Bookkeeping includes the recording of monetary transactions by an individual or organisation. It is a legal requirement to keep records which are correct to a period of five years from the date that the documents have been created, obtained or the transaction completed, whichever happens the latest.
Becoming compliant on this front is usually a very time consuming approach and causes lots of headaches for small and medium enterprises.
Irena’s Bookkeeping provides the best Penrith bookkeeping services and solutions that can free you to concentrate on the operational side of your business.
Our bookkeeping services incorporate:
Bank Reconciliations – compare your internal records with bank statements so as to recognise and rectify any discrepancies.
Profit & Loss Statements – generated monthly and/or annually that reports the earnings of a business by stating all relevant income and all expenses that have been incurred to generate that income.
Cash Flow Management – manage your cash flow to ensure you have cash when you need it. This is the most critical aspect of business.
Economic Reporting & Analysis – key information about the financial state of your business enterprise into a language you can understand.
Accounts Payable & Receivable – recognise money you owe suppliers and money that is owed to you by your customers.
End of financial year processes – take away all the pressure associated with ensuring your books are ready for the end of the financial year.
Budgeting – forecast your income and expenditure in order to identify how much you can afford to dedicate to particular expenses.
Payroll is the sum of all payments made to and on behalf of employees and is critical to businesses. The primary objective of payroll processing is to ensure that employees receive all their monetary entitlements they are owed in a timely manner.
Poor payroll processing might be really detrimental to a small business as it can significantly impact net income and lead to disgruntled staff. With an abundance of legislation, payment methods and withholdings, payroll management might be a difficult and time-consuming process.
Payroll outsourcing is often a cheaper and more reliable option. As legislation continues to change, payroll management services are becoming highly sought after.
Irena’s Bookkeeping can offer payroll processing services of the highest standard. Our payroll management services can ensure your wages bill is correct and you have happy staff.
Payroll processing services incorporate:
General Payroll – ensure your staff are paid the correct rates and to the correct hours worked.
PAYG Withholdings – any company that has employees or pays employees of another organisation must withhold an amount from payments made to them. Any payments made to a business that doesn’t quote an ABN on an invoice or other documentation must also have an amount withheld from payments.
Entitlements – calculation of leave including holiday, personal, long service and rostered days off.
Payroll Tax, Workers Compensation Insurance, Employment Forms – some or all of these may be needed for your company.
Efficient and Electronic systems – these should simplify all processing and present greater security for you and your staff.
In addition Superannuation should be calculated and paid – this is compulsory whereby employers are required to pay a percentage on top of ordinary times earnings to a nominated superannuation fund. These contributions need to be made at least once every three months and penalties for late payment are extremely severe.