Bookkeeping Rescue Support
We often get asked to help a business get up to date. It may be that they have fallen behind in their work, let a lodgement of BAS lapse and are struggling to keep up with their bookkeeping as their business has grown and it is all too much for them to handle by themselves.
What is a Rescue Job?
A rescue job is pretty much what it says…. rescuing you from being behind in your bookkeeping and compliance with the ATO.
If you start getting behind with your bookkeeping and it grows to a few months, 6 months, or maybe even a year or two, we will step in and bring everything up to date for you.
What is involved in a Rescue Job?
The first thing is to see what stage your books are at, as well as a health check of your entire current bookkeeping system. We review every area of your software file, or if it is a manual system, your spreadsheet.
We will access your lodgement information from the ATO to see how your business is registered, what obligations are outstanding and if there are any amounts already owing. This is then cross checked to your software to ensure it is set up correctly, for generating accurate activity statements.
In your software file, we review all bank accounts to see what date they were last reconciled to your bank statements. If there are any discrepancies, we investigate and clear them. We then bring your accounts up to date by reconciling any items that are outstanding on an existing bank feed or import bank transactions and match them to source documents. At this point we can implement new ways to efficiently bring receipts and invoices into your software system, saving you time going forward.
We then look at all areas of your business’ Balance Sheet.
If there are assets, we check if they are current and up to date. We also review the accounts receivables to check if all items are current and recoverable.
If there are liabilities on the balance sheet, we check against loan or finance contracts to see if they exist or have been paid out, and if they are classified correctly.
For payroll clients, we check if employees are set up correctly, that all pays have been filed with the ATO, as well as reviewing the superannuation payable area to see if all obligations have been met.
We review your Profit & Loss Statement for the current and prior periods to see if the coding is consistent and correct, and if any items require reclassification. This is a great time to view how the business is performing on a monthly & quarterly basis.
We will also provide an overview of current and upcoming obligations which may include payables, loans, superannuation, ATO debt and BAS, to help you manage your cash flow.
The work involved in completing a rescue job is hard to estimate at the onset, however we have a much better idea, once we perform our initial health check. For all rescue jobs, we provide you with an estimate of time and work in blocks of either 5hrs or 10hrs, providing progress status updates along the way, so you have a clear picture of how your bookkeeping is progressing.