Bookkeeping and Accounting Services Should Be Accurate for Payroll Purposes

calculatorWithout accurate bookkeeping and accounting services, your company will not understand how successful it is in the business community. In any business, usually one of biggest expenditure is payroll.  Your staff is the most important asset in your business therefore it is very important that you are paying them correctly and ensure that the records for payroll purposes are correct at all times. Records such as these allow the company to keep track of labour costs along with certain tax liabilities, superannuation liabilities and other information. In addition, employees deserve the correct pay for the hours that they perform their job duties each week.

Accurate Records to Calculate Labour Costs

Quality services for bookkeeping and accounting help the company calculate labour costs throughout the year for a variety of purposes. Budgets, loan applications, shareholder meetings and other aspects of operating a business depend on accurately reporting on the expense of paying the employees.

Keep Track of PAYG Withholding Liabilities

The Company’s employees pay taxes to the government through each of their pays. You must in turn report and pay these taxes to the Tax Office on behalf of your employees on a monthly or quarterly basis.  Having a reliable payroll system, enables helps your business to keep track of the PAYG withholding deducted from your employees and forward this to the ATO. If your record keeping is inaccurate in this area, it could cause your business a lot of headaches at the end of the financial year when the figures needs to be reconciled with the ATO records. Save your company issues by ensuring that your payroll records, bookkeeping and accounting services are accurate in all areas.

Payroll Records should include records of Superannuation Liability

Superannuation is a mandatory payment to employees who earn more than $450 per month.  It is therefore important to have a payroll system that would correctly calculate superannuation liabilities so that the business can send the payments through a clearing house to the employee’s superannuation funds.

Payroll Records Often Include Annual Leave and Sick Leave Entitlements

Often, payroll records also include tracking annual leave and personal leave entitlements for employees. Through a notation on the payslips, employees understand how many of these days they have left to take advantage of at any given moment.

Employees Are Entitled to be Paid Accurately Each Pay Period

Each year, different industries issue minimum wages scales to protect certain employees.  Applying the correct pay rates and penalty rates according to your industry is very important as this can avoid costly penalties from Fair Work or other Industry bodies.   Having accurate accounting and bookkeeping services for payroll ensures that the employees receive the right amount of pay each payday for the work that they perform for your company. After all,  your employees are your most important assets and they are entitled to their money for the effort they put forth.

At Bookkeeping Partners we understand the importance of accurate bookkeeping and accounting services for payroll.  Contact us if you need assistance with bookkeeping and payrolls for your business.

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What is Pharmacy Bookkeeping and Why Is It Important for Auditing and Monitoring Purposes?

computationIt’s true, every business is different, but there are some things that remain the same in all commercial dealings – bookkeeping, and the need for auditing and monitoring financial transactions. Because every industry is unique, bookkeeping and accounting should be geared to accommodate these difference in a way that is transparent, so that no room for errors or unauthorized alterations can be made.

Pharmacy Bookkeeping and the Importance for Auditing and Monitoring

This is why pharmacy bookkeeping is important for auditing records and for monitoring all financial transactions, including recording purchase payments, tracking income from sales and services, and organizing credit payments and other business related bills, so that these can be scheduled in a way that maximizes the reconciliation of bank and credit debt obligations. Unfortunately, there is something that has plagued all types of business – inaccurate, non-transparent bookkeeping and accounting practices.

Bookkeeping for pharmacies is like having a partner in business, because effective bookkeepers work much closer with pharmacy owners than traditional accountants do, which is very helpful, especially for busy pharmacies. Professional bookkeepers often work with their clients on a monthly schedule, but it is not uncommon to have these effective bookkeeping partners available, on a weekly basis, for busy pharmacies.

Bookkeepers are an asset to any business, especially businesses like pharmacies that stock myriads of pharmaceutical products, health related wares and countless assorted sundries. In this regard alone, setting up a filing system specially catered to pharmacies, rather than using generic free software or general paper forms to keep track of business activities, professional bookkeepers can create an easy to use, transparent filing system for pharmacies that make running a business much easier.

This is especially true for smaller pharmacy owners who operate their own businesses, yet still manage to find time to balance their books? If you are a pharmacy owner or manager, and you feel like you could use some ‘help’ with payroll, taxes, auditing and monitoring your business’s financial activities, to eliminate error or unauthorised altering of documents, then let Bookkeeping Partners be your partner.

We are a customer oriented company that focuses on developing long-term business relationships with our clients. Providing years of experiences and knowledge in all areas of bookkeeping, we can help you with administrative services for pharmacies, payroll taxes, record keeping, track income and purchases, and much more. Please feel free to contact us for more information about how we can help you and your pharmacy thrive.

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