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Bookkeeping
At Munro’s, we understand that keeping your financial records in order is the backbone of any successful business. As a small-to-medium business owner in Perth (we service all of Australia too!), you may be overwhelmed by the daily challenge of managing transactions, reconciling accounts and ensuring that your books are compliant with current regulations. Many business owners find that poor record‑keeping leads to missed opportunities for cost‑savings, cash flow issues and even compliance risks.
That’s where our dedicated bookkeeping service comes in. We provide a proactive, transparent approach to help you maintain accurate, up‑to‑date financial records while giving you more time to focus on growing your business. Our approach isn’t about simply crunching numbers – it’s about understanding your unique business challenges and offering tailored solutions that ensure your books not only balance but also work as a strategic tool for growth.
What We Do:
- Accurate Daily Record‑Keeping: We manage your transactions, ensuring every sale, expense and invoice is recorded correctly.
- BAS & GST Compliance: We prepare and lodge your Business Activity Statements on time, ensuring you stay compliant with the ATO.
- Financial Reporting: Regular reports give you clear insights into your cash flow and profitability, so you’re always in control.
- Tailored Advice: We don’t just file your books – we help you identify areas for improvement and opportunities to streamline your operations.
Our team of dedicated bookkeeping specialists in Perth uses modern cloud‑based accounting systems to deliver an efficient and reliable service. This ensures that you have access to real‑time financial data, empowering you to make informed decisions that drive sustainable business growth.
Read Key Points & Transcript
Perth’s Trusted Bookkeeping Services for Startup & Growing Businesses
video key points
- Starting with the basics of bookkeeping—tracking, classifying, and monitoring financial transactions—is essential for setting your business up for financial success.
- Inaccurate or inefficient bookkeeping can lead to significant problems, including wasted time, financial losses, and severe penalties for non-compliance with government authorities.
- Utilising bookkeeping for strategic financial management, rather than just compliance, can drive better business decisions and growth.
- Common bookkeeping issues include over-reliance on software and business owners spending too much time on it, detracting from focusing on their core business activities.
- Outsourcing bookkeeping tasks can free up time and provide advanced insights, enabling business owners to work on growing their business rather than getting bogged down in operational details.
- For more insights and the opportunity to focus on business growth, consider booking a no-obligation meeting with our specialist advisors.
Presented by: Rama Yudhistira
video transcript
In order to set you for financial success, no matter what you do, it is important you start with the basics – tracking, classifying and monitoring your financial transactions.
In business, the practice of tracking, classifying and monitoring your financial transactions is called bookkeeping.
You need to know where your money has gone, and how much you are making from your products and services
There are many problems that can come from inefficient or inaccurate bookkeeping, such as:
- Lots of time and resources wasted unnecessarily.
- Inability to perform financial analysis.
- Financial losses through such issues as missed payments, invoicing errors and cash flow problems.
- Non-compliance with relevant government authorities, such as the ATO and the State Revenue Office, which could lead to severe penalties wasting thousands and thousands of dollars.
As accountants in business since 1973, we know business owners don’t only need to get the bookkeeping done for compliance purposes, they also should utilize it for powerful strategic financial management.
Insights gained from your financial records can, and should be, a key driver in how you make better decisions to grow your business.
But, the first place always starts with accurate, up-to-date bookkeeping.
A couple of the common issues we’ve seen with bookkeeping include:
- relying on the software too much, and
- business owners wasting too much time on the bookkeeping.
The software these days is far better than it has ever been, but it’s seldom a plug-in and let rip solution. This is especially true when payroll is involved.
We also mention business owners wasting too much time on bookkeeping because it’s not usually where your talent and best output lies.
Whether you are starting your business or looking to grow, you should be putting adequate time into working ON your business rather than IN your business.
You don’t need to concern yourself with endless amounts of paperwork and general bookkeeping tasks. These can be better left to skilled employees or to professionals such as ourselves.
Before we finish this video, we’ll use an example of a bookkeeping problem, and solution, to give you additional context about what we’ve been discussing.
Say you are a small business experiencing net profit growth year-on-year. Due to increased revenue over the last year, you are required by the tax system to lodge more frequent Business Activity Statements.
Up to then, you maintained your financial records in a spreadsheet, which presented many issues such as inefficiency and inaccuracy. So, things have to change.
In a situation like this, we could assist you in setting up a modern bookkeeping system, and provide you with comprehensive training on how to use the program.
The result, an improved bookkeeping system allowing you increased functionality to track your business performance and meet your tax obligations.
Additionally, with the more efficient bookkeeping system, you might also free up some of your time, which could then be used to grow your – allowing you to work ON your business, rather than IN your business.
If you want more time, and advanced insights, so you can focus on growing your business, please don’t hesitate to contact us and book a no-obligation meeting with one of our specialist advisors. We guarantee you won’t regret it.
Overcoming Common Bookkeeping Challenges
Many business owners share similar struggles when it comes to managing their financial records:
- Inaccurate Data Entry: Mistakes in recording transactions can lead to costly errors at tax time.
- Delayed BAS Lodgement: Missing deadlines for BAS can result in penalties and stress.
- Cash Flow Woes: Without regular, accurate reports, identifying cash flow issues early can be difficult.
- Lack of Financial Visibility: Inconsistent records make it hard to spot trends, forecast growth, or plan for future investments.
