SKC ACCOUNTING · AUSTRALIA

Frequently Asked Questions

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USEFUL ANSWERS

Common Questions

Can I do my own bookkeeping?

Yes. Many small-business owners do, particularly when they're starting out.

The important thing is that the records are accurate and kept up to date. As the business becomes busier or more complicated, professional bookkeeping may save considerable time.

How often should bookkeeping be done?

It depends on the business. Some businesses need weekly attention while others may be comfortable with monthly bookkeeping.

The important thing is not to allow records to fall so far behind that they stop being useful.

Can you help if I already process payroll myself?

Yes. You may only need assistance reviewing the process, reconciling payroll information or resolving a particular problem.

Can you help when I employ someone for the first time?

Yes. Starting payroll properly is much easier than trying to correct a poor setup later.

How often will I lodge a BAS?

That depends on your circumstances and reporting cycle. Many small businesses report quarterly, although monthly and annual reporting can also apply.

What if my bookkeeping isn't ready?

We can first look at the accounting records and identify what needs to be completed or corrected.

What's the difference between profit and cash?

A business can make a profit and still have cash-flow problems. Profit measures financial performance; cash tells you what money is actually available.

This is one of the most important differences for a business owner to understand.

Is business advisory only for large businesses?

No.

A small business can face very important decisions. The size of the business doesn't determine whether good financial advice is useful.

My business is profitable. Why do I have cash-flow problems?

Profit and cash are different. Timing of customer receipts, stock purchases, loan repayments, tax, equipment purchases and other items can all affect available cash.

Will I definitely get a refund?

No. Your result depends on your individual circumstances, income, tax already paid and other relevant information.

When should tax planning happen?

Ideally, before major decisions are finalised and sufficiently before year-end to allow useful planning.

Should I automatically start a company?

No. A company may suit some businesses, but it isn't automatically the right structure for everyone.

Do I automatically need to register for GST when I get an ABN?

No. GST registration requirements depend on your circumstances and applicable rules.

Can cloud accounting reduce manual work?

Potentially, yes. Bank feeds, document capture, integrations and automation can reduce repetitive tasks when the system is configured properly.

Can you help if Xero is already set up but I don't think we're using it properly?

Yes. A review may identify areas where the file, processes or reporting can be improved.

SKC Accounting

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