What is Bookkeeping?

Bookkeeping is the recording of day to day transactions of a business based upon the payment receipts, Sales Invoices, Payroll, Taxes paid, Purchase bills, Bank fee and Loan repayments. Accurate bookkeeping provides for a proper journal, General ledger, managing Accounts Payable and Receivable, Bank Reconciliation, Trial Balance, Profit & Loss, Balance Sheet and business performance reports of a business or an organisation. Timely and up to date bookkeeping helps small and medium enterprises to know their financial position on any given date; therefore, they could understand their ups and downs and strategise for the way forward.

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Small business Bookkeeping services by PremierOne in Melbourne

PremierOne is recognised as an expert in ensuring that your accounts are balanced, accurate and conform to all current legislative requirements. The process of the bookkeeping in Melbourne involves data entries, passing it on to the general ledger with an appropriate selection from the chart of accounts, proper selection of GST codes, which evaluates the status. As part of the month-end process, adjustment journals are entered so to ensure all transactions relating to a period or month are adequately captured and reflected in the management reports.

PremierOne’s bookkeeping services in Melbourne help to ensure your financial data are accurate and meaningful. It truly reflects the financial health and stability of your business, and it helps in every way. If your bills and receipts are getting piled up in the shoe-box, your non-compliance with reporting the ATO for BAS, PAYG etc., could be of severe consequences in terms of sanctions and penalties. Solution?

Explore our high-value bookkeeping services in Melbourne, and feel the difference.

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Advantages of Bookkeeping with PremierOne

Whether it’s an internal or external audit, you need to ensure your books are neat and tidy as they are the primary source of information, speaking in volumes of your business affairs.

Bookkeeping enables you not only record your day to day business transactions but as well archive/quarantine your past years’ operations that would be handy when it comes to selling the business, ATO audit, applying for a loan with the banks, commercial partnerships and joint-ventures. Importantly, in the event of an insurance claim caused due to fire or an accident, the documents/records that would be relied upon by the insurance agencies would only be the books of accounts.

PremierOne’s Bookkeeping services in Melbourne helps you the business owers-to assess the business performance and thereby make the crucial way forward decisions.

When it’s tax time, the net results of the business, i.e. profit or loss, could be ascertained and reported only with the aid of an appropriate bookkeeping process. If the transactions have wrongly been classified without applying a clear distinction between capital and revenue, it’s bound to cause misrepresentation of facts and figures and would as well invite adverse consequences. Proper bookkeeping in Melbourne performed by the professionals in the field would alleviate you from facing such issues. PremierOne can offer these services and solutions with a business partnering mindset.

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