Are you being ‘taken for a ride’ by your current bookkeeper? As a business owner, who may not know a great deal about the bookkeeping role, it can sometimes be tough to tell if your current bookkeeper is performing as they should. Here are 5 quick checks you can do to make sure you are being looked after
- Unreconciled Bank Accounts – All bank account reconciliations should be up to date and complete. Having a handle on your bank accounts is crucial to managing cash flow. Bank accounts should be reconciled weekly, fortnightly or monthly depending on the size of your business. Are your bank accounts reconciles regularly?
- Duplication of Bills – Entering a bill into the system twice can mean that the supplier gets paid twice, no business needs this! Supplier bills should be reconciled back to statements monthly to ensure accuracy. Does your Accounts Payable listing accurately show what your owe to suppliers?
- Incorrect set up of Payroll – Payroll can be tricky and if it is set up incorrectly it can be difficult to correct the errors. As a start, check that entitlements and superannuation are calculating at the correct rates.
- Incorrect Recording of GST – Some things you sell or buy might not attract GST, or portions of an expense might not attract GST. It is imperative that GST is recorded accurately. A good one to check is vehicle registration, on this expense you will find components of GST and GST Free charges. Has your bookkeeper recorded this correctly?
- Misfiling of Paperwork – A bookkeeper’s job is to be organised and meticulous. Everything should be filed logically and should be able to be found within minutes by both the bookkeeper and you! Do you know how the system works?
So take on the challenge and do a quick audit of your current bookkeepers work. You might be surprised by what you find.
If you feel like you aren’t getting what you need out of your current bookkeeping arrangement contact us today for a free initial consultation. We may just be the solution you are looking for!