Find a good bookkeeper

Catch Up or You’ll Need Rescue Bookkeeping

Is the approach of the end of the third quarter stressing you out?

IF THE NEED to lodge another Business Activity Statement soon is already stressing you out (or indeed, if you haven’t even considered it yet — or more to the point, you haven’t for the past 6 months!!) then maybe some rescue bookkeeping for your business is on the cards.

We’ve written before about rescue bookkeeping; which is a service for businesses that are more than three months behind, and which may have an overdue business activity statement (BAS) — or maybe two.

And this is not about shaming or pointing the finger. Getting behind in your bookkeeping happens to some of the best businesses. It can be because an inexperienced person has previously been handling the books; you didn’t have the right systems in place to keep on top of it; or maybe your data file was set up incorrectly.

Diagnosing rescue bookkeeping

If your business has any of the following issues, you probably need rescue bookkeeping:

  • Your bank balance in Xero or MYOB doesn’t match with your bank statements
  • Bills have been paid, but they’re still showing as outstanding
  • Your employees’ payslips and super are incorrect
  • You don’t know who owes money.

Rescue bookkeeping is time consuming

There are many different reasons why people get behind in their bookkeeping. If it’s because the business owner lacks the time and let their bookkeeping pile up, it’s usually easy rectify, though it is time consuming. (There’ll be months and months worth of transactions and receipts to code and keep records of.)

If their data file was set up incorrectly, it’s sometimes a little harder to diagnose and it’s even harder to fix. It’ll need to be set up again and all of your transaction data re-entered; again, there’ll be months and months worth of transactions and receipts.

What happens during a bookkeeping rescue?

When you first meet with a bookkeeper, they’ll review your records to determine what your problem might be, and what needs to be done to get your bookkeeping up-to-date and in shape.

Given the volume of work and the complexity of it, your bookkeeper might not be able to tell you exactly how long it will take to get your accounts under control. They’ll generally have a ballpark idea of how long, but nothing concrete.

When your bookkeeper starts working on your accounts, they’ll be in fairly regular contact. You’ll need to be available to respond to emails or phone calls during this time.

Catch up or hire a professional

If you’re struggling to keep up with your bookkeeping, it’s wise to hire a professional. A contract bookkeeper, registered BAS agent or finance manager will get your bookkeeping under control. And if you retain them on a regular basis, you can avoid the costly need for rescue bookkeeping.

***

If your business is in need of rescue bookkeeping, we have bookkeepers, BAS agents and accountants located across Australia, available to help businesses in need of rescue bookkeeping work. Visit our online directory of local bookkeepers and bookkeepers who work ‘in the cloud’ at National Bookkeeping for more information. You can also view the different bookkeepers’ rates or request a quote.


 

Steve Slisar

Steve Slisar has been training people how to use computers since 1994, opened a training centre in 1999 in Dee Why and by 2005 had 3 training centres and created over 35 individual courses that include Screen videos with audio commentary, training workbooks for those who prefer to read to learn, and exercise files that are used with the tasks in the workbooks so you get practical experience in the software you are trying to learn. Now the creator of 5 of the most popular online MYOB training courses in Australia.

Recent Posts

The election for accounting software is now on

Have you noticed the social media ads for Reckon, MYOB and Xero? It's 2 months…

5 days ago

What is the cheapest way to learn Xero and Microsoft Excel

Learning how to use Xero for specific tasks is easy. There are dozens of videos…

2 weeks ago

Office Admin Workers Day – gift ideas for staff

Office admin workers are the key employees which keep every business running, large or small.…

2 weeks ago

Join the Bookkeeping Academy

Join the Bookkeeping Academy as a member to improve your personal brand and get online…

1 month ago

Should You Reconcile Your Accounts Every Day?

Reconciling Your Accounts Daily Gives a True Picture of Cash Flow The king was in…

1 month ago

BAS Course and Financial Reporting training by rescuing Jerry’s messy startup

Some of the most challenging bookkeeping work is catchup or rescue bookkeeping. When there are…

1 month ago