Services

Our Services

BAS Mentor Program

We can help through our relevant experience. As BAS Agents we can assist your clients with all their BAS related requirements, while they remain your client. Think of it a bit like outsourcing, you do all the bookkeeping, final calculations, and we come in check and make sure everything is correct and do any required lodgements. If we find any errors, or things that need rectifying we will email you a list of what is needed, you do the work and send us the updated information.

Our fees are based on the work we do per job or the service we provide, so you can tailor our program to your needs. Our fee structure includes keeping a record of your hours working under our supervision doing BAS related work. This enables us to provide you with the relevant documentation to demonstrate relevant experience as a BAS agent. We spend extra time doing your client work ensuring everything is correct before we lodge. This program includes BAS related advice for all your clients and all work is covered by professional indemnity insurance.

Outsourcing – Team

Our outsourcing team are train to do a full accounting service for your accounting practice.

Accounts Receivable

Accounts Receivable is an important aspect of financial management for businesses. It involves managing the invoices and payments from customers. Here are the key tasks involved in accounts receivable:

1. Raising Sales Invoices:

Accounts receivable involves creating and issuing sales invoices to customers for goods or services provided. These invoices outline the details of the transaction, including the products or services sold, quantities, prices, terms of payment, and any applicable taxes or discounts.

2. Sending Statements:

Regularly sending statements to customers is crucial for maintaining transparency and ensuring timely payments. These statements provide an overview of the customer’s account, including the outstanding invoices, payments received, and any credits or adjustments. By sending statements, businesses can keep customers informed about their outstanding balances and prompt them to make timely payments.

3. Chasing Overdue Invoices:

Promptly following up on overdue invoices is vital to maintain a healthy cash flow. This involves proactive communication with customers to remind them of their outstanding payments and requesting prompt settlement. Chasing overdue invoices may involve sending reminders, making phone calls, or engaging in debt collection procedures to recover the outstanding amounts.

Accounts payable

Accounts Payable is an essential component of financial management for businesses. It involves managing and processing payments to suppliers and vendors. Here are the key tasks involved in accounts payable:

1. Entering Bills:

Accounts payable begins with entering bills received from suppliers into the accounting system. This includes capturing relevant information such as the supplier’s details, invoice number, invoice date, payment terms, and the amount owed. Accurate and timely entry of bills ensures proper record-keeping and facilitates payment processing.

2. Making Batch Payments:

Once bills are entered, businesses typically process payments in batches to optimize efficiency. This involves grouping together invoices with similar payment terms or due dates and initiating payment for multiple bills simultaneously. Batch payments help streamline the payment process and reduce administrative overhead.

3. Sending Remittances:

After payments are made, businesses often provide remittances to suppliers as proof of payment. Remittances typically include details such as the payment amount, payment date, invoice number, and any additional reference information. Sending remittances helps maintain transparency and strengthens supplier relationships by confirming timely payment.

Reconciliations and Reporting

1. Bank Reconciliation

Bank reconciliation is the process of comparing the transactions recorded in a company’s accounting records with the corresponding entries in its bank statements. It involves matching and reconciling the balances to ensure they align accurately. Bank reconciliations help identify any discrepancies, such as outstanding checks, deposits in transit, or bank errors, ensuring that the financial records reflect the correct cash position.

2. Balance Sheets Reconciliation:

Balance sheet reconciliation involves verifying and reconciling the balances of various accounts on the balance sheet, such as assets, liabilities, and equity. This process ensures that the amounts reported in the financial statements are accurate and in line with supporting documentation. By conducting balance sheet reconciliations, businesses can identify errors, detect fraud, and maintain the integrity of their financial records.

3. GST Reconciliation:

GST reconciliation is the process of comparing the GST (Goods and Services Tax) records in the accounting system with the corresponding information provided by the tax authorities. This reconciliation helps ensure that the GST liabilities, input tax credits, and other related transactions are accurately recorded. By reconciling GST records, businesses can identify any discrepancies and rectify them to comply with tax regulations.

4. TPAR (Taxable Payments Annual Report):

TPAR is a report required by the Australian Taxation Office (ATO) for certain businesses in the building and construction industry. It involves reporting specific details about payments made to contractors, subcontractors, and other service providers. TPAR helps the ATO identify potential tax evasion or non-compliance. Businesses must accurately compile and submit TPAR to comply with regulatory requirements.

5. BAS Review and Lodgements:

BAS (Business Activity Statement) review and lodgement involve the assessment, preparation, and submission of BAS to the ATO. BAS includes reporting various taxes, such as Goods and Services Tax (GST), Pay As You Go (PAYG) withholding tax, and other obligations. Reviewing BAS ensures accuracy and compliance with tax laws, while lodgements involve submitting the BAS to the ATO within the designated timelines.

6. Payroll:

Payroll refers to the process of calculating, managing, and processing employee wages, salaries, deductions, and other related payments. It includes tasks such as tracking employee hours, applying pay rates, calculating taxes and deductions, and issuing payslips. Efficient payroll management ensures accurate and timely payment to employees while complying with employment and tax regulations.

7. Data Entry:

Data entry involves accurately inputting and recording various business transactions, financial information, and other relevant data into the accounting system or databases. It is a crucial task that ensures the integrity and reliability of financial records. Data entry tasks may include entering sales invoices, purchase orders, receipts, expenses, and other financial information to maintain accurate and up-to-date records.

8. Management and EOM Reporting :

Management reporting and EOM Reporting are the source of business intelligence that helps business leaders make more accurate, data-driven decisions. They basically show the worth of your business over a specific time period by disclosing financial and operational information. Reporting for management provides insights into how the organization is doing, empowering decision-makers to find the right path to increase operating efficiency and make pertinent decisions to remain competitive. Our staff are train to present the reports as simple as possible to help your clients to understand their financial matters, removing confusion and replacing it with clarity, freedom, and control. Check for more E-Lite Part-time and E-Lite Full Time