Accounting & Bookkeeping
Let’s give the meaning to the term bookkeeping and accounting which is often interchangeable but there are some subtle changes.
The term bookkeeping refers to recording of prime entries of financial transactions and is an important process of accounting in business. The financial transactions include sales, purchase, wages, receipt from customers and payment to suppliers etc.
Bookkeeping provides the information from which the accounts are prepared and is a vital step in the process. Bookkeeping seems straightforward but gets complicated when you introduce assets (say a vehicle is purchased), change a structure (say from Individual to a company / family trust), handling of tax (different rules apply for GST and income tax), loans (especially when principal and interest is lump in periodical repayment) etc.
With changes in the technology, bookkeeping can be performed through online bookkeeping software. One can send an invoice from a mobile or tablet to a customer straight away after finishing a job and keep track to which customer has paid the invoice and set up a reminder for overdue invoices.
At GreenStalk help identify your needs, recommend the best online software that is suitable for your business and help set up the chart of accounts and manage the bookkeeping.
Accounting starts when bookkeeping ends. Accounting is simply systematic detailed recording of financial transactions of a business often broken down according to various activities.
Accounting plays a pivotal role in running a business as it helps you in tracking income and expenditure, provide management with good insight into the workings of the business, aids in taking strategic decisions, helps in statutory compliances, and provide vital information to the investors and so on.
The accounting reports normally generated are –
- The profit and loss – which provides information about the profit and loss for a period;
- The balance sheet – which provides information about the financial position of your business at a particular day;
- The cash flow – which provides information about the capacity of the business to generate free cash flow from its operations, the cash sourced/applied in financing and investing activities.
At GreenStalk we help keeping your financial records clean and updated to help you in making right business decisions such as;
- Business performance evaluation – You need to know what is going on in your business financially and understand it very well. At GreenStalk, we understand that you are not a financial wizard and we will explain the numbers in simple to complex perspective depending on your requirement.
- Statutory compliance – Business face all sort of regulatory compliances such as remitting tax withheld from wages, paying superannuation and payroll tax, lodging monthly/quarterly GST returns and yearly tax returns. At GreenStalk, we provide comprehensive services to help you stay on top of your compliances as once you get behind, we understand it takes a quantum jump to get ahead which is not an ideal position to be in.
- Budgets and projections –
What drives your business?
Where are you getting the business from?
Is your business seasonal?
Do you have repeat customers?
How your marketing spend is affecting the top and bottomline?
How is your budget allocation to a particular line item helping you stay/accelerate in the business?
Do you need to know answers to these and many more pertinent dynamic questions relevant to your Business?
At GreenStalk we help you maintaining comprehensive financial records in place to help you design a budget and measure the performance. Speak to us to design a customised package for you and your business.
Get in touch today to find out how we can help.