Frequently asked questions
Why do I need a bookkeeper?
The two biggest benefits of having a bookkeeper are simply More time and More money.
Having bookkeeper takes away the hours you would normally spend keeping track of expenses, filing paperwork and doing data entry.
Being able to see a real-time view of your business finances can also save you money by making decisions based on accurate, up to date information.
A bookkeeper can help you identify any shortfalls, inconsistencies and pick up any potential compliance issues. This knowledge can help you build efficiencies in your business and avoid harsh ATO penalties.
How is a bookkeeper different to an accountant?
An accountant helps you make strategic decisions on a ‘big picture” basis.
Quite often you may not see your accountant for months at a time and when you do it’s a scramble to find “stuff” – muddy receipts, insurance paperwork, loan documents…… the list goes on. When things get missed and guesstimates are made your accountant is left in a predicament and can’t accurately help you plan for future growth or tax liabilities.
A bookkeeper does all the groundwork - Collating receipts and documents, updating your accounting software, managing payroll, GST, etc and creating a real-time picture of your business ins and outs that both you and your accountant have 24x7 access to. This means that when you go to see your accountant, everything is up to date and ready for them to start working with.
For your business to run smoothly you need both. A bookkeeper will look after the day to day work and your accountant will handle strategic advice, adjustments and end of year tax lodgements.
What makes bookkeeping for tradies any different to other businesses?
Keeping accurate bookkeeping for tradies means having an in-depth understanding of how your day to day transactions are accounted for and other areas of reporting and costs that are unique to the trades industry.
You don’t need us to tell you that this list could go on forever…. But here are some of the main points:
- RDO management
- Apprenticeship management
- CoInvest and Incolink / Protect lodgements
- TPAR (End of year sub-contractors’ reporting)
What software do you use?
We are recognised Xero Partners but can work with other online accounting software platforms such as MYOB and Quickbooks.
If you’re not already using online software, we’ll get it set up and train you on how to use the app for quotes and invoices and check how the business is tracking.
We can also recommend other tools and software along the way which can help you run your business more smoothly and efficiently. Any apps we recommend will feed data back into your accounting software so there’s no doubling up on data entry.
Do you look after clients outside of Victoria?
We have clients outside of Australia.
Because our business is built around keeping you mobile, we can help you no matter where you are. Most of what we do is ticking away in the background so you won’t feel as though we’re far away. We’re only a phone call, Skype session or email away whenever you do need to talk to us.
Do I have to come to you or can you come to me?
When we first start working together we’ll meet with you either in person or via Skype. For Melbourne Metro clients, we’re happy to meet you on-site or in your office/home, whatever works for you.
Whilst our ongoing service is based mainly around information being sent via your mobile, we still like maintain a personal relationship with our clients.
If you’re in the area we’d love to see you in our office (above 3 Ravens Brewery so plenty of beer in the fridge), or for people outside Melbourne, we’ll keep in touch via the phone or Skype.
What services do you provide?
We can help most tradespeople, small or large, with all of their bookkeeping needs.
The key differences between us and other bookkeepers are:
- We don’t ask you to do any sort of data entry or allocations. We do everything!
- If you’ve put your accounts in the “too hard basket” for longer than you should have, we’re incredibly efficient in bringing them up to date for you. Using the latest technology, we can re-create full financial years accounts in a small fraction of the time it would take you or another bookkeeper
- We’re very familiar with the Fair Work Act, EBAs and Union Awards and what they mean for you and your employees. This doesn’t mean we know everything so when we’re not 100% sure of an answer, we’ll ask our HR Consultants at Employsure to make sure we’re giving you the right advice first time, every time
Here’s a list of our services but if there’s something we haven’t mentioned give us a call, there’s a good chance we can do that too:
General Bookkeeping & Data Entry
Payroll Services including managing sick leave, annual leave, RDOs, end of year Payment Summaries (Group Certificates) for employees and the ATO
End of year Subcontractors reporting to the ATO
BAS Preparation & Lodgement
IAS Preparation & Lodgement
Workcover, CoInvest, Incolink / Protect lodgements
Liaison with your accountant
Loan setups and reconciliations
Accounts Receivable (who owes you money)
Accounts Payable (who you owe money to)
Bank and credit card reconciliations
Budget preparation and forecasting
How do we get started?
Give us a call on 1300 TWORLD (1300 896 753) or MAKE A BOOKING for a free 45 minute consultation.
Are there any lock-in contracts?
No. If for any reason you want to discontinue working with TradiesWorld, just call or email us and we’ll cancel your weekly payment.
What is a BAS?
A BAS is a Business Activity Statement which is the form the Australian Tax Office (ATO) require you to complete as means of reporting on GST and any PAYG (Pay as You Go) tax that you withhold from yours or your employees’ pays. The formula for reporting is calculated either by cash or accrual basis. If you’re not sure what this means give us a call and we’ll explain it.
When is my BAS due?
If you lodge your BAS quarterly, it is due on the 28th of the month following the end of the quarter. For example, your BAS for the January to March quarter is due on the 28th of April
What is an IAS?
For businesses that withhold more than $25,000 per year in employee PAYG (Pay as You Go) tax, the PAYG withheld must be reported and paid to the ATO on a monthly basis rather than quarterly
When is my IAS due?
If you lodge your PAYG monthly, it is due on the 21st of the month following the end of the month. For example your IAS for the month of March is due on the 21st April
Can any bookkeeper do BAS preparation and lodgement?
Put simply, no. BAS is a tax declaration and like any tax declaration, it needs to be accurate.
Not all bookkeepers have the experience or understanding necessary to prepare a BAS statement, particularly for trades businesses. The penalties for errors are high, and most of them fall on you.
At TradiesWorld all of our BASs are reviewed by registered BAS Agents so you’ll be in safe hands.