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    Failing to plan is planning to fail

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    Great companies are built on great product - Elon Musk

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    Failing to plan is planning to fail

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 A wide range of bookkeeping services in Melbourne 

Paramount Bookkeeping has made it incredibly easy to stay on top of your business finances. Whether you're one of Australia's numerous and steadily growing small businesses, or a large organisation with 100+ employees – our range of bookkeeping services are designed to work with you. Check out some of the tips, tricks and resources that we have found useful throughout our years of service, and see if they can perhaps help you with your business!

Common bookkeeping mistakes

Some of the common Do It Yourself Bookkeeping mistakes
 Incorrect GST coding usually resulting in under-claiming or over claiming GST credits.
  • Late lodgment of Business Activity Statement.
  • Late lodgment of PAYG.
  • Paying incorrect superannuation contributions.
  • Doubling up of Invoices.
  • Applying for payments incorrectly to debtors and creditors.
  • Failure to keep backup records.
The above mistakes are due to lack of training and lack of experience in bookkeeping which usually leads to the risk of fines and penalties from the Australian Taxation Office or an accountant having to amend the books at a much higher hourly rate.

Bookkeeping tips

  • Purchase Bookkeeping Software – MYOB, QuickBooks, SASU, Xero, etc.
  • Open a separate bank account for businesses often makes bookkeeping easier and cost effective.
  • From day one, businesses need to record the financial transactions.
  • Review GST coding as Incorrect GST coding usually resulting in under-claiming or over claiming GST credits.
  • Business should reconcile all the bank accounts and loans every month.
  • Review debtors and creditor every month.
  • Restructure of bookkeeping charts of accounts as per your financial statements.
  • Regular Bookkeeping Backup.
For more information, advice, tips or tricks – call (03) 9935 2772 today! 

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