Welcome to Wiki Books
Your online resources to keeping your bookkeeping accurate and up to date.
Wikibooks has been designed to assist bookkeepers and small to medium enterprises in maintaining reasonable assurance of true and fair accounts and comes to you totally free of charge.
We will be updating these pages over the coming months. Please be patient as this is a free service - if you would like to be notified as pages come available send us a message and we send you a notification as new items are published
- Category: Welcome to Wiki Books
What is a bookkeeping system?
Not just software!
A bookkeeping system consists of all the source documents, records, procedures, staff and all the data processing methods used to transform transactions and other forms of data into vital management information.
A bookkeeping system therefore provides the framework to collect, record, classify, summarize, analyse and interpret information about financial transactions.
10 Key Objectives of a Bookkeeping System
A great bookkeeping or accounting system encompasses the following key objectives:
- That all cash flows are properly accounted for
- That all statutory reporting requirements are met,
- Relevant and current information for monitoring operations is produced,
- On-going controls of operations are maintained,
- Sufficient checks and balances are introduced to avoid the potential for errors and impropriety,
- Reliable historical information is gathered to assist in management decision making,
- Management information is gathered on a regular basis using accounting periods,
- That a current and functional budget is maintained,
- That there is a clear audit trail for all documents and records in and out of the business.
Used consistently the system can minimize errors, streamline operations, and forms the basis of all financial and management reporting.
What is a business plan?
A business plan is a document that lays out what you see your business accomplishing and why. It is basically a road map from concept to implementation and covers all areas of running the business. It may even contain an exit plan. Most importantly it should spell out how your business idea is viable as a financial operation.
"To accomplish great things, we must not only act, but also dream; not only plan, but also believe." Anatole France
Your business plan are all your goals and aspirations of what you believe your business can achieve and more importantly how you are going to get there. It should be sound, precise and well researched yet flexible and an ongoing process. A good business plan encompasses five key areas plus an executive summary:
This should be a one page short summary of why the business will be successful.
It will contain your business name, a brief description of your product or service, a summary of the market place you intend to operate in and why your product is needed. A short description of your business objectives and the potential for growth.
Your organisation plan will contain the structure of your business entity (whether you are a company, trust or individual), key personnel and their relevant skills and experience. If you have already registered a domain name or business registrations you can include them here.
It should contain an organisational chart and details of any professionals (legal, accounting etc) that you have employed.
These are your overall goals of operations. What is your organisation and why are you in operation? Where are you going to focus your efforts to make good use of your resources. What are your outcomes and how are you going to measure success.
The nuts and bolts of how you are going to bring your strategic plan into operation. Where will you be located and what areas will you service, what type of business premises will you need, how are you going to deliver your product, how many employees will you need, what is your expected level of turnover, what regulatory requirements do you need to comply with?
These are just a few of the issues you will have to cover in your operational plan, each industry will be different.
The Marketing Plan
No business can succeed without a market to sell it's goods or services to. You should know your target market (age, demographics, interests etc) and how you are going to reach them. Your marketing plan will not only show that there is a need (or want) for your product but why your target market is going to buy from you over the competition.
No marketing plan is complete without an analysis of the market or environment you are entering into.
Finally all of this costs money. Your financial plan would encompass any capital costs and initial working capital needed to get your business off the ground. Your projections will budget for that all important point of when your business will start to actual make money (your break even point). A sound financial plan will cover 5 years of projections
Look out for our coming articles in which we look at these key areas in more details.
If you have received a statutory demand for payment from the ato you need to act quickly.
You have 21 days to either pay the debt in full or negotiate a payment plan arrangement. That does not leave a lot of time for preparation of information you need to supply in order to enter into any arrangement with the ATO. If you require help with your request for a payment arrangement and have been issued a statutory demand please don't delay in getting in touch with us.
Type of circumstances that may make you eligible for remission of general interest charge.
If your debt was accrued due to circumstances that are out of your control the ATO will offer leniency and may remit all or some of your general interest charge.
Have suffered an illness or accident that prevented you from earning income
Simple Monthly Mortgage or Loan Calculator.
Enter the amount you wish to borrow, the term of the loan in months (eg a 30 year loan equals 360 ... that is 12 months x 30 years) and the start date of the loan. The calculator will work out how much you will repay over the course of the loan, the total interest you will pay and give you a schedule of payments. For more complex calculations (eg if you wish to make weekly, fortnightly of balloon payments) see our complex calculator (coming soon).
Accounting Systems Article Count: 1
Business Planning Resources Article Count: 1
Debts and Solvency Article Count: 2
ATO Debt Help Article Count: 2
If you need help getting that debt under control. We can help in a number of ways.
We can liaison with the ATO on your behalf and negotiate terms and develop a payment plan. We can then introduce some simple cashflow planning so that you can keep up to date with any current debts accrued.
And most importantly incorporate some simple systems so that this does not happen again.
Totally confidence guaranteed!
Don''t try and struggle on... contact the ATO as soon as possible. It is serious.
Leniency is generally given to entities that are trying to comply and keep up communication with the ATO but they will move to recover debts from seriously delinquent payers or debts that continue to grow.
Tools and Calculators Article Count: 1
Over the coming months we will be making our tools and calculators public. You are free to use and/or download any of these without cost.