Bookkeeping FAQ

Real questions from real business owners. These are the things people actually ask us — before they sign up, during the discovery call, and once they see what proper bookkeeping looks like.

General Questions

My books are a mess. Do you do clean-up work?

Yes, this is one of the most common reasons people come to us. We do catch-up and clean-up bookkeeping regularly. We go back through your records, fix the coding, reconcile the accounts, and get everything up to date. Once the books are clean we move you to an ongoing monthly service. The clean-up is scoped and priced separately so you know exactly what it involves before we start.

I have no idea how much BAS I owe. I never checked my ATO statements because I thought my bookkeeper was handling it.

This comes up more often than you would think. Once you become a client, we send you a proposal through our client engagement software. Once you accept, you nominate us as your registered BAS Agent through the ATO’s Online Services for Business at onlineservices.ato.gov.au/business. This gives us direct access to your ATO account. We can immediately see every outstanding lodgement, every debt, every penalty, and every statement the ATO has issued. You do not have to dig through anything. We tell you exactly where things stand.

Do you give us a profit and loss report every month? My previous bookkeeper never did that.

Yes, every month. You get a clear P&L showing your revenue, expenses, and net profit for the month and year to date. You should always know how your business is performing. Monthly reporting is not an add-on with us. It is part of the standard service. Most clients tell us it is one of the things they value most about working with us.

What happens during the discovery call?

More than most people expect. We go into genuine detail. We ask how many bank account transactions you have per month, how many bills you enter, how you are currently uploading bills into Xero, how you are lodging Single Touch Payroll, and whether you are ready for Pay Day Super. Most prospects are genuinely surprised at the level of detail we go into. We do this because we need to understand your business properly before we quote. We do not give you a number until we know what the job actually involves.

What software do you use?

Xero only. If you are on MYOB, QuickBooks, or something else, we migrate you across to Xero as part of getting started. No extra charge. We are a Xero Gold Partner and we configure Xero specifically for your business and industry, not a generic out-of-the-box setup.

Do you work with my accountant?

Yes. We handle the monthly bookkeeping and BAS. Your accountant does the annual tax return and the big-picture advice. We share everything they need in a clean format and make their job easier. If you do not have an accountant, we can refer you to one we trust.

What does it cost?

It depends on your business. We work on an hourly rate for the first three months while we review your file, understand your setup, and catch up anything that is behind. By month three we know exactly what your books involve each month and we move you to a fixed monthly price. Most clients find the first couple of months take more hours because the books need tidying up. Once things are clean, the hours settle and your fixed price reflects that.

Construction Questions

Why should I be looking at my job profit and loss?

Because your overall business P&L does not tell you where you are actually making and losing money. You might be profitable overall but losing money on certain jobs without knowing it. Job costing in Xero lets you see the revenue and costs for each individual project. You can see your margin per job in real time, not just at the end when it is too late to do anything about it. We set this up from day one for all our construction clients.

Do you manage retention?

Yes. We track head-contract retentions (HCVs) and subcontractor retentions (SCVs) so your books always reflect the real position. Retention sits on your balance sheet as money owed but not yet received. If it is not tracked properly your financials give you a misleading picture of your cash position. We make sure every retention balance is accounted for correctly and reviewed regularly.

How do you manage progress claims?

We need the information from your project teams to do this correctly. There are a few ways we can handle it depending on how your business operates. Your project team can enter progress claims directly into Xero once we have trained them on the process. Or they can provide the claim details to us on a template spreadsheet we give them, and we enter it. We work with each construction client to find the method that fits how their business actually runs. The key is that the information gets into Xero accurately and on time so your billing and cash flow reporting are always current.

What about Project Trust Accounts and Retention Trust Accounts?

If you are a head contractor on eligible commercial projects in Queensland, we understand the QBCC trust account obligations. We know what goes in and out of a Project Trust Account, we know the rules around the Retention Trust Account, and we know the GST treatment of retention amounts which most software handles incorrectly by default. This is specialist knowledge. Not every bookkeeper has it.

Childcare Questions

How well do you know childcare payroll and award compliance?

Very well. We have worked with over 70 childcare centres across Australia. Childcare payroll runs under the Children’s Services Award or the Educational Services (Teachers) Award depending on the role. These awards have multiple classifications, complex allowances, and specific conditions. We know them inside out. Getting childcare payroll wrong is expensive and the Fair Work risk is real. We apply the award correctly for every employee on every pay run.

My previous bookkeeper did not manage payroll tax, workers compensation, or Parental Leave Pay. Is that something you handle?

Yes. These are areas a lot of general bookkeepers overlook, particularly for childcare operators. Payroll tax applies once your wages bill crosses the Queensland threshold and needs to be declared and paid to the Office of State Revenue. Workers compensation premiums are based on your wages and need to be declared accurately each year. Government-funded Parental Leave Pay passes through your payroll and needs to be processed correctly. We manage all of these as part of our childcare bookkeeping service.

Do you know about the Workers Retention Grant?

Yes. We are very familiar with the Worker Retention Grant for the early childhood education and care sector. This is a government grant paid to eligible services to help retain qualified staff. It needs to be processed correctly through payroll and reported accurately. We have helped a number of our childcare clients work through the grant requirements and make sure everything is handled properly from a bookkeeping and payroll perspective.

Do you offer a fixed fee for childcare centres?

Yes. Childcare is the one sector where we offer a fixed monthly fee from day one. We know the scope of work well enough to price it upfront. The fee is based on your centre’s enrolments and the services included. We assess each centre individually and give you a fixed price before we start.

About Accounts Advantage

At Accounts Advantage, our Managing Director is CPA qualified and all our team members hold a Certificate IV in Bookkeeping. Many of our team members are registered BAS Agents in their own right, in addition to the firm itself being a registered BAS Agent. That means you get qualified, accountable professionals handling your books. Not just someone who learned on the job.

Still Have a Question?

Call our Loganholme office on 07 3209 8266 or 1300 400 105

If the answer is not here, we will give it to you straight on the phone.