begin.

If your payment systems are connected to your accounting software, it is also worth checking that any changes to surcharging or payment settings continue to flow through correctly. A change at the checkout can create reconciliation problems if the payment system and bookkeeping records no longer match.

If you would like help reviewing your merchant fees, bookkeeping records or payment processes ahead of 1 October 2026, speak with First Class Accounts Ovens & Murray.

Frequently asked questions

When does the card surcharge ban start in Australia?

The new rules take effect from 1 October 2026 for designated eftpos, Mastercard and Visa card transactions. American Express has also decided to remove surcharging from the same date.

Will businesses still have to pay merchant fees after 1 October 2026?

Yes. Businesses will still pay the costs charged by their payment provider for accepting card transactions. The change affects the ability to add a separate card surcharge to eligible card payments. Businesses may need to review their overall pricing, merchant plan and payment provider to decide how those costs will be managed.

Can I surcharge an invoice issued before 1 October 2026 if the customer pays after that date?

The RBA advises that if the card payment is made on or after 1 October 2026, surcharging may no longer be available even where the invoice was issued earlier. Businesses should check with their payment provider and update invoicing and payment settings before the change takes effect.

6 ways to get paid faster

FAQs about invoice payment terms

What are invoice payment terms?

Invoice payment terms explain when a customer is required to pay, which payment methods are accepted and any conditions that apply to the payment. They may include upfront payments, instalments, payment on delivery or payment within an agreed number of days. Clear terms can reduce misunderstandings and make it easier for both the business and the customer to know what is expected.

How can a business get invoices paid faster?

Businesses can reduce payment delays by sending invoices promptly, setting clear due dates, offering suitable payment options, using deposits or progress payments where appropriate and following up consistently. Accounting software, automated reminders and eInvoicing may also reduce manual processing and delays.

Can Australian businesses charge late payment fees?

Late payment fees can form part of business payment terms, but they should be agreed in advance and documented appropriately. Contract terms must also comply with applicable Australian laws, including protections relating to unfair contract terms. Businesses changing their contractual terms should obtain legal advice where required.

Business record keeping

Providing accurate source documents to your bookkeeper 

Did you know that the accuracy of your bookkeeping is only as good as the accuracy of the source documents you provide?

Source documents are records that provide evidence of a financial transaction. They help your bookkeeper understand what the transaction was, when it occurred, how much was paid or received and how it should be recorded.

Source documents could include:

• Invoices

• Receipts and tax invoices

• Bank statements

• Credit card statements

• Payroll records, timesheets and leave information

• Credit notes and refund records

• Loan and finance documents

• Records relating to the purchase or sale of business assets

Providing accurate and complete source documents means your financial records are more likely to be accurate, current and compliant.

It is also important to remember that a transaction appearing in your bank feed does not necessarily provide all the information your bookkeeper needs. It may show the supplier and amount paid, although it may not explain what was purchased, why it was a business expense or whether GST was included.

The receipt, invoice or other supporting document provides this information and helps your bookkeeper categorise the transaction correctly.

The ATO identifies receipts, tax invoices, wage and salary records, GST documents and records relating to business assets among the records businesses may need to keep.

Benefits of having accurate source documents

There are several benefits to making sure you provide accurate and complete source documents to your bookkeeper.

These documents support reliable bookkeeping and help your bookkeeper prepare financial records that reflect what is happening in your business. They can also reduce the time spent following up transactions, correcting entries and searching for missing information.

Accuracy

Making sure you provide the correct source documents means that your financial records are more accurate.

This is important for several reasons, including:

• Making sure transactions are recorded with the correct GST treatment

• Supporting the amounts reported in your activity statements and tax returns

• Reducing the risk of errors, adjustments and financial penalties

• Receiving more accurate financial reports

• Making informed business decisions

Your profit and loss report, balance sheet, accounts payable records and cash flow reports all depend on the information entered into your accounting system.

When receipts, invoices or other supporting records are missing, transactions may be placed in the wrong category or left unresolved until more information is available. This can affect how useful your reports are when you are reviewing expenses, planning supplier payments, monitoring cash flow or deciding whether the business can afford a new commitment.

Providing documents regularly also gives your bookkeeper an opportunity to identify unusual transactions or missing information sooner, rather than trying to resolve several months of questions at BAS or financial year end.

Compliance

Accurate source documents help your business meet its tax, superannuation and employer record keeping obligations.

