Keeping Tabs

Tasmanian bookkeeping firm Keeping Tabs has handled the books of small and medium businesses since 1 January 2010. The firm is Tasmanian owned and operated, and it provides a complete bookkeeping solution or part of one, depending on what each client needs.

Accounts payable and accounts receivable

On the payables side the firm processes incoming invoices, keeps supplier files, reconciles supplier statements and pays supplier accounts. On the receivables side it processes outgoing invoices, keeps customer files, reconciles banking and credit card accounts and reconciles sales data to daily banking, including EFTPOS and cash. It also runs end-of-period reconciliations and adjustments, and it manages cash flow so that creditors, payroll and direct debits are paid on time.

BAS, PAYG and payroll compliance

The firm is registered as a BAS agent. It calculates and processes business activity statements through the BAS agent portal, pays BAS debts and manages refunds. Its payroll work covers new employee records, the online payroll systems used to process timesheets, the transfer of wages to staff and payslip distribution. It lodges Single Touch Payroll reports, keeps up with PAYG, award rate and superannuation changes, determines PAYG and payroll tax requirements, and manages staff entitlement balances.

Allowances, workers compensation and year-end payroll

Other payroll tasks include managing allowances and salary sacrifice arrangements, administering workers compensation and paying wages, running end-of-year payroll functions and carrying out superannuation streaming under the relevant legislation.

Reporting for decisions

Management reporting includes payroll, profit and loss and balance sheet statements, as well as analysis of actual results against budget. The firm can also prepare franchisor reporting where a client requires it.

Year-end handover to the tax accountant

At year end the firm can give a client's tax accountant an accounting file that has been reconciled and prepared for taxation, with the supporting documents. It also helps with fixed asset management, applying for finance, setting budgets and checking supplier invoice pricing.

Retail food and beverage operators

Clients come from many industries, but the firm works mainly with retail food and beverage operations. It uses cloud accounting and is partnered with Xero, and it is willing to learn any other system that a client's business uses alongside its accounts.