At Munro’s, our solution is simple yet effective. We fill our team with highly skilled accountants and combine modern technology to ensure that your bookkeeping is both accurate and insightful. Our process includes:
- A thorough initial assessment: We work with you to understand your current bookkeeping setup and pinpoint any gaps.
- Ongoing, proactive support: With routine reviews and updates, we ensure your books are always in top condition.
- Transparent communication: We keep you informed every step of the way – no jargon, just clear, actionable advice.
- Tailored reporting: From detailed monthly reports to simple dashboards, we provide the insights you need to manage your business effectively.
By entrusting your bookkeeping to Munro’s, you benefit from a service that not only prevents errors but also provides the strategic financial clarity needed for decision‑making. Our goal is to help you grow your business safely and confidently – because when your financial foundation is strong, everything else follows.
Setup Bookkeeping in Xero, MYOB, Quickbooks, etc
We cannot stress enough how vital it is to setup an accurate accounting system from the beginning.
Solution
Startup bookkeeping.
Outcome
Clean financial information from the beginning as opposed to a costly, uninformative mess.
Read Key Points & Transcript
Setup Accurate Accounting from the Beginning
video key points
- Maintaining accurate financial records is crucial for business success, yet it’s commonly neglected or mishandled.
- The initial setup of an accounting system, if done inaccurately, can lead to costly mistakes affecting time and financial resources.
- A professional example highlights the complexities and potential mess arising from self-managed bookkeeping connected with professional software.
- Key accounting tasks such as payroll, debtor collections, creditor obligations, and GST compliance grow in complexity with business expansion, requiring skilled bookkeeping.
- Effective bookkeeping delegation relies on a well-functioning system, underscoring the value of professional setup to save time and money and support business growth.
Presented by: Rama Yudhistira
video transcript
Most business owners know that bookkeeping and maintaining accurate financial records are very important… and yet, some business owners unfortunately tend to neglect their paperwork…. or, they may not realise that they are essentially neglecting their paperwork by not realising the mistakes they are making with their books.
For many people, it may be tempting to setup your own accounting system in the beginning. However, please be wary that setting up an inaccurate accounting system can be very costly.
How can this be? Let me explain with an example.
A professional in their field sets up a new business. They setup their bookkeeping themselves, connected it with their industry’s professional software, and think that the bookkeeping software will just run smoothly and handle it all.
However, what follows is an absolute mess of records which require substantial amounts of precious time and accounting fees to fix things. Time and money which could have been better spent focusing on growing their business.
If you are a business owner seeking to earn $1 million plus in revenue, invariably there are many things in your accounting records that you need to maintain, consistently well. This could be:
- payroll matters
- debtor collections
- creditor obligations
- GST obligations
…and many more.
The bigger your business, the greater the compliance burden. This makes the requisite skillset for bookkeeping more and more amplified.
Furthermore, as a business grows, the task of bookkeeping should be delegated, and to achieve success in delegating, one of the key things to do is to have a thoroughly working bookkeeping system.
As accountants and trusted business advisors, we are passionate about helping our business clients get to where they want to be. This includes helping you setup accurate accounting from the beginning, so you can save a lot of valuable time and money in the long run.
Talk to us today to find out how Munro’s can assist with your accounting and bookkeeping requirements.
Frequently Asked Questions for Business Bookkeeping
-
What does your bookkeeping service include?
Our service covers daily transaction recording, BAS and GST preparation and lodgement, regular financial reporting, and ongoing advice tailored to your business needs. -
How does Munro’s ensure accuracy in my records?
We use modern cloud‑based systems and rigorous checks, ensuring all transactions are accurately recorded and reviewed. This proactive approach helps prevent errors before they become costly. -
How can proper bookkeeping improve my business profit?
With up‑to‑date, accurate records, you gain clear insights into your cash flow and expenses, enabling smarter decision‑making and cost‑saving opportunities that can ultimately boost your profit. -
Are your bookkeeping services available for businesses outside Perth?
While Munro’s is based in Perth, our compliance and advisory services are effective for businesses throughout Western Australia and Australia-wide. -
What is the price for your bookkeeping service?
Our pricing is transparent and reflects the complexity of your needs. Please visit our pricing page and then contact us for a personalised quote. -
Can your bookkeeping services help with cash flow management?
Absolutely. Our regular financial reports and tailored advice provide you with the insights needed to manage your cash flow effectively and avoid potential pitfalls. -
How quickly can I access my financial data?
With our cloud‑based system, you have real‑time access to your financial records anytime, ensuring you’re always informed about your business’s financial health. -
What makes Munro’s bookkeeping service different?
Our problem‑solving approach, transparent communication, and focus on long‑term client relationships set us apart. We’re not just number‑crunchers – we’re your trusted partner in financial growth, as evidenced by over 100 Google reviews praising our responsiveness and reliability.
Where To Begin
Request A Quote For Ongoing Accounting Services
From $3,000 per annum (excl. GST)
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$4,000 (excl. GST)
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Discover Our Key Services & Solutions
Business Accounting
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Tell us about your problem and we’ll respond within 1 business day.
- Call Us 1800 818 924
- Email Us hello@munros.com.au
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Visit Us
308 Fitzgerald Street
Perth WA 6000