Your records need to explain the transactions reported through your accounting system, activity statements and tax returns. They should contain enough information to show what occurred and support the amounts reported or claimed.

Most business records generally need to be kept for five years. Some records may need to be retained for longer, depending on the transaction and the type of record involved.

Payroll and employment records have separate requirements. Employers generally need to retain employee time and wage records for seven years. These records need to be accurate, legible and accessible if requested by an employee or Fair Work Inspector.

Missing or incomplete documents can make it difficult to support an expense, GST credit, payroll payment or other amount recorded in your accounts. Keeping the correct records from the beginning is easier than trying to recreate them months or years later.

Time and financial savings

When you provide accurate source documents to your bookkeeper, they can save time by not having to track down missing or incomplete information. This can also reduce the time spent correcting entries or processing the same transaction more than once.

A regular document process helps keep your bookkeeping current throughout the month. It can make monthly reconciliations, BAS preparation, payroll processing and financial reporting easier to manage because the required information is already available.

Current records also give you a more useful view of what the business owes, what customers owe you and how much cash may be available for wages, supplier payments, tax obligations and other commitments.

A regular process is usually more manageable than collecting several months of paperwork at once. It also reduces the chance of receipts fading, documents being lost or important details being forgotten.

Managing your source documents

There are a number of platforms that can help you manage your source documents and make it easier to provide them to your bookkeeper.

Platforms that we recommend include Dext, Xero, Hubdoc, and Lightyear. The right option will depend on your accounting software, the number of transactions you process, who needs to approve purchases and how your team currently handles financial documents.

Dext is a cloud based document capture and bookkeeping platform that allows you to photograph, upload, email, store and organise invoices, receipts and other source documents. It can extract information from the document and send the information to accounting platforms such as Xero, ready for review and processing.

Xero is an online accounting software platform that allows you to manage invoicing, bills, bank transactions, reporting and other bookkeeping functions. Its document capture features allow you to photograph, email or upload invoices and receipts. Xero can extract information from the documents and store the original file with the relevant financial record.

Hubdoc can also be used to collect and store paper and digital documents. Documents can be uploaded from a computer, emailed to a dedicated address or photographed through the mobile app. Hubdoc extracts details such as the supplier, date, invoice number and total amount before the transaction is reviewed and published to Xero.

Lightyear serves a slightly different purpose. It is designed for businesses that need more control over purchasing, supplier invoices, accounts payable, expense management and approvals. It can extract invoice details, apply coding rules, route invoices through approval processes and then send the information to Xero.

Using a digital platform to manage your source documents can improve the accuracy and efficiency of your bookkeeping. It can also help keep your financial records organised, accessible and current.

The platform still needs to be set up correctly and used consistently. Automatic data extraction can reduce manual entry, although documents and transaction details should still be checked before they are approved or published.

First Class Accounts Ovens & Murray can review how you currently collect and process documents, recommend suitable business apps and help set up a system that works for your business and your team.

Tips for providing accurate source documents to your bookkeeper

Here are some additional tips for providing accurate source documents to your bookkeeper:

• Scan or photograph paper source documents and upload them to Dext, Xero, Hubdoc or your agreed platform as soon as possible after the transaction occurs. This helps prevent them from being lost, damaged or forgotten.

• If you are taking a photograph, photograph the original source document. Avoid taking a photograph of another photograph or submitting a screenshot when the original invoice or receipt is available.

• When an invoice or receipt has been emailed to you, upload or forward the original PDF rather than taking a screenshot of it.

• Make sure scans and photographs are clear and legible. Check that the supplier name, date, description, total amount and GST details can be read and that no part of the document has been cropped.

• Include all pages of an invoice, statement or agreement when the information is spread across more than one page.

• Add a short description of the transaction when its business purpose is not obvious. This can be helpful for meals, travel, mixed purchases, reimbursements and expenses that include both business and private use.

• Keep credit notes, corrected invoices and refund records with the original transaction. These documents may change the amount or GST treatment recorded in your accounts.

• Do not rely solely on the description shown in your bank feed. A bank transaction may confirm that a payment occurred, although it may not provide enough information to explain what was purchased or support the GST treatment.

• Keep your source documents in a safe and organised place. Using a digital platform such as Dext, Xero, Hubdoc or Lightyear can make documents easier to find and connect with the relevant transaction.

• Provide your bookkeeper with the appropriate access to your document management and accounting systems.

