What is bookkeeping?

Bookkeeping involves the process of recording, analysing and interpreting the financial transactions of a business or individual. The discipline of bookkeeping accounts for a large proportion of the accounting process.

It is a legislative requirement to have up to date financial records to ensure a business pays all necessary taxes and levies. A bookkeeper’s duty is to set up financial statements so that an accountant can easily perform legal and tax management in a timely manner.

A skilled and compliant bookkeeper should be able to produce financial records that give business accurate information about its financial activities. These records are critical to the future success of any business.

A good contract bookkeeper is able to:

Enter transactionsPerform checks, reconciliations and end of year processes

Ensure they are up to speed with legislative requirements and management reports

Undertake payroll duties and compliance

Prepare BAS returns, as a registered BAS agent or under the supervision of a registered BAS agent

Provide general business administrative support