How Bookkeeping Can Save You Money, Time And Improve Your Business

Bookkeeping Elements

The ATO will likely scrutinise business transactions in the event of an audit. If your business uses accounting software like Xero, you can attach a receipt/invoice to every transaction and leave a clear description of the expense. That’ll save you hours, including the accountant fees, which can easily range between $10,000 and $20,000 per audit event. Audit insurance will cover the accountant’s fees, but it doesn’t include the time you will spend providing evidence or information to your accountant or auditor.

In addition, when reconciling transactions, you want to avoid using generic account names such as General Expenses. You want to reconcile transactions to specific accounts that accurately reflect the type of expense. With a clear overview of your income and expenses, you can seamlessly review to cut costs, streamline operations, and, most importantly, maximise profit.

A well-organised financial record enhances your business’s credibility with lenders, investors, and potential business partners. Lastly, when it comes to tax time, you’ll have all the necessary information readily available, reducing stress and allowing your accountant to provide accurate advice.


We recommend most businesses have a good quality bookkeeper that can maintain a healthy set of books.

Bookkeeping Element 2

If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions. 

From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax. 

Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us. 

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