• Agree on one main process for submitting records. Sending documents through several email addresses, text messages and folders can make it difficult to confirm that everything has been received.

• Provide payroll changes, approved timesheets, leave information, reimbursements and other payroll records before the agreed processing cut off.

The ATO recommends using digital record keeping where practical. The same record keeping requirements apply whether records are kept manually or digitally, and digital records need to remain accessible and protected.

By following these tips, you can help ensure that, as your bookkeeper, we have the information needed to keep your financial records accurate, current and compliant.

If your existing document process is taking too much time or information is regularly being missed, talk to First Class Accounts Ovens & Murray. We can help you improve the process, choose suitable apps and provide reliable bookkeeping and payroll support.

Frequently asked question about business record keeping

What source documents should I give my bookkeeper?

Your bookkeeper may need customer invoices, supplier bills, receipts, tax invoices, bank and credit card statements, payroll records, credit notes, loan documents and records relating to business assets.

The documents required will depend on the transaction and the way your business operates. Your bookkeeper may also ask for an explanation when the business purpose of a transaction is not obvious from the document.

Is a bank statement enough evidence for a business expense?

A bank statement shows that money entered or left your account, although it does not always explain what was purchased, whether the expense was business related or how much GST was included.

Your bookkeeper may also need the receipt, tax invoice or other source document to categorise the transaction correctly and support the amount recorded or claimed.

How long should I keep business source documents?

Most business records generally need to be kept for five years. Some records may need to be retained for longer, particularly when they relate to assets or transactions that continue to affect later reporting periods.

Employers generally need to retain employee time and wage records for seven years. Records should remain accurate, legible and accessible throughout the required retention period.

6 questions to ask during a business health check

Running a busy business can leave little time to step back and review how well its financial and operational processes are working. Regular review is still important when you want to improve cash flow, support your team, make informed decisions or prepare for future changes.

A practical business health check can begin with the areas that affect day-to-day stability, including payroll, cash flow, financial reporting, business apps and the quality of the information available to you.

Accurate bookkeeping supports each of these areas. When records are current and processes are consistent, you can see what is happening, identify issues earlier and make plans using information you can trust. First Class Accounts Ovens & Murray can help you review these foundations and improve the systems that support them.

The following six questions are a practical place to start.

1. Are your payroll processes supporting your workforce?

Your employees rely on the business to pay them correctly and on time. Payroll problems can affect trust, particularly when pay rates, leave balances, allowances, deductions or superannuation are wrong or unclear.

Ask whether payroll is being processed consistently, whether employee details are current and whether corrections are regularly required after a pay run. It is also worth reviewing how timesheets, leave requests and payroll approvals move through the business. Manual data entry, missing information and unclear handovers can create extra work and increase the chance of errors.

The payroll process also affects cash flow planning. Wages, PAYG withholding and superannuation need to be visible alongside supplier payments, tax obligations and other commitments.

First Class Accounts Ovens & Murray can review your payroll setup and ongoing processes, manage payroll and superannuation tasks, and help improve the systems used to collect and approve payroll information.

2. Are you meeting your cash flow goals?

A healthy sales figure or a profitable month does not necessarily mean the cash is available when payments fall due. Cash flow depends on the timing of money entering and leaving the business, which makes accurate, current records essential.

Review whether invoices are raised promptly, overdue accounts are followed up consistently and supplier payments are scheduled with upcoming payroll, GST, PAYG and superannuation obligations in mind. It is also useful to check whether your cash flow forecast reflects current trading conditions, expected customer payments and known expenses.

Your bank balance gives you one part of the picture. Current bookkeeping, aged receivables, aged payables and a practical cash flow forecast provide more useful context for decisions about spending, hiring and payment timing.

First Class Accounts Ovens & Murray can keep your records current, improve the information used for cash flow reporting and help maintain a forecast that shows what is expected to come in, what needs to go out and when.

3. Are your business apps and technology improving the way you work?

Technology can save time and reduce manual handling when it is selected for a clear purpose and set up around the way the business operates. Problems arise when several apps perform similar tasks, data is entered more than once or systems do not share information properly.

Look at the processes that take the most time each week. This may include collecting timesheets, approving bills, managing expenses, tracking jobs, monitoring inventory, issuing invoices or preparing reports. Consider where information is delayed, repeated or difficult to access.

AI tools may also have a place in some workflows, although they need to be assessed carefully for accuracy, privacy, access and how they fit with your existing systems. Introducing technology without reviewing the underlying process can add complexity and cost.

