Two separate situations are classified as accounting disasters:
- Accounts that have not been kept up to date, with lodgments not completed.
- Accounts that are going bad and you may not be currently aware that it is happening as yet.
Unkept Accounts
Have your accounts not been kept up to date?
Do you have a letter from the ATO threatening audit?
Are you in urgent need to have overdue BAS and other regulatory or statutory reports lodged with the ATO?
Is the superannuation guarantee late, and you are now required to calculate and submit the super guarantee charge statements?
Talk to us NOW!!
We will speak with the ATO on your behalf, and start the process to solve this problem which will take the stress and worry out of the situation for you.
Remember, this is a situation that can be rectified, however, it is important to get started as soon as possible. The process of bringing you back on track will need time, persistence, empathy and patience and a thorough understanding of all of the accounting issues involved to rectify and submit the reports required.
Off Track Accounts
Bookkeeping disasters in the making are far more widespread than we like to think, and they are usually the result of business transactions being entered into the accounts incorrectly. This occurs when the transaction being entered is not understood in terms of what it is, where it should be entered, how legislation affects the method of entry, or what Australian Accounting Standards apply to the transaction. A good rule of thumb when entering transactions, is to ask a couple of simple questions before committing the transaction to your accounting file. If you cannot answer all of these questions, then we recommend you seek expert help.
- What is happening in this transaction
- What legislation, regulatory or statutory requirements apply to the transaction that will determine how it is to be entered
- What should this entry look like in the accounts once entered? This means what general ledger accounts will be affected, by what values and in what direction must they shift?
Of all of the problems we encounter in an accounting file, the majority are usually a result of the common belief that anyone can do bookkeeping, no real training or skills necessary. This philosophy is of course entirely incorrect, and one that will ultimately result in the transaction creating problems in the accounts and will need to be corrected. The real difficulty lies in how long the problem has been allowed to continue, how many errors exist and how many months have past and periods rolled over before it is discovered.
The costs involved in correcting accounting errors is dependent on what errors have occurred over what period. If it is a very complex or extreme problem, it may mean the cheapest option is to be abandoned the existing file and create a new one. This would be assessed and discussed with you when the full picture is revealed.
The good news
Although we see this problem in many files that are brought to us, in the majority of cases, we have been able to change recording processes and procedures before the situation has reached the point of being non-recoverable.
As one of our clients said after we recovered their file for them, “In 24 years of business, I have never had an accounting file that is as meaningful as it is now.”
“In 24 years of business, I have never had an accounting file that is as meaningful as it is now.”
This is the kind of thing ABBS work to achieve, a file that is meaningful and rich with information that is an accurate indicator of the reality of what is happening in the business. From this position, informed business decisions can be made, rather than decisions made on perceptions that may or may not be accurate.
Why ABBS
What our clients say about us…
“We have been able to
focus on our growth without the distraction of the bookkeeping”
Andy G
“I am so grateful for the expertise, professionalism and excellent customer service I have experienced.”
Marion B
“Took the weight off my shoulders so I could focus on developing my business and moving forward”
Elizabeth G
ABBS Guarantee to you
If we are provided with the information needed to complete your BAS, and an error is made, ABBS will complete any corrections and re-lodgements at no cost to you.
Contact Us
1300 022 270
enquiries@myabbs.com.au
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