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Bookkeeping Services

Support Services

Support services include those activities that you would normally expect from your accounting department. Concept Accounts Plus is managed by experienced qualified accountants who are BAS registered agents, have managed small to medium businesses and have a passion for ensuring the best information is produced in an efficient manner.





Bookkeeping Services Include

Accounts Payable

Posting of your supplier invoices (what you owe to others). This is also known as accounts payable. How a business manages its accounts payable or "creditors" processing affects two important business matters; cash flow and supplier relationships.

  • Companies that apply "best practices" manage accounts payable so that the process both contributes positively to cash flow and supports mutually beneficial relationships with suppliers.
  • Regarding cash flow, accounts payable practices make a significant difference both in minimizing late-payment costs such as late-payment penalties, interest charges, and lost prompt-payment discounts and in creating efficient operations. A company with smooth-running, streamlined accounts payable operations saves money.

Concept Accounts Plus best practice approach to managing accounts payable involves:

  1. paying invoices with in a predetermined schedule best suited to your business;
  2. to ensure the accuracy and authenticity of invoices that the company pays; and
  3. to process accounts payable paperwork with a minimum of handling and expense.




Client Invoices

(What your clients owe to you)

It is important to keep track of accounts receivable (sometimes called debtors) because they are the clearest indicator of the income of a business.

If you do not keep track of accounts receivable, you may forget to bill certain customers or will not know if you've been paid. Accounts receivable gives you a clear idea of how much money your company is actually making (when compared to accounts payable).

Concept Accounts Plus will ensure that your customer invoices and therefore your income is accurately entered into your financial accounting system.

  • In line with your business requirements, should you wish, we will periodically generate and send out all customer invoices and monitor customer collection and payment terms.
  • We will identify and report slow paying debtors and work with you so that your organisation can keep on track and improve its accounts receivable performance.

Concept Accounts Plus best practice methodology of debtor management incorporates a customer-focused approach into each of the three basic accounts receivable processes. These include:

  1. Remittance processing - including payment methods and processes;
  2. Credit management - including communication of credit policies, credit approvals, and credit maintenance; and
  3. Collections - including methods, collections techniques, and technology.

Efficient management of your accounts receivable or debtors function, will mean that there is more cash flow available for the business to allocate to paying its bills. The more cash you have in the bank, the less you rely on bank loans to fund the growth of your business.




Reconciliations

There is nothing worse than when your accounts do not reconcile, you don’t know whether you are owed money, whether your tax obligations are correct and up to date, you thought the value of your fixed assets were higher than what the accounts are representing.

Just imagine if someone was interested in buying your business, and through their due diligence they found your accounts were not what you purported them to be!

Concept Accounts Plus will ensure that your accounts are reconciled and correctly reflect your assets and liabilities.


 




Chart of Accounts

Whether you are a start-up or have been in business for a while, your chart of accounts is important aspect of your source of information.

  • A good chart of accounts should be easy to read and properly set out your financial information and clearly labelled your business’ revenue and cost items.
  • For start-ups we can create your chart to reflect your business dynamics and accommodate for growth.
  • For other businesses we can review your current chart and advise and implement changes to best reflect the nature of your operations.




Fixed Asset Registers

Registers kept up to date and in accordance with regulatory requirements.





Bank Reconciliations

Cash is the most vulnerable asset of any business. Bank reconciliations provide the necessary control mechanism to help protect your cash through uncovering irregularities such as unauthorized bank transactions.

  • Preparation of periodic bank reconciliations also assist in the regular monitoring of cash flows of a business including, money coming in from customers and payments made to suppliers.




Payroll

Outsourcing your payroll function is a logical step to ensuring that you maintain your focus on running your business. Concept Accounts Plus offers a full suite of payroll services ensuring that you are fully compliant with your obligations as an employer.

  • Payroll processing with payslips emailed to staff
  • Full payroll reporting
  • All your payroll leave balances fully reconciled
  • Payroll compliant with the regulatory authorities including Payroll Tax, Income Tax, Superannuation, Work cover, PAYG and PAYG yearly reconciliations.
  • Payroll that is not approved by you will not be processed.

One of the many benefits that payroll outsourcing provides is that the process and functionality knowledge that payroll processing requires does not sit with a member of your staff, who may leave with that knowledge. Outsourcing provides continuity and assurance.
 




Purchase Ordering

Accurate purchase ordering and timing and reflective of your cash flow capabilities.





Business Activity Statements

Concept Accounts Plus is a registered provider of BAS and IAS services for your business. In most circumstances, lodgement through a BAS registered agent allows for an extra four weeks for BAS submission.





Key Financial Reports

Including balance sheets, profit and loss, cash flows and statements, accounts payables and accounts receivable reports and other key finance reports including dashboard reporting.





Accounting profit or Cash profit?

Yes there is a difference.  You may be regularly posting profits yet your bank account does not reflect the same. The timing of paying your expenses, collecting your sales can all play huge part in the impact upon your profits and cash. Regular reporting and tools for managing cash are a must for all business, small medium or large. There are some basic rules for small to medium businesses when it comes to managing cash:

  1. Ensure that you can prepare a reliable sales forecast.
  2. Identify the timing of all cash coming into your business.
  3. Identify the timing of all cash going out of your business.
  4. Always know your net (of incoming and outgoing) cash situation.
  5. Have a backup plan for when cash, or lack of, is the problem.

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Bookkeeping Services

Standard range of bookkeeping
services including accounts payable,
payroll, and more...

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Plus Services

Advanced services including strategic
planning, business performance
benchmarking and more...

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