First Class Accounts Ovens & Murray can help you assess, select and implement business apps for functions such as expense capture, approvals, time tracking, job management, inventory, point of sale and reporting. The focus is on finding tools that suit your workflow and give your accounting system better information.

4. Do you have access to the numbers you need?

Business decisions are easier when the information behind them is current, accurate and relevant. If reports arrive late, transactions are coded inconsistently or key accounts have not been reconciled, it becomes harder to understand what is changing and why.

Useful reports may include a profit and loss statement, balance sheet, cash flow report, aged receivables, aged payables and payroll liability reports. The right mix depends on the business and the decisions you need to make.

Ask how soon you can access reports after the end of the month, whether you understand the main movements and whether you can compare actual results with your budget or forecast. It is also worth checking whether the reports show enough detail to identify changes in sales, costs, margins, customer payments and upcoming obligations.

First Class Accounts Ovens & Murray can improve the quality and timing of your reporting, explain what the figures show and help you establish a regular reporting process that supports practical decisions.

5. Have you thought about where your business will be in five years?

Daily demands can take priority over longer-term planning, especially when the financial information needed for planning is incomplete or out of date. A five-year view gives you a reason to consider what you want the business to look like and what needs to change along the way.

Think about the size of the team, the products or services you expect to offer, the systems the business will require and the level of involvement you want to have. You may also need to consider equipment, premises, funding, succession or a future sale.

Reliable financial records help you assess whether your plans are realistic and what resources may be required. They also give your accountant or business adviser better information for forecasts, tax planning and scenario discussions.

First Class Accounts Ovens & Murray can keep your reporting accurate, help identify financial patterns and prepare the information needed for longer-term planning with your accountant and other advisers.

6. Does your business support your personal financial goals?

The financial performance of the business can affect the choices available to you outside it. Your plans may include paying down debt, building superannuation, reducing your working hours, supporting family or preparing for retirement.

Start by looking at how money moves between the business and your personal finances. Wages, drawings, distributions, superannuation and personal expenses paid through the business need to be recorded clearly. This gives your accountant and licensed financial adviser accurate information when they provide tax, investment, superannuation or wealth advice.

It is also useful to consider whether the business can fund your current commitments while maintaining enough cash for payroll, suppliers, tax and operating expenses. Reliable reports help you have a more informed discussion about what the business can support.

First Class Accounts Ovens & Murray can keep the underlying records accurate, separate business and personal transactions correctly, and provide current reports for discussions with your accountant and financial adviser.

Start with the financial foundations

These six questions can help you identify where the business is working well and where its processes or information need attention. A business health check is more useful when it is based on current records, completed reconciliations and reports that reflect the way the business operates.

First Class Accounts Ovens & Murray can review your bookkeeping, payroll, reporting and business app setup, then help address practical gaps. This may include bringing reconciliations up to date, improving the payroll process, establishing clearer reporting or introducing apps that reduce repeated handling.

Get in touch with First Class Accounts Ovens & Murray to arrange a review of your bookkeeping and systems.

Frequently asked questions about business health checks

What is a business health check?

A business health check is a structured review of the financial information, systems, payroll processes, reporting and plans that support a business. It can help identify inaccurate data, inefficient processes and obligations that are difficult to track, giving you a clearer list of priorities.

How often should a business health check be completed?

The right timing depends on the business and the pace of change. A review may be useful as part of quarterly or annual planning, before a period of growth, after a significant system change, or when cash flow, payroll or reporting problems begin to appear.

Can a bookkeeper help with a business health check?

Yes. A bookkeeper can review the accuracy of your records, the information used for cash flow planning, payroll processes, reporting and connected business apps. They can also prepare reliable information for discussions with your accountant, business adviser or licensed financial adviser.

Outsourcing bookkeeping services

What good bookkeeping should include

Good bookkeeping gives you accurate financial records, useful reports and a better understanding of what is happening across your business.

Accounting software can provide fast access to financial information, key performance indicators and cash flow reports. However, the information produced by the software is only as reliable as the records entered into it. When transactions are missing, incorrectly categorised or left unreconciled, reports can give you an incomplete or misleading picture of the business.

Consistent bookkeeping also helps you stay on top of supplier payments, payroll, superannuation, GST and other obligations. It gives your accountant accurate information to work with and allows you to identify changes in income, expenses and cash flow before they become harder to manage.

