7 Essential Tasks To Work Seamlessly With Your Accountant

Accounting and Tax
July 3, 2023

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As an Australian business owner who outsources your accounting function, you trust your accountant with all bookkeeping processes.

Reviewing, reconciling, and verifying all financial transactions and aspects of the company is crucial to ensure accurate financial reporting. Having the most up-to-date information maximises your tax benefits.

Accountants have much to do to ensure compliance and set your business up for success.

Here are a few things that, as a business owner, you can do to work seamlessly with your accountant.

7 Key Tasks Your Accountant Will Thank You For

Many activities demand your attention as a business owner. However, these are a few that may streamline your finances and set a solid foundation for the new financial year.

1. Ensure Your Bookkeeper Is Aware of All Bank Accounts Related to Business Use

Why it matters: Keeping your bookkeeper informed about all bank accounts associated with your business ensures accurate recording of financial transactions.

2. Keep Personal Expenses Separate

Why it matters: Separating personal and business expenses maintains financial integrity and simplifies bookkeeping and financial reporting.

3. Address Reconciliation Questions Promptly

Why it matters: Timely response to reconciliation inquiries from your bookkeeper or accountant minimises errors and ensures accurate financial reporting.

4. Inform about Asset Purchases or Sales

Why it matters: Informing your bookkeeper or accountant about asset transactions helps correctly record depreciation or capital gains/losses.

5. Provide Copies of Invoices and Loan Documentation for Asset Purchases

Why it matters: Keeping copies of invoices and loan documentation for asset purchases provides evidence and facilitates accurate financial reporting.

6. Retain Receipts or Invoices for Expenses Outside of Your Business Account

Why it matters: Receipts or invoices for business expenses paid through personal or other accounts ensure accurate recording of potential tax deductions.

7. Review Payroll Summary and Report Discrepancies Promptly

Why it matters: Checking the accuracy of your payroll summary, notifying your bookkeeper or CFO of any discrepancies, and meeting the payment summary deadline (14th July 2023) are crucial for proper tax preparation.

Bonus Task: Process Superannuation Guarantee Payments on Time

Why it matters: Timely processing of superannuation guarantee payments helps avoid penalties and charges, ensuring compliance and maximising tax benefits.

The Essential Checklist for Australian Business Owners

By completing these seven essential tasks, you make your accountant’s work more accessible and receive many financial benefits.

This essential checklist ensures accurate accounting and financial reporting, minimises errors, and simplifies your tax preparation process.

Keeping open lines of communication with your bookkeeper and organising your financial records will give your business a solid foundation.

Empowering your accountants to do what they do best will enable your business to thrive and grow.

Stay on top of these tasks to maximise your financial opportunities. Or contact us at enquiries@afpaccounting.com.au or call (02) 7804 1849.

If you’re not actively managing your loan, chances are you’re paying more than you need to — and missing out on savings of $50 a week or more.

Whether it’s a mortgage, personal loan, or asset finance, small tweaks can unlock big savings. At AFP Finance & Loans, we’ve helped clients reduce repayments by over $2,600 a year — without changing their lifestyle or taking on more risk.

This article breaks down practical, proven ways to help you save around $50 each week on your repayments — and why working with a broker enables you to reach your goal of paying off your loan more easily.

1. Lower Your Rate

One of the simplest ways to save $50 a week is by securing a better interest rate. According to findings by PEXA, homeowners who refinanced to a new lender saved an average of $1,908 per year (nearly $37 per week) compared to just $384 annually for those who stayed with their original lender.

The kicker? Existing customers often pay 0.21% more than new customers. That small difference could mean an extra $70 each month on a $526k mortgage.

Refinancing through a trusted broker at AFP Finance & Loans ensures you’re not just accepting the status quo. We compare lenders, negotiate better terms, and help you avoid hidden costs.

Tip: If your rate drops, keep repayments the same to pay off your loan faster and save more in interest.

2. Switch to Weekly or Fortnightly Payments

Most people don’t realise they can make an extra month’s repayment each year just by switching from monthly to fortnightly payments.

If your lender calculates interest daily, this simple change can cut years off your loan and save thousands in interest.

While more frequent payments may not free up the whole $50 immediately, the compound savings are significant over time.

3. Use an Offset Account

Do you have savings sitting in a separate account? You could be missing an opportunity to save $50 each week in interest.

An offset account is a type of bank account linked to your loan. The balance in this account is used to offset the principal (the amount you still owe) — meaning the interest you pay is calculated on a reduced balance.

An offset account allows your money to shrink your loan amount, without locking your savings away. Funds remain fully accessible — but while they sit in the account, they’re actively working to lower the interest you pay (without any extra repayments).

For example, keeping $50,000 in offset on a 6% loan saves about $3,000 a year — or $57 a week — making every dollar work harder for you.

4. Cut Hidden and Ongoing Fees

Fees can quietly erode your savings. Annual package fees can range from $300 to $400, and monthly service fees still exist on many products.

By switching to a low-fee alternative or refinancing smartly, you could reduce your outgoings by $10–$15 a week. We review fee structures and recommend lenders who offer genuine value — not just teaser rates.

Why Work with a Broker?

From refinancing and rate shopping to offset structuring and fee analysis, you will be supported from start to settlement with AFP Finance and Loans. We’ll act on your behalf, comparing options and securing better terms.

With access to over 50 lenders on our accredited panel, AFP Finance & Loans assists clients with residential loans, commercial loans, personal loans, investment finance, and more. We do the heavy lifting so you can focus on what matters to you.

How to Start Saving $50 a Week, Today

You came here to save $50 a week on your loan, and by now you should see it’s easier than it sounds.

Many people overpay without realising. However, with better advice and a few simple adjustments, you can lower costs, improve cash flow, and stay on track financially.

The next step? Get expert eyes on your current agreement. AFP Finance & Loans can help you reduce repayments, avoid fees, and structure your loan repayments to serve your goals.

Book your loan review today to put $50 a week back where it belongs: in your pocket.