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Bookkeeping done well will allow you to view useful financial reports for your business. It can help you to answer the questions:
- Is your Business profitable?
- Where does the cash go each month?
- Which products or services should you focus on?
- Is your business growing, staying the same size, or shrinking?
- Should you keep doing what you’re doing or make some changes?
Bookkeeping allows you to see the information to guide your business decisions. Don’t run your business blindfolded.
Work Process
Bookkeeping doesn’t have to be difficult. This step-by-step guide will give you all of the information you need to make bookkeeping easy for your business.
Why Is Bookkeeping Important?
For most business owners, bookkeeping is a necessary millstone. You do it because you have to file an income tax return with the FRCS. Compliance with the FRCS is just one of the reasons you need to do bookkeeping for your business. There are several other reasons why bookkeeping is important.
OPERATIONAL BENEFITS
If your bookkeeping is up-to-date, you will gain some operational benefits. Up-to-date bookkeeping helps you understand:
- Who owes you money?
- Who do you owe money to?
- How much value-added tax and income tax will you owe?
- How much cash does the business have access to?
- How much cash will the business need over the next month, quarter, and year?
This will help you avoid penalties and interest on late payments. This especially is important when it’s the FRCS that you owe money to.
It also will help you take advantage of upcoming opportunities. Managing your cash flow will allow you to take early payment discounts or stock up when your supplier has a sale.
COMPLIANCE
Yes, compliance is also important for your business. Keep the FRCS happy by filing and paying taxes on-time. Good bookkeeping will also help you to avoid costly and time-consuming audits. It’s far more cost-effective and less stressful to get the bookkeeping right the first time around.
- Claim every deduction - Proper bookkeeping will make sure that every transaction is recorded accurately. Legitimately claim all tax deductions and back them up with proper supporting documents.
- Catch and correct errors - Keeping the books up-to-date will allow you to catch errors quickly. Bank errors will pop out when doing monthly reconciliations. Customers’ short-paying invoices will also be caught quickly so you can collect every dollar.
- Obtain business financing - If you need financing for your business, well-kept books will help obtain a business loan. You’ll be able to accurately show your business’ performance and create a forecast to show the bank that the loan will be repaid.
Separate Business Transactions from Personal
If you take one piece of advice from this article, let it be this one: get a separate business bank account and credit card.
Keeping your business transactions separate from your personal ones is the first step to making bookkeeping easier. If your business transactions are lumped in with your personal ones, you’ll spend hours sorting through them when doing your books.
If business and personal are not separated, the time it takes a bookkeeper or accountant to do your books will sky-rocket. This means you’ll get a much larger bill at the end of it.
Our Skills
We are full qualified and accredited CA (Charted Accountants - Fiji) and CPA (Certified Practising Accountant - Australia). We cover the entire Viti Levu and extend our services to SMB's and Large Organisations as well.
It’s all about getting to know you
We’re excited to be the trusty guide on your entrepreneurship journey. But getting to know you is a little journey of its own.
We find it’s helpful to see how we navigate so that you never feel lost.
The journey...
- UNDERSTANDING YOUR OPERATIONS - We’ll sit down for a meeting to get to know your business, your goals, and how we might be able to achieve them.
- MEET YOUR TEAM - We’ll introduce you to your FATMAS team. You’ll always know who to reach out to with questions. You’ll now have a system that works every time to get you the information and peace of mind you need to grow your business.
Our Clients
Our client base starts from Suva, Fiji, goes all the way round Viti Levu, moving over to Vanua Levu and extending over to Tonga, Samoa & Vanuatu.Please drop us a line to find out more...