So, what does good small business bookkeeping involve, and when does it make sense to outsource your bookkeeping services to a professional?

Why accurate bookkeeping matters

Bookkeeping is a fundamental part of the financial management of your business. Without accurate and current records, your accounting software has limited information to work with, your reports may be unreliable and your accountant cannot see an up to date picture of the business.

Your bookkeeping records show what the business has earned, what it has spent, what it owes and what is owed to it. They also provide the supporting information needed to prepare reports, complete reconciliations, manage GST and meet other reporting and lodgement requirements.

Australian businesses are required to keep records relating to their tax, superannuation and registration affairs. These records generally include documents relating to business income and expenses, along with enough information to explain the purpose and details of each transaction.

Accurate bookkeeping also helps you understand the difference between profit and available cash. A business may be profitable on paper while still experiencing pressure when customer payments are delayed or several expenses fall due at the same time.

When your records are current, you can see what is coming in, what is going out and when payments are due. This supports better cash flow planning and helps you prepare for payroll, supplier invoices, GST, PAYG withholding, superannuation and other commitments.

First Class Accounts Ovens & Murray can manage your day to day bookkeeping and reporting so you have reliable information available when you need it.

How to get more from your bookkeeping

Bookkeeping gives you a record of your transactions and provides the foundation for financial reporting. Its value increases when the work is completed accurately, consistently and within a suitable timeframe.

A reliable bookkeeping process should make it easier to find supporting documents, check transactions, prepare reports and understand the financial position of the business. It should also reduce the amount of time spent searching for missing information or correcting avoidable errors.

The following steps help create a more reliable bookkeeping process.

Capture and store financial documents

The first part of the bookkeeping process is collecting and storing receipts, tax invoices, supplier invoices, remittance notices and other supporting documents.

Digital copies make documents easier to locate and connect to the relevant transaction. They also reduce reliance on paper records that can be misplaced, damaged or left sitting in vehicles, bags and inboxes.

The document should contain enough information to explain the transaction, including the date, amount, supplier or customer and the purpose of the purchase or payment. GST details should also be recorded where relevant.

Receipt capture and document management apps can reduce manual data entry by sending documents directly to your accounting system. First Class Accounts Ovens & Murray can help assess whether tools such as Dext, Hubdoc or another suitable app fit your existing processes and accounting software.

Record transactions promptly

Income and expenses should be recorded within a consistent timeframe and matched with the relevant supporting documents.

Leaving transactions unrecorded can create gaps in reports and make it harder to understand the amount of cash available to the business. It may also delay reconciliations, BAS preparation and other financial processes.

Regular transaction processing means reports are based on more current information. This allows you to review sales, expenses, amounts owed by customers and upcoming payments without relying on figures that may already be several weeks out of date.

The appropriate processing schedule will depend on the size and activity of the business. Some businesses need daily bookkeeping, while others may be well served by a weekly schedule. The important point is that the process is consistent and suited to the volume of transactions.

Categorise transactions accurately

Transactions need to be allocated to the correct accounts so your financial reports show where income is being earned and where money is being spent.

Incorrect coding can distort expense totals, profit figures, GST reporting and comparisons between reporting periods. It can also make it difficult to identify changes in costs or determine whether an area of the business is performing as expected.

Consistent categorisation is particularly important when several people enter transactions or when bank rules are used to automate part of the process. Automated rules can save time, although they still need to be set up correctly and reviewed regularly.

A professional bookkeeper can create consistent coding practices and investigate unusual transactions rather than allowing errors to continue through subsequent reporting periods.

Reconcile accounts regularly

Reconciliation involves comparing the transactions recorded in your accounting system with bank statements, credit card statements, payment platforms and other financial records.

This process helps identify duplicated transactions, missing payments, incorrect amounts and transactions that have been entered into the wrong account. It also confirms whether the balance shown in the accounting system agrees with the external financial record.

Bank reconciliations should be completed regularly rather than being left until a BAS, tax return or financial report is due. Depending on the business, this may mean reconciling accounts daily, weekly or monthly.

Regular reconciliations also support cash flow management. When bank balances, outstanding invoices and upcoming payments are accurate, you can make decisions using information that reflects the current position of the business.

First Class Accounts Ovens & Murray can manage reconciliations as part of an ongoing bookkeeping service, reducing delays and helping keep your records ready for reporting and lodgement work.

Use cloud accounting software properly

Cloud accounting software such as Xero allows authorised users to access financial records, process transactions and review reports from different locations.

