How a Bookkeeper Can Ensure That Your Processes Meet the Australian Industry Standards

Do You Need Help Keeping All Your Books In Check?

Running your day to day business is tough enough without the added stress of keeping your financial figures in line and organized. However, Bookkeeping is an essential part of any company, especially when countries like Australia expect a certain standard.

But – Bookkeeping doesn’t have to be the stress-filled activity people deem it to be. Not if you seek the appropriate help and get it done the right way.

Whether you’re looking at the logistics of opening up a new business or are currently dealing with the stress of Bookkeeping, here are some tips to keep it all inline

What is Bookkeeping?

Before we get into the ways of proper Bookkeeping – let’s take a look at what the job actually entails.

Bookkeeping focuses on understanding the ins and outs of business in order to put together reliable figures when it comes to financial matters.

It typically involves processing and analyzing a business’s sales and expenses in order to help the company grow or at the very least, stay afloat.

How To Meet Australian Standards

There are multiple ways you can ensure that your business is meeting the Australian Industry standards when it comes to Bookkeeping.

1) Hire a Bookkeeping Service

Sometimes the best way to ensure things are being done properly is to hire a company to do the jobs for you. According to the professionals at Irena’s Bookkeeping Services, these professionals” can offer small business bank and credit card reconciliations, accounts payable and receivable, invoicing, data entry and filing, budgeting and cash flow management and reporting.”

You can also hire professionals referred to as BAS Agents. These individuals are certified to take care of your business’ finances when it comes to Bookkeeping and also dealing with the government and taxes

They are required to have a Certificate in Bookkeeping as well as relevant ongoing experience in the field. They also must fall under the legislation in order to help with GST, Payroll, and any other taxes or payments.

Worried about fraud? This website allows you to check if an Agent is registered. They are also contractually bound to a confidentiality agreement when you become their client.

2) Become Certified Yourself

If hiring someone for the role isn’t in your best interest, you can always become certified yourself, or train an employee you already trust.

The ICB in Australia actually offers a bookkeeping and accounting certificate themselves. While there is no rule book stating a degree is needed for the role. It is recommended that an aspiring bookkeeper go further than just achieving a certificate.

There are plenty of accounting degrees offered at schools across the country that would be appropriate for the role.

Typically if you believe you have a knack for detail and numerical accuracy then you may be fit for the job.

Bookkeepers tend to fully master skills like:

  • Problem Solving
  • Communication
  • Organization
  • Numerical
  • Computer
  • Determination

It’s Go Time!

Now that you’ve been given a few options for your company, you can decide whether or not hiring a professional is the right choice for you. Make sure you weigh all your options and remember – there’s no need to stress yourself any more than necessary while running your business. Happy Bookkeeping!

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