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.
