Question 1

How much does one consultation cost?

Accepted Answer

We have a free one-hour consultation. During that time, we will review your accounts and that will give us an idea of the scope of work that needs to be undertaken. We will then organise a meeting with you to go over any problems we have found and what is needed to rectify these issues. We like to ensure that your accounts are accurate from the day we commence our working relationship with you.

Question 2

How do I make an appointment with Figures Right

Accepted Answer

Please contact Pamela on either mobile or by email to discuss your company or sole trader needs.

Question 3

Can a bookkeeper do payroll?

Accepted Answer

We sure can! Our payroll services cover everything from setting up STP to superannuation. We regularly attend bookkeeping training to keep ourselves up to date on the latest industry updates (including the recent award changes) and pride ourselves on keeping clients compliant with ATO requirements and streamlining business processes.

Question 4

How much do bookkeeping services cost?

Accepted Answer

Due to the varying complexities of businesses and their requirements, it is impossible to put a definitive number on the overall cost of bookkeeping services. For example, a sole trader’s bookkeeping needs will differ greatly from a retailer that pays staff! We offer a complimentary one-hour consultation to discuss your business needs and identify ways we can help you to grow your business.

Question 5

What is the difference between a Profit & Loss (P&L) and balance sheet?

Accepted Answer

The profit and loss reports show that income minus direct costs equals gross profit, and subtracting expenses from gross profit gives net profit. The balance sheet reports demonstrate that assets minus liabilities equals equity.

Question 6

How will having a bookkeeper benefit my business?

Accepted Answer

Over and above minimising time constraints, your bookkeeper can help ensure that your business is compliant with all legislation. Your bookkeeper will keep abreast of any changes in laws, including those pertaining to payroll and taxes. A bookkeeper also keeps track of your company’s financial health and advises you on decisions that can help you grow your business.

Question 7

Do I need to have both an accountant and a bookkeeper?

Accepted Answer

Because of their diverse responsibilities, it is important that you consider both positions when it comes to keeping your business’s financials. Where a bookkeeper will ensure that your record-keeping stays up to date, your accountant uses the data they gather from the bookkeeper to measure your business’s performance and growth, and will provide insight into how you can maintain a good trajectory

Question 8

Is bookkeeping and accounting one and the same concept?

Accepted Answer

Not quite. Although there might be some overlap in certain cases, it is important to know that accounts and bookkeepers might work together, but their expertise and skill sets are not exactly the same.

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