These systems can import bank transactions, apply transaction rules, connect supporting documents and reduce some repetitive data entry. They can also connect with payroll, time tracking, inventory, point of sale, payment and job management apps.

The software still needs to be configured and maintained correctly. Poorly designed account structures, outdated bank rules, duplicated app connections and inconsistent processes can create additional work and affect the quality of the data.

The right accounting system and connected apps should suit the way your business operates. Adding more software does not automatically improve a process. Each app should have a defined purpose, connect reliably with your accounting system and be used consistently by the people responsible for the work.

First Class Accounts Ovens & Murray provides business app advisory, setup and implementation support. This includes reviewing existing processes, identifying suitable tools and helping your team use the selected system correctly.

Use your bookkeeping information to support decisions

Bookkeeping should provide more than a record of completed transactions. Current and accurately categorised data can help you understand how the business is performing and what may require attention.

Useful reports may include a profit and loss statement, balance sheet, aged receivables report, aged payables report and cash flow forecast. The reports you need will depend on the type of business and the decisions you are making.

For example, an aged receivables report can show which customer invoices are overdue, while an aged payables report can help you plan supplier payments. A profit and loss statement can show changes in income and expenses, and a cash flow forecast can help identify periods when available cash may be tighter.

Reports are most useful when they are reviewed regularly and the underlying records are accurate. First Class Accounts Ovens & Murray can help you understand what the figures are showing and prepare useful information for discussions with your accountant or other advisers.

Outsource your bookkeeping to a professional

Managing your own bookkeeping may seem practical when the business is small or transaction volumes are low. As the business grows, the work can become more time consuming and may require a greater understanding of GST, payroll, reconciliations, reporting and accounting software.

Outsourcing gives you access to people who work with bookkeeping systems and financial processes regularly. It also removes the need for the business owner or another team member to fit bookkeeping around their other responsibilities.

A professional bookkeeping service can manage transaction processing, reconciliations, accounts payable, accounts receivable, payroll, reporting and BAS related work, depending on the support required.

The quality of the service model is also important. First Class Accounts Ovens & Murray provides reliable continuity of service, so bookkeeping tasks continue to be completed accurately and on time when individual team members are unavailable.  This provides continuity and reduces the risk of bookkeeping tasks being delayed because one person is away.

Outsourcing also gives you access to support with accounting software, connected apps and process improvements. This can reduce duplicated work, improve the way financial information moves between systems and make regular reporting easier to manage.

Make bookkeeping one less thing to manage

Cloud accounting software has made bookkeeping more efficient, although the work still needs to be completed regularly and checked carefully. Transactions must be processed, documents attached, accounts reconciled and reports reviewed.

When bookkeeping is fitted around customer work, staff management and other operational responsibilities, it can easily fall behind. Delayed bookkeeping affects more than record keeping. It can leave you without current information when you need to plan payments, review cash flow or make a business decision.

First Class Accounts Ovens & Murray provides outsourced bookkeeping services shaped around the needs and transaction volume of your business. We can manage your regular bookkeeping, reconciliations, payroll, reporting and BAS related processes while helping you improve the systems that support the work.

We can also review document capture tools and connected business apps to determine which options suit your accounting system and workflow.

With accurate records and consistent support in place, you can spend less time managing financial administration and more time focused on the work that needs your attention.

Contact First Class Accounts Ovens & Murray to discuss your current bookkeeping process and the support your business needs.

Frequently asked questions about bookkeeping services

What does a bookkeeping service include?

A bookkeeping service may include recording income and expenses, processing supplier bills, reconciling bank and credit card accounts, managing accounts payable and receivable, processing payroll, preparing reports and supporting BAS related processes. The exact service should be based on the size, transaction volume and requirements of the business.

How often should business bookkeeping be completed?

The appropriate schedule depends on the number of transactions and how quickly the business needs updated information. A business with regular payroll, supplier payments or a high volume of daily transactions may need bookkeeping completed daily or weekly. Businesses with fewer transactions may use a weekly or monthly schedule. Reconciliations and processing should still occur frequently enough to keep reports accurate and obligations on track.

When should a business outsource its bookkeeping?

Outsourcing may be suitable when bookkeeping is taking time away from other work, records are regularly falling behind, reports cannot be relied on or too much knowledge sits with one person. It can also help when the business needs support with payroll, accounting software, connected apps, reconciliations or more consistent financial reporting.