Business Services

Bookkeeping

When it comes to small to medium businesses, your accounts are your most important asset. They financially define your business’s health, and largely influences major decisions. They are like an X-Ray of your business and reflect its current financial status. That’s why we emphasise the need for proper and quality bookkeeping.

As a leading bookkeeper in Melbourne, we commit to giving the best service for small and medium businesses. Bookkeeping Central provides hassle-free, quality management of your accounts. What makes us stand out from the rest is our wide-ranging set of bookkeeping solutions to cover your every need, complemented by our fully dedicated customer service, answering all your questions and concerns, and delivering highly satisfactory service with just a call or email away.

Services include;

Bank and credit card reconciliations
Accounts Payable and Receivable
Management of inventory control
Processing and reconciling superannuation payments
Payroll and superannuation processing using Single Touch Payroll, including new employee set-up, leave management and terminations
Invoicing and debtor follow up
Financial statement maintenance & preparation
New asset and lease/chattel mortgage accounting
EOFY processes including preparing your files for your Accountant
Conversions to Xero

Payroll / STP / Payroll TAX

The processing of Payroll is an inevitable, and often time consuming part of any business that employs staff. But could the time you spend processing payroll, and keeping on top of all the changes to the latest payroll compliance legislation, be better spent working on areas of your business that make you money?

At KRP Accounting Payroll Services, our highly experienced qualified staff are here to help take the worry out of payroll processing / STP / Payroll Tax.

KRP Accounting Payroll Services have highly trained payroll specialists, utilising Australian designed taxation compliant payroll software.

BAS/IAS preparation and lodgement

We are a registered BAS agent that is able to assist you with your BAS preparation and IAS preparation for lodgement with the Australian Taxation Office (ATO).

IAS Preparation

Instalment Activity Statement (IAS) is used to report the amount of tax withheld from your employee’s wages each month (PAYG amount).

The IAS can be completed monthly or alternatively it is included in the quarterly BAS.

BAS Preparation

Business Activity Statement (BAS) is used to report tax to ATO which includes:

GST refund / payable
PAYG withholding tax
PAYG instalments

ATO BAS Lodgement is completed on a quarterly basis by all Australian businesses registered for GST.

Registered BAS Agent

We are a registered BAS agent that can liaise with the Australian Taxation Office (ATO) on your behalf.

BAS Agents have:

Certificate IV Bookkeeping or Certificate IV Accounting
1000+ hours of relevant experience
Ongoing professional development
Professional Indemnity insurance

Cash Flow Management / Budgeting

Businesses that spend more money than they earn have a cash flow problem. Small businesses are especially at risk of going under when this happens, as they can find it difficult to pay staff and suppliers their remunerations. Fortunately, the team at KRP Accounting can provide excellent cash flow solutions for small businesses. We can help you develop your budgets, Key Performance Indicators and systems to track your performance.

What We Can Offer

Our cash flow management for small businesses involves keeping track of all money coming into and going out of your business. We can help you stop spending more money than you earn by closely analysing cash flow changes over time, spotting trends that can be exploited, and making reasonably accurate projections regarding your cash management account. This information can help you tackle any problems that arise in the future much more easily.

FINANCIAL REPORTING AND ANALYSIS

Expertise in management reporting and analysis is at the heart of KRP Accounting. Although it is important for businesses of any size to know how they are tracking each day, each month, each quarter and so forth, for SMEs it is even more vital. KRP Accounting specialises in the generation of financial reports for a range of different purposes. Whether you are looking for balance sheets and profit & loss statements for your own general interest, or require specific documents to be prepared for the Australian Taxation Office or another party, you can rely on us to provide you with exactly what you need.

Understanding how your business operates now is fundamental in supporting your future business growth. Let KRP Accounting design a bespoke reporting solution for your business, or interpret your current reports, giving you valuable insight into the drivers of your profitability and cash flow.

Know How Your Business Is Tracking

The key benefit of financial reporting is that it shows you how your business is tracking, which then allows you to make both short and long term decisions about the direction of the business. Informed decisions such as whether or not you expand or downsize, ways to improve cash flow and increase profits can all come down to the figures that appear on the reports generated by our small business tax accountant. We can help you implement an easy-to-read financial reporting system that tells you just how your business is tracking, enabling you to make the decisions you need to make.

Accounting Software Setup and Training

We want you to get the most out of your accounting software and bookkeeping services and that is why we offer training packages after the initial setup and as required for new staff.

Setup Software

We help businesses convert data from their existing software to a new one. Special care needs to be taken so as to ensure that the figures are the same in both before you make the switch. Whether it’s a MYOB conversion to Xero accounting software or something else, we’ll be there to guide you every step of the way. As a professional partner, we are provided with discounted pricing which we pass on to you.

Training

Our focus is to tailor training to your business needs and in bite-sized chunks in the form of microlearning.

We focus on teaching you how to do:

Invoicing (accounts payable procedures)
Bills (accounts receivable procedures)
Process Expenses
Payroll Process (should you wish to do it yourself)
Reporting

The training can be arranged on site or as an online video conference.

Procedures and Manuals

We can document your procedures into simple manuals so that you have on hand for existing and new staff should you wish to conduct future training yourself.

Cloud Program / Remote service

Cloud-based software
Cloud bookkeeping and accounting services – software stored and accessed online – is an attractive option for small business owners. There are several applications available designed to meet both the budget and the needs of a typical small office or small business. Version upgrades and data backup are managed by the application vendor, removing the need for costly maintenance.

Minimize your paperwork
Cloud-based software makes accounting and bookkeeping secure and simple. With easier systems in place, you can save time, money and stress, as well as minimizing messy paperwork. Cloud programs allow you to create quotes on the go, and you don’t need to be stuck to your desk to do your invoicing.

Remote access, full control
When you understand cloud-based software for your small business, you can remotely manage your business more effectively. You can stay on top of all your business financials, even when you are away from your office. And the ATO will love you for it.

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