Frequently Asked Questions

Frequently Asked Questions

tick_mark20    Registered BAS agents – Reg No 80294000

tick_mark20    ABBS are registered ASIC agents – Reg No 37258

tick_mark20    Yes, ABBS are ICB Certified Practicing Bookkeepers – No 350710

Questions we are often asked

Ques. 1 – Who can use ABBS?

Anyone, company, sole trader, partnership, in fact, any business entity who would like their accounts completed by professionals they can trust, would like a quality service and have peace of mind.

The biggest percentage of our client portfolio is represented by these types of businesses.

Ques. 2 – Is ABBS covered by Insurance?

Yes, ABBS holds Professional Indemnity Insurance which cover all of our Bookkeepers and clients.  Our insurance meets the requirements of the Tax Practitioners Board that forms part of our registration.

Ques. 3 – Am I fixed to a contract term if I choose to use ABBS?

No, there is no locked in contract period. We work on the principal that if we meet your expectations, there is no need for a fixed contract period, you will want to stay with us.  A client agreement will though be entered into with you that outlines the services you engage us to provide.   You can terminate our services at any time if you feel we are not meeting your service expectations.

Ques. 4 – How do I get started with ABBS?

Just complete the ABBS website BOOKKEEPING ENQUIRIES form on the right side of each window, or Email us with your details to enquiries@myabbs.com.au for a free, confidential, no obligation consultation. We will then contact you to discuss your individual business requirements.

Ques. 5 – What services does ABBS offer?

We offer a full spectrum of bookkeeping, BAS agent and ASIC agent services together with associated specialist professional services. A more descriptive listing can be found in “Our Services Tab” or by discussing directly with your bookkeeper.

Ques. 6 – Can ABBS deal with ASIC on my behalf?

Yes, ABBS is an ASIC Registered Agent 37258; with your authority, ABBS can lodge amend and receive documents from ASIC and act as your agent.

The following forms can be lodged on your behalf;

484 – Change of company details

205A – Notification of resolution – change of company name

370 – Resignation of Officeholder

410B – Change of company name reservation

410F – Extension of name reservation

485 – Statement in relation to company solvency

492 – Request for correction

5100A – Registration of a managed investment scheme

6010 – Voluntary Deregistration of a company

902 – Supplementary Document

RA61 – Review date report

RA67 – Company Debt Report

RA71 Request for Adhoc Company Statement

388Copy of financial statements report and Amendment of financial statements of directors’ report

FS88 – PDS in-use notice

FS89 – Notice of change to fees and charges in PDS

FS90 – Notice that a product in a PDS has ceased to be available

Ques. 7 – Do I have to have my own software?

In most instances no, we can provide an accounting software file through our association with MYOB that is appropriate to your business requirements. Online 24-hour login access can be made available to you from a windows application if required.

Online 24-hour login access can be provided from a windows application if required. Currently, ABBS are offering special pricing to all clients with an existing client agreement.

If you have your own accounting software we can work with your software.   Subscription fees will apply for cloud-based and other specialist software.

Ques. 8 – What is the cost of services provided by ABBS?

This can vary dependent on which services you require and the extent of the service agreement we have with you. ABBS use both hourly rate and fixed price billing based on your business needs.

The billing arrangements will be discussed and agreed with you prior to commencement and outlined in the ABBS client agreement.

Ques. 9 – Can I keep track of the work ABBS does for me?

Yes, this is a very important ethical issue for ABBS as we prefer to be open and transparent in everything we do for you.  You are provided with regular Bookkeeper Site Reports that identify the time spent and the tasks undertaken for your review.  These reports are usually provided weekly, and allow you to review the work completed and the time taken.  This is a very useful for accurate cost identification.

You are provided with regular Bookkeeper reports that identify the time spent and the tasks undertaken for your review.  These reports are provided weekly with the invoice. This allows you to review the work completed and the time taken.  This is a very useful for accurate cost identification.

Ques. 10 – How do I pay ABBS?

Invoices will be sent by ABBS accounts to you by email together with the Bookkeepers report.   Payment can be made by electronic payment to the bank account shown on the invoice.   ABBS also offer the option to direct debit your account.

Ques. 11 – Can ABBS provide me with financial reports?

Yes, accounting reports are provided to you on a regular basis, or on special request.  The standard periodic reports will be sent to you via email or dropbox.  Reports as required for the needs of your business, such as Trading Statements(P&L), Balance Sheets, Monthly or Quarterly IAS and BAS returns, TFN Declaration submission, Payment summaries etc. are also provided.

Ques. 12 – Will ABBS liaise with my Accountant?

Yes, with your authority your assigned ABBS Bookkeeper can liaise with your accountant as required.

Ques. 13 – Can ABBS lodge directly with the ATO on my behalf?

Yes, with your completion of our appointment as a BAS agent form, your ABBS BAS Agent will lodge required documentation to the ATO. Some of the documents ABBS can lodge for you are IAS, BAS, TFN Declarations, TPAR, Super guarantee report and Payment Summaries.  ABBS will also inform you of any tax liability and the due date of payment.

Ques. 14 – Do ABBS keep records on my behalf?

Yes, ABBS retain all current clients’ data records and documents that have been supplied to ABBS in electronic form. The data is held in confidential and secure servers that are backed up daily.   Records are kept in accordance with the legal obligations for business record keeping.

