A bookkeeper tends to take care of your everyday bookkeeping services coding off and reconciling your daily transactions, making sure your bank accounts reconcile to the actual bank balances and preparing and lodging your monthly or quarterly business activity statement or BAS. A good bookkeeper should provided regular financial statements so you can understand how your business is performing on a current up to date basis. An accountant will review your accounts, give financial advice and tax planning at year end and prepare and lodge your income tax return and provide official financial statements.
So how much should you be paying for a bookkeeper? In Australia, a good bookkeeper charges in a range of $25 to $95 per hour depending on the experience and qualifications of the bookkeeper. A bookkeeper does need to be a registered BAS Agent to prepare and lodge BAS on your behalf. A BAS agent is required to undertake 30 hours of continuing professional education so this needs to be taken into account. At Northern Beaches Bookkeeping Solutions we do not charge by the hour but prefer to offer a valued based set fee package that covers all of the services you require giving you peace of mind. We take advantage of and pay for the latest technology in our business so that you can provide paperwork to us in the most efficient and easiest way.
Employers have to give every new employee a copy of the Fair Work Information Statement (the FWIS) before, or as soon as possible after, they start their new job.
With our ten best bookkeeping tips, you can keep track your financial transactions, monitor your expenses, and make informed decisions about your finances and business operations.
Our Ten Expert Bookkeeping Tips to Help You Stay in Control of Your Bookkeeping?
To ensure that your bookkeeping is effective and efficient, follow these top 10 tips:
Keep accurate and detailed records of all financial transactions.
Use a consistent and organized filing system for receipts, invoices, and other financial documents.
Regularly reconcile your bank statements to ensure that your records are up to date and accurate.
Use bookkeeping software to automate and streamline your bookkeeping tasks.
Set aside time each week to focus on bookkeeping tasks, such as reconciling bank statements and entering transactions into your accounting software.
Keep track of all expenses, including business-related travel and entertainment expenses.
Regularly review your financial reports to monitor your cash flow, expenses, and profitability.
Seek the help of a professional bookkeeper or accountant if necessary, especially during tax time.
Stay compliant with tax laws and regulations by regularly filing required tax returns and paying any taxes owed on time.
Regularly review and update your bookkeeping processes and procedures to ensure that they are effective and efficient.
By following these top 10 tips, you can ensure that your bookkeeping is accurate, efficient, and helps you make informed decisions about your finances.
At Sydney based Northern Beaches Bookkeeping Solutions we prefer to use Xero accounting software because we believe this is the best software on the market for most small to mid size businesses.
We also take advantage of other online software called Dext to help gather your paperwork easily, all you have to do it take a photo of your bill/receipt or forward on the attachment in your email and we do the rest. This is included in all of our set price monthly bookkeeping packages.
If you would like to see more information about our bookkeeping services please click here
Superannuation is an important aspect of an employee’s remuneration package in Australia. It is a long-term savings plan designed to provide financial security during retirement. In this article, we aim to provide a comprehensive understanding of how employee superannuation works and why it is important.
What is Employee Superannuation?
Employee superannuation refers to the contributions made by an employer towards an employee’s retirement savings plan. These contributions are made on behalf of the employee, and they are typically a percentage of the employee’s salary. The contributions are then invested by the super fund to grow over time, providing a retirement nest egg for the employee.
Why is Superannuation Important?
Superannuation is important because it provides financial security during retirement. The cost of living can be high during retirement, and having a solid savings plan can help to ensure that an individual has enough money to live comfortably. Additionally, the Australian government provides tax concessions for contributions made to superannuation, making it an attractive savings option.
How Does Employee Superannuation Work?
Employee superannuation works as follows:
An employer makes contributions to an employee’s superannuation fund on behalf of the employee.
The employee has the option to make personal contributions to their superannuation fund, either before or after tax.
The contributions are invested by the superannuation fund, and the returns are used to grow the employee’s retirement savings.
When the employee reaches retirement age, they can access their superannuation benefits, which can be used to provide an income stream or a lump sum payment.
What are the Key Components of Superannuation in Australia?
There are several key components of superannuation, including:
Contributions: Contributions made by an employer and/or an employee to a super fund of choice.
Investment returns: The returns generated by the investments made by the superannuation fund.
Fees: The fees charged by the superannuation fund for managing the employee’s retirement savings.
Insurance cover: Some superannuation funds provide insurance cover, such as death and total and permanent disability cover.
Who Regulates Superannuation?
Superannuation is regulated by the Australian Prudential Regulation Authority (APRA). APRA sets standards for superannuation funds, ensuring that they operate in the best interests of their members.
Conclusion
Employee superannuation is a critical aspect of an employee’s remuneration package in Australia. It provides financial security during retirement and is an attractive savings option due to the tax concessions provided by the government. Understanding how superannuation works, including the key components and regulation, is important for all employees.
