It’s not all data entry within bookkeeping there is a lot of general small business assistance, and as such there are many small tasks that don’t get the limelight.
So here is a random day of my week that I jotted down.
9:00am – Hitting the books
Log into everything, so many Multifactor Authenticator codes on my phone. Say hello to the team. General Bookkeeping work.
Networking meeting with Equipment Finance Provider. I don’t get kickbacks, but I want my clients to work with a knowledgeable, friendly guy that saves them time and stress.
Return call from client – Needs assistance with Wage Subsidy reporting process. I collected together all the Payroll Activity Reports, checked through applicable Award for the Industry rates while I was thinking of it, correspondence with job network provider.
Bring in vehicle purchase – chase up finance documentation. Calendar note to check in later.
Mentor team and congratulate on a lovely small business client relationship that has developed.
Process email answers received – based on replies correct entries, run bank reconciliations, review account change descriptions for transparency of transactions, check over Fuel Tax Claim calculations, run reports to verify PAYG Tax, run BAS, email reminders on Super, and unpaid past BAS. This is the core of bookkeeping work.
1:00pm – In the groove
Lunch was somewhere in here. Philly Cheesesteak if you wanted to know.
Wage Subsidy email for more info. Sent all the payslips.
Check in with client – reminder about STP filing – via phone call first – then email. Calendar note to chase tomorrow.
Request for Superannuation Accrual information for last financial year email.
Wage Subsidy RCTI received – sign and return as requested by client.
Payroll timesheets received, process pay and email off typical reports.
Received questions email from a small business owner – decided a Zoom meeting would be more beneficial assistance for this issue. Arrange Zoom meeting time – in person not possible as client is ill with Covid.
Take call from client – “Is Wage Subsity all complete, nothing more to do?” Yep, confirmed.
Had a bit of chat re income tax, stock levels and employees general small business forecast within Australia.
4:30pm – The cooldown
Get up and stir my homemade soy sauce, legs are feeling a bit stiff. I’m a bit of a mad cook, always got some experiment going on.
Check in with compliance sheet – need to call some people and chase some answers, mostly curious about what they’ve been up to since last we spoke. Feeling a bit flat now so I’ll get that done tomorrow morning when I’m more lively.
Knock off – say goodbye to the Team for the day – complete final log of time and sign out of everything.
So I hope you can see that Bookkeeping covers a lot of ground. But the summary of it all is that small business owners have a trained advisor available, someone who can see the tax and compliance implications of the scenario, and advise you accordingly.