FAQ – CHampion Bookeeping

Frequently Asked Questions

Do you take care of organizing tax preparation?

“Yes, I can help with tax preparation to some extent! My role as a bookkeeper includes organizing and maintaining accurate financial records, which makes tax filing smoother. I can ensure all your financial transactions are recorded correctly, your accounts are reconciled, and necessary reports like income statements and balance sheets are prepared.

However, for filing your taxes and ensuring compliance with the latest tax laws, I recommend working with a qualified accountant or tax professional. I’m happy to collaborate with them and provide any documentation they need for a seamless process.”

Can you do payroll?

Absolutely! We are very experienced in the complexities of payroll and currently the changes with STP2. We also have engaged the services of a FairWork Expert which means we can provide you with accurate information based on individual circumstances.

What are the core responsibilities of a bookkeeper?

In a nutshell, bookkeepers are tasked with entering data as well as bank reconciliation – especially when it comes to small businesses.

Other core responsibilities of a bookkeeper include:

Monthly reports;

Following up on accounts (received and payable);

Filing taxes;

Putting together yearly reports for profits and losses as well as balance sheet reporting;

Assisting business owners with their budgets and forecasting;

Advising on the best software to use for specific business needs;

Providing training for staff for bookkeeping best practices as well as bookkeeping software; and

In some cases, acting as liaisons for accountant meetings, as well as act on behalf of their clients when it comes to engaging with tax authorities.