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Bookkeeping

 

It is compulsory for every business to keep records of its business transactions. In order to do this a bookkeeper is needed to assist in recording the financial transactions of the business. This process involves the use of a computerised accounting system or it can be done manually.

Bookkeeping is primarily concerned with:

  1. Identifying;
  2. Measuring; and
  3. Recording business transactions.

A bookkeeper will ensure that these transactions are accurately recorded in the accounting system.

The main purpose of bookkeeping is for the bookkeeper to record, classify and report information about a business’ financial transactions. The bookkeeper prepares a set of books, namely the accounts, for the business owner. This is normally conducted on a weekly, monthly or quarterly basis depending on the number of transactions along with the size and complexity of the business.

Once up-to-date, these accounts are then passed onto and reviewed by the accountant. The accountant checks them, makes adjustments if necessary, and prepares a set of external financial statements that comply with the Australian accounting standards issued by the Australian Accounting Standards Board. The accountant also prepares the annual income tax return of the business for lodgement with the Australian Taxation Office (ATO).

The overall objective of bookkeeping is to ensure that the financial transactions of the business are accurately recorded and information is presented to the business so that it can make informed economic decisions about the allocation of their resources.

The Quinn Group accounting team have extensive practice in bookkeeping and can attend to this on your business’s behalf. If you have any questions please submit an enquiry or call us on +61 2 9223 9166.