Ques. 15 – Do ABBS keep a backup of my file and other records?

ABBS utilises sophisticated on line servers that backup daily to two independent systems incorporating high-level, confidential security practices.

Ques. 16 – What happens to my file if I choose to stop using ABBS?

Should you choose to discontinue our services; if your file is maintained under our license, with the software company, ABBS will transfer the file license on your purchase of the appropriate accounting software license.  Any documents we hold are also returned to you.   ABBS will keep copies of documents as required by law to support any work completed for you, and lodgements submitted on your behalf.

Ques. 17 – Can ABBS supply all my bookkeeping needs?

Yes, no job is too big or too small, too simple or too complex, we are here to assist you with any service you require.  For further information on the types of assistance, we can provide click on our ‘Services’ menu, send an email to enquiries@myabbs.com.au or discuss your needs with your bookkeeper.

Ques. 18 – Do ABBS have any specialist professional services?

Yes, along with the extensive bookkeeping and BAS services, ABBS can provide other specialised professional services including experienced legal bookkeeping services, paralegal services, trust account services, specialist human resource assistance, asset management, inventory management and business analysis services to name a few.  Further information can be found on the “Services” menu, or discuss your needs with your bookkeeper.

Ques. 19 – If I have not completed work on my accounts for a long time can ABBS help me?

Yes, this is not an unfamiliar situation; business owners are often busy concentrating on building their business and neglect their accounts.  We can assist in the setup, catch up and lodgement requirements, to get your accounts back up to date. We will also liaise with your accountant and the ATO if required.

Ques. 20 – If I have not got a computerised accounts system can ABBS still provide services for me?

Yes, we can work from what you are using whether it is a manual set of accounting books or a shoebox of receipts; a computerised software program can be set up.  ABBS have special pricing for the provision of software program whilst you have a current client agreement with us.

Ques. 21 – What can a bookkeeper do that I cannot?

ABBS bookkeepers are required to hold bookkeeping qualifications which include knowledge about the legislative, statutory and regulatory requirements placed on you and your business.  They are also required to attend a minimum of 16 hours external and 22 hours of internal training each year along with an annual skills test.

This means that they are in the best position to provide accurate and up-to-date accounting services to benefit you and your business

Business owners trying to perform these tasks will spend many hours trying to keep track of the accounting paper trail instead of using their business strengths and skills to build up the business.  As a business owner, you need to make the most of your time, money, and expertise.

Bookkeeping is a very important part of your business success and with ABBS on your side, you will receive accurate reports reflecting your business activities so you can make decisions that will keep your business moving forward.   All of those deadlines are met without you giving them a second thought. Your business can be more profitable, more efficient, and more competitive.

Ques. 22 – Do I need to use a bookkeeper and an accountant?

The short answer to this question is yes, but to answer this question with some clarity, we first need to understand what each of these roles are and how they are different.  If we refer to the dictionary meaning of these descriptive words, it will assist with the understanding these roles, and how their focus is different.

Bookkeeper: A person whose job it is to keep the financial records of a business.

Accountant: A person whose job it is to inspect and audit personal or commercial accounts.

The first thing you notice is that the roles of each are quite different, and so it is in reality.   In most instances, a bookkeeper does not perform the tasks of an accountant very well because they are not specifically trained to perform these tasks.  Likewise, an accountant does not perform the tasks of a bookkeeper very well because they are not specifically trained to perform these tasks.

The bookkeeper keeps the day to day financial records of the business, applies the planning strategies outlined by the accountant.  Adhering to legislative, statutory and regulatory rules of the financial transactions that occur in the business on a day by day basis.   This forms the preparation for the accountant tasks and the next important step in the financial responsibilities of the business.

The accountant will then inspect these accounts and apply the relevant income tax legislation for the purpose of completing the relevant tax returns.   Advise and assist business owners to plan strategies for the benefit of the business.   They will identify and minimise potential long-term tax liabilities within the boundaries of current legislative requirements.

Ques. 23 – Where is my data kept?

Clients using MYOB data files supplied by ABBS will be held on the server at ABBS Head Office with only yourself, your appointed bookkeeper and BAS agent having access to it.

Clients using cloud hosted software will be held by the individual software companies and access to that data is usually available to employees of the individual software company other than your appointed bookkeeper.  It is recommended you check this with the individual software company agreements signed to be able to use their software.

Ques. 24 – Are ABBS Bookkeepers qualified?

Yes, ABBS Bookkeepers hold or are working towards the required qualifications approved by the Tax Practitioners Board, all are required to be members of ICB, are National Police Check cleared, attend 16 hours of external and 22 hours of internal training hours each year.  All ABBS bookkeepers are required to complete an annual skills test to indicate the maintenance of their knowledge and skills.

Ques. 25 – Can ABBS provide a payroll service?

Yes, ABBS can set up a payroll system for you as well as maintain it. Australian payroll systems are ranked as the 5th most complex in the world, so it is important to get it right. ABBS can offer a complete payroll service, staying on top of award changes.

Alternatively, a tailored payroll service can be provided at a level that suits your business, for example, where you provide the information required to maintain the system.

More questions will be added to this page as they are asked of us.

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