Bookkeeping & Small Business Accounting
“Accounting is the language of business. If you can’t speak the language, it’s difficult to win the game” – Warren Buffett
Bookkeeping & Small Business Accounting Services Melbourne & Geelong
Creative Administration Solutions provide small business accounting and bookkeeping services to a broad range of small businesses, SMEs, and start-ups in Melbourne and Greater Geelong. We are a team of certified bookkeepers with years of experience who can provide a professional, reliable, trustworthy, and honest service to meet the specific needs of your business. The most crucial aspect of running any business is keeping track of your performance. By helping clients better understand their financials, our Melbourne bookkeepers enable them to make better decisions, improve on operations, and ultimately increase cash flow. We are a highly regarded and trusted bookkeeping and accounting solution provider serving Melbourne, South Melbourne, Inner City Melbourne, Port Melbourne, St Kilda, Bellarine Peninsula, Surfcoast, and Greater Geelong. The focus of Creative Administration Solutions is to build long-lasting relationships while providing excellent, affordable accounts and bookkeeping services tailored to your business.
- Xero software set-up
- Chart of accounts
- Accounts receivable
- Accounts payable
- Supplier payments
- Bank, credit card & Paypal reconciliations
- Record keeping
- BAS services
- Debtor management
- Multi-currency transactions
- Financial reporting
- Management of insurances
- EOM & EOFY preparation & reporting
- Liaise with company accountants
- Registered BAS agent
- Xero Advisor Certified
- Xero Certified Payroll
Debtor management is another critical area that has a huge impact on cashflow and the liquidity of your business. Cloud-based accounting software makes it quick and easy to see how much is owed to your business and by whom.
By managing your debtor processes efficiently, you will put yourself in a good position to be paid quickly and on time, which in turn will help you maintain a healthy cashflow. It is a sad fact that the longer an invoice remains unpaid, the likelihood that it will never be paid increases and client relationships will be strained.
Good debtor management is a no-brainer for small business, but it can also be a time-consuming task. This is an area where retaining the services of a qualified bookkeeper can really add value to the bottom line of your business.
End of Month, End of Quarter, & End of Financial Year
Using a qualified bookkeeper such as Creative Administration Solutions – who use cloud-based accounting solutions – makes end-of-month, end-of-quarter and end-of-financial-year processes quick and efficient.
If bookkeeping is kept up to date and BAS is lodged on time, there should be minimal work to be done at the end of the financial year.
Benefits of Cloud-based Accounting Software
Multiple users can have access to your files. Giving permissions to your bookkeeper, accountant and relevant team members makes collaboration simple.
Income and expense data feeds straight from your bank to your books, saving you significant time that would have otherwise been spent transcribing the transactions.
Data back-ups and software updates happen automatically.
Add-ons such as Dext (Receipt Bank) allow you to quickly upload copies of receipts and invoices straight into your accounting software, saving precious hours of data entry.
You can easily see your financial position at any given time. Cloud software is also mobile, meaning you can log in to your accounting system wherever there is an internet connection.
Splitting bookkeeping tasks between you & your bookkeeper
Depending on your budget and the volume of transactions, you might like to do the transactional bookkeeping yourself and then hand over end-of-quarter and end of financial year processes to your bookkeeper, BAS agent or accountant for checking and lodgement.
Or you may decide that your time could be better spent by handing over the management of your entire bookkeeping processes to a qualified bookkeeper/BAS agent.
Xero online accounting software
Cloud-based accounting software such as Xero makes it easier than ever to ensure your financials are kept up to date, with access to the reports needed to show you where your business sits financially – whenever you need them.
Being able to import copies of invoices and receipts directly into your accounting system saves time on data-entry and automatic bank feeds make reconciling on a daily basis a breeze.
What has Covid taught us?
Were you one of the small business owners who were left scrambling to get their financials up to date at the onset of the Government’s Covid-19 relief packages?
Covid-19 has highlighted the importance of ensuring:
- your bookkeeping is kept up to date
- your ATO liabilities are lodged and paid on time
- you have good systems in place for record keeping
- your aged debtor ledger looks healthy.