May Day! May Day!
As bookkeepers, we hear ‘May Day!’ too often.
Why? Business owners think ‘How hard can it be?’ – turns out, a lot harder than they thought.
Or perhaps they think ‘I can’t afford to pay for help’.
We get called in to rescue business owners from their accounts disasters!
A few years ago we sent out a search party for a business owner whose records were 2.5 years behind – for 2 businesses! We created 2 new xero subscriptions, imported bank statement lines and we processed the lot (including payroll) using available source documents, prepared heaps of IASs and BASs, liaised with the accountant so tax returns could be prepared. We now provide ongoing bookkeeping services (and crack the whip to keep the client on track)
Recently we met a team who had a dirty conversion to xero – their old system was both unreconciled and incomplete and that hadn’t translated well in their new system. Our liferaft was to create a new xero subscription and start this financial year again – only coding the suppliers that charged GST as GST inclusive!
Another client had setup their own xero file, created invoices and then also cash coded customer deposits. These coding mistakes meant their accounts showed income double what it was, AND that they were expecting to receive $$$ from their customers. Our solution was to remove all of the incorrect deposit transactions and apply them as payments against the sales. We showed the client the correct way to reconcile their bank transactions to keep themselves out of trouble.
Contact us if you are lost in the wilderness!
