SERVICES

Bookkeeping and BAS Services

MJCC will help you pave the way to business success

Many small business owners think they have to do it all. They have to wear all the hats, from marketer to social media whizz, administration manager, debt collector, and insurance expert.

But when you think about it, taking a DIY approach to bookkeeping and BAS is dangerous.

Get it wrong, and you could end up in trouble with the tax man, or your business could fail.

Without solid financial data, you don’t know if you are charging enough, what your financial liabilities are, how to budget and what you can afford to spend on luxury items.

We know what you’re thinking… shouldn’t my accountant do that?

And the simple answer is, sure, they certainly can. But using an accountant to do your invoicing, reconcile your accounts, keep clean and accurate financial records, pay suppliers, and issue financial reports like a profit and loss report can be costly.

MJCC can clean up your books and provide an array of services for substantially less than an accountant would charge you.

We can clean up your books before you approach your accountant to provide advice about tax matters. After all, they can’t provide helpful guidance if the data they are looking at isn’t accurate.

In fact, many clients find us because their accountants have recommended us. And that’s a pretty impressive endorsement.

Our services include:

Accounts Payable

Paying your bills, suppliers and others on time is essential.

Why?

It ensures you maintain good relationships with the people you rely upon to run your business.

And although it sounds like a simple thing to do, many businesses struggle with this aspect of their business.

As a business owner, this can be because you have so much to juggle that it’s hard to find the time. Or it could be that you don’t have a good handle on your cash flow, so you don’t have the money to pay your accounts when they’re due. All in all, it can be one of the most stressful parts of running a business.

At MJCC Business Solutions, we can take care of your accounts payable to ensure you meet your obligations on time and without constant worry. We take the anxiety out of paying bills.

We can carry out:

  • Data coding and bank reconciliations
  • Data entry and reconciliation of supplier invoices and statements
  • Preparation of payment schedule
  • Generation of bank-ready files for release of payments to suppliers
  • Issuing remittance advice to suppliers
  • Liaise with suppliers to question any apparent errors in their invoices
  • Solve any problems relating to payment to suppliers
  • Prepare Taxable Payments Annual Reports
LET'S GET ORGANISED

Accounts Receivable

Running a successful business relies on positive cash flow. You can’t pay others or yourself if you don’t have money coming in regularly.

But we understand that sending invoices and chasing payments is the last thing you want to do at the end of a punishing workday.

There’s also a misconception that with the rise of accounting programs like Xero, there’s no need for a bookkeeper because technology makes it easy to handle your accounts yourself.

But you need to remember that your accounting program is only as good as the person using it.

If you’re allocating funds to the wrong accounts and failing to reconcile incoming payments correctly, your records aren’t worth having.

We can take all this work out of your hands so you can go home and spend time doing what you love (and we’re pretty sure accounts receivable tasks don’t make the list of things you love to do).

We can look after:

  • Raising and issuing invoices to your customers
  • Recording and reconciling payments received
  • Liaising with customers to answer any questions they might have about their invoices and resolve any problems that arise
  • Issue regular statements to customers
  • We can follow up on your outstanding debts – which is probably the thing you like doing least – ensuring that cash is in your account faster
LET'S TALK ACCOUNTS

Payroll

Paying your employees the right amount at the right time is extremely important.

Aside from being a legal requirement, failure to do this will likely result in disgruntled, resentful employees who will either quit or refuse to work to their full capacity. They can be rude to customers and take shortcuts because they don’t feel valued.

We’re in the business of keeping your employees happy so that your business runs smoothly and profitably.

We can:

  • Establish and manage payroll records
  • Process your payroll (weekly, fortnightly, or monthly)
  • Prepare bank-ready files for the release of payments to employees
  • Look after your superannuation reporting and payment obligations
  • Carry out Single Touch Payroll reporting
PAY MY EMPLOYEES

Business Support

Whether you’re just starting your business or have been in your business for decades, we can provide assistance to make your life easier.

Let’s face it, financial obligations are subject to rapid change, and if you’re not an expert in financial matters, it’s easy to overlook these changes. This can lead to you not meeting your legal requirements.

We’ve got our finger on the pulse of all things financial. So you can rest assured we’ll keep you up to date so that you’re not penalised for any errors or omissions.

We can also look after the nuts and bolts of starting and running a business.

For instance, we can:

  • Provide training in accounting programs so you can use them confidently and correctly
  • Secure an ABN
  • Register you for GST
  • Take care of GST reconciliation
  • Prepare and lodge your BAS statements
  • Prepare and lodge your Instalment Activity Statement if you’re not required to collect GST
  • Prepare and lodge your Payroll Tax reports with the relevant authorities
  • Prepare your year-end files
  • Audit and review your year-end files so that you can provide accurate data to your accountant
  • Look after your financial reporting and liaise with your accountant
  • Generate your taxable payments annual reports

Running a business is not an easy task.

It requires you to have expertise in so many areas.

And making mistakes around the financial aspects of your business can have serious ramifications.

If there is any area of your business chores you choose to outsource, this should be your first stop.

Let us lighten your load.