Small Business Bookkeeping Services

Bookkeeping is the recording and classifying of all financial transactions within your small business. It keeps track of what your business is spending and receiving. Keeping an accurate set of books allows you to check that you’re bringing in more money than what is going out, gives you reliable financial information for planning and budget decisions, keep track of your cashflow, find incorrect payments that might cost you money, get your tax return completed accurately and having financial information available to work with other parties such as lenders, investors and Accountants services.

Accounting Software Setup / Manager

Online small-business bookkeeping software is becoming more and more popular as it allows these jobs to be sped up and reduce the chances of human data-entry errors. It allows you take care of all your financial and bookkeeping needs in one place: Your accounts, invoicing and billing, tracking sales, payroll management, inventory management, reporting tax and help in budgeting. Bookkeeping Freedom's online and remote services are a big part of what we do. We lean on leading-edge software services to provide an absolute optimum bookkeeping performance for our clients.

Payroll Management & Reporting

Payroll processing is one of the most important tasks in running a small business. Using a payroll system allows payroll to be more manageable, saving time and the ability to generate accurate reports. It also eases compliance worries and simplifies operations. Payroll doesn't need to be a complicated process for a business or riddled with the occasional error causing disgruntled staff. Bookkeeping Freedom will set your payroll up effectively so that the process is smooth and diligent moving forward.

Accounts receivable/ payable

Accounts Receivable is where the small business records and tracks the amounts owed by customers and Accounts Payable is where the business records and tracks the amounts owed to suppliers for goods or services. Accounts receivable / payable is such a critical element to have operating efficiently and on time consistently. "Training" your clientele & suppliers to operate within your expected bookkeeping boundaries is a part of running a successful business; the difference to a business cashflow can be significant which can lead to less stress, money when you need it and improved business decisions.

End of Month

There are many small bookkeeping tasks required to ensure that the financial records of the business are balanced before the start of the next month. Typically a bookkeeper or accountant carries out these duties. Once the tasks are completed monthly reports can be produced, the most common being a balance sheet, income and expenses statement and a cash flow statement.

Registered BAS Agent Service

Anyone providing BAS services for a fee or reward must be registered with the Tax Practitioners Board. A BAS agent is authorised to prepare and lodge BAS returns on the behalf of their client. There are severe penalties for anyone providing this service while unregistered. Bookkeeping Freedom are able to provide these Remotely Australia Wide and Sydney, Melbourne, Brisbane, Gold Coast, Perth & Adelaide.

Bank Reconciliations

This is the process of matching the bank records with business activity. It confirms that payments have been processed and cash collection has been deposited into a bank account. All transactions on the bank statement need to be accounted from within the Bank Reconciliation in the Accounts.

Double Entry Bookkeeping

This is a system of bookkeeping services where there is a double entry for every transaction. Each entry requires a corresponding and opposite entry to a different account. It increases accountability and allows for easy preparation of financial statements. Most accounting software services use this method and most businesses use this method.

Single Entry Bookkeeping

With single entry bookkeeping each transaction is recorded as a single entry as the name suggests. It is simpler than double entry bookkeeping and may be sufficient for very small businesses in order to record your income and expenses. If you are the kind of business that manages to operate with a sheet of paper and a shoe box then single entry bookkeeping could be sufficient for you, however it is never too small of a business to transition into the use of modern bookkeeping tools.

Modernise My Books (Paperless)

More and more businesses are moving their bookkeeping from desktop programs to online. There are many benefits to doing this such as having mobile access at any time (all you need is an internet connection), it allows for real-time books and one source of truth as there is only one master file, you and your Bookkeeper can collaborate over the phone as you both see the same information at the same time, it’s a cost and time-effective solution, it is one of the most secure ways to store information, there are no back-ups to perform, paperwork can be reduced to zero and it allows for better control of your financial processes. Apps can also be added to enhance the efficiency of your business' bookkeeping, catering to your specific needs.