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FAQ & LINKS

Frequently Asked Questions about Bookkeeping:

How to do Bookkeeping?

Most people to may need a bookkeeper are operating a business and for peace of mind should consider stick to what they know best and outsource the bookkeeping to a registered BAS Agent.  Consider this: your bookkeeper would not be the person to call to fix your electrical problem….as an electrician you will not know all of the legislative rules associated to bookkeeping… Stick to what you know best and outsource the bookkeeping to a registered BAS Agent.

Online bookkeeping help?

If you are using a computerized accounting program your first option would be to scroll through the help option and online tutorials that are available – although this can be just as frustrating as the problem you are experiencing.  Alternatively, at Digits Administration we use programs like “LogMeIn” to access your computer screen remotely and “Dropbox” to retrieve a backup copy of your data which means that we can see what the problem is and physically show you how to fix it – all without stepping foot on your premises.

Online bookkeeping Bundaberg?

As mentioned above there are a few programs we can use to help you without visiting you on site, however if you are living in the Bundaberg region if you would prefer we can offer onsite help and training when needed.  Alternatively we offer an annual telephone support program where our competent staff can help you anytime during business hours with practical hands on knowledge.

What bookkeeping expenses are considered office expenses?

Your bookkeeper is 100% claimable and should have its own account code with in your chart of accounts or more simply separated from any other expenses.  The cost of your accounting program (depending of cost) and any paper used to print reports would be considered office expense.

How to set up simple bookkeeping program?

This can be as simple as an excel spreadsheet that clearly defies expense and income into relevant list of account codes eg. Fuel, telephone, electricity to the computerized system that comes with a “ready made” chart of account codes to suit most industry types and it is as simple as follow the on screen instructions, making sure to check your GST codes to ensure your outcomes are accurate.

How to simplify bookkeeping for a home based business?

The simplist way to set up bookkeeping for a home based business is to employ a bookkeeper.  Seriously their charge out rate is probably similar to yours so go and do what you do best and let your bookkeeper worry about the legislative requirements.

How much should bookkeeping cost?

The answer to this question will depend on the size of your business, and the role you would like your bookkeeper to take.  One example is of a small sole trader, with one bank account and no payroll may expect to pay between $25 to $30 per week. Call Digits Administration for an obligation free quote that will suit you and your business.

What is the best computer bookkeeping system?

This is a difficult question to answer as there are many variables.  Things to consider are do you need payroll, do you need to be able to use it from anywhere, how proficient are you on computers.  Depending on your answers you may prefer a desktop program like MYOB or Quicken, or an internet ‘cloud accounting’ based program like Xero or Saasu.  At Digits Administration we use all of the programs mentioned and we can talk you through the process to ensure that you choose the best program for you.

What are the consequences to have a bad bookkeeping?

If you do not keep on top of your bookkeeping and either end up making it up or you simply don’t know what you are doing you are running the risk of failing an ATO audit or worse going bankrupt.  It is important for all business owners to be able to make informed decisions about the financial future of their business and the only way to do that is to have accurate bookkeeping records.

How to do bookkeeping online?

If you need access to your financial info from anywhere then you need to be looking at an online ‘cloud based’ program like Xero or Saasu.  Give Digits Administration a call and we can help you choose which is best for you.

How to get started in bookkeeping?

If you are considering bookkeeping as a profession, step one is to obtain the qualification needed eg. Cert IV Financial Services (bookkeeping). Step Two is to obtain industry experience as an employee.  Please do not think that obtaining the Certificate alone will give you enough experience to undertake the duties as a bookkeeper without supervision.  To be a registered BAS Agent you must have both the qualification and proven experience in the industry and this would be step three.

How are bookkeeping and accounting are related?

Bookkeeping is the process of entering the financial transactions (income and expenses) of a business into either a manual ledger or a computerized accounting system eg MYOB.   At Digits Administration our bookkeeping process includes the completion of financial reports and Business Activity Statement (BAS).  Accounting is the process of taking these financial records and creating management reports including Balance Sheets, Profit and Loss reports and ultimately the completion of tax returns. 

Bookkeeping how to do journal entry?

Under the double entry bookkeeping process a journal must have both a debit and credit entry.  Journals are rarely used in a computerized accounting program and should not be attempted by a novice.  Instructions should be sourced for each occasion from a registered BAS Agent or accountant to ensure accuracy.:

In a combined care

LINKS

MYOB

MYOB Business Resources

Xero

Saasu

Australian Taxation Office

Individual Tax Rates

Weekly Tax Tables

ABN Search

QLD Employment and Training

WorkCover

Fair Work Ombudsman

Pay Check Plus

Fair Work Australia

 

            Our goal is to help you manage your business instead of it managing you

        Phone us today on (07) 4130 0121 to talk about how we can help you                                           have your bookkeeping done for you