Frequently Asked Questions
More About Cash Ways Bookkeeping Services
Here you can find some Frequently Asked Questions about Cash Ways Bookkeeping Services.
If you can’t find your answer on this page, please get in touch with us through our contact page, Facebook page, or by phone – Mob: 0423 553 044
WHO IS CASH WAYS AND WHAT DO YOU DO?
What are your qualifications?
What areas do you service?
How much do you charge, and do I get locked into a contract?
WORKING REMOTELY
How does ‘working remotely’ work and what does it mean?
DO I NEED A BOOKKEEPER IF I HAVE A TAX ACCOUNTANT?
Why Do I need A Bookkeeper and a Tax Accountant?
WHY SHOULD I OUTSOURCE MY BOOKKEEPING?
Why should I outsource bookkeeping? Are there benefits?
What are the benefits of outsourcing BAS and payroll?
WHAT IS CLOUD COMPUTING AND IS IT SECURE?
Functionality and security
WHO IS CASH WAYS AND WHAT DO YOU DO?
What are your qualifications?
Is Cash Ways Bookkeeping Services an accounting firm – I thought you just did bookkeeping?
Cash Ways staff are qualified in many areas including bookkeeping services and management accounting services. Our management accounting skills makes us standout as bookkeepers. These management accounting skills can be used to take your business to the next level as we provide financial reports that are extremely useful in providing the right type of information for business goal setting and decision making. And we provide that information on a regular basis, usually monthly, but weekly if necessary, so you can make timely changes to your business based on how your business has been performing and where you want your business to be in terms of success.
Are your bookkeepers fully qualified and accredited?
Absolutely! Cash Ways Bookkeeping Services is run by qualified accredited bookkeepers and qualified accountants who are very experienced in management accounting. Our bookkeeping services are provided by bookkeepers who have vast experience in establishing and maintaining bookkeeping systems that will integrate seamlessly with reports for your tax accountant to prepare your income tax return. We are also able to prepare your BAS service and lodge it with the ATO.
How do you approach your bookkeeping services?
We have 2 broad approaches to our bookkeeping services:
- Once a month services that are performed after the prior month has ended. This is also our approach if you haven’t done your bookkeeping in a while and need some clean up. You handle the day-to-day operations of your business. We work behind the scenes on the books recording the activity that has occurred on a schedule of your choosing. We reconcile, review and provide financial reports, or
- More frequent basis like once a week or daily. Cash Ways handles the day-to-day bookkeeping operations of your business where we work for you, or with you, including payroll, managing customers and creditors, and paying bills on a schedule of your choosing. We reconcile bank accounts, review and provide financial reports and customised management reports which will enable you to set and measure goal achievements when you’re planning expansion.
Do you help with invoicing? Also, I can’t get customers to pay.
Cash Ways can help you manage your invoice preparation, emailing, reconciliation process, follow up customers for payment as well as track revenue and cash flows. We will work with you to develop, as necessary, a set of standardized invoice formats to ensure consistency. We can also help with debt collection processes if needed.
When can I expect my financial reports every month?
Our goal date is the 15th of each month for the prior month closing. Situations that can delay this process are where creditors are late getting their invoices to you and open items where we need further documentation and answers to questions.
I have multiple businesses. How can you help me?
Cash Ways is very experienced in working with multi-unit businesses and franchises. We can manage the books for each individual location, branch, or franchisee and give you insight into your business’s overall financial performance.
What are the bookkeeping deliverables Cash Ways will send at the end of a specified financial period or assignment?
Typical accounting deliverables would be a set of financial statements comprising of
- Balance Sheet
- Statement of Income/Loss
- Accounts Receivable Report
- Accounts Payable Report
- Bank Reconciliation Report
- Payroll Reports for the Period
- Key management style reports as specifically required
- Analysis of reports for key performance indicators of financial factors
What areas do you service?
Where are Cash Ways Bookkeeping Services located?
We are currently running our office from Carrara on the Gold Coast. The advantage of the online-cloud nature of the work we do we can easily service your business regardless of where you are located. For initial consultations with local businesses we will go out to meet you, but we aim to get our clients work 100% online as quickly and as seamlessly as possible. We are easily contactable by email or phone 0423 553 044 whenever you have queries.
Do you only provide services to Gold Coast businesses?
No, although Cash Ways Bookkeeping Services is based on the Gold Coast, we provide expert bookkeeping services to small to large businesses operating in several areas of Australia and are easily accessible.
Shouldn’t my bookkeeper be local?
Small businesses no longer need to work with a local bookkeeper. The internet and cloud technology make it easy for bookkeepers to securely access their client’s books anytime, anywhere. Business owners can now select a bookkeeper who truly understands their industry and operations, instead of hiring the local, community bookkeeper by default. Cash Ways bookkeepers serve several areas of Australia and are easily accessible. When a face-to-face meeting is needed, we can arrange Skype or other teleconferencing which can be very suitable to your requirements.
Do you come to our office if we need you to?
Cash Ways bookkeepers will work onsite if necessary and currently have clients throughout the Gold Coast area. We are also very happy to come to your office for meetings or when staff training is needed including how our staff could interface with the bookkeeping process for better productivity. Trained staff can save you valuable time in your business. Please note, depending on the distance travelled there may be some charge for travelling.
Can we come to your office?
Yes, clients do occasionally come to our office in Carrara for meetings. This is done by appointment only to ensure schedules are adhered to and that other clients are not put at a disadvantage. Coming to our office is often a good idea as it removes you from your normal work environment where you are likely to have unwanted interruptions during our time with you.
Can we have a short-term onsite service to get things started?
Yes, we find this works well and helps establish a great relationship with our clients. We can come on site short-term to get a system in place so that work can be done remotely from the office in Carrara. Please note: depending on the distance travelled there may be some charge for travelling.
Can you provide a regular onsite service at my office?
Yes we can if that is what you prefer or your business situation requires it. Cash Ways’ preferred setup is to work remotely for clients and we have the systems and procedures to ensure this is done successfully. Working remotely allows us to focus completely on your bookkeeping without interruptions from daily activity in your office. This, of course, means that your book work will be completed more quickly.
How much do you charge, and do I get locked into a contract?
How much do you charge?
The fees we charge will vary in accordance with the service we provide for each client. A new client will be placed on an hourly rate until the scope of work has been determined. Once we have a clear understanding of the business needs, that hourly rate may be more or less than the starting rate. Rescue services to fix messy accounts or accounts which are severely behind are also done on an hourly rate.
How will I know what you did?
We will document our work as the tasks progress and supply you with a detailed report of what work was done for you during the time we were doing work for you.
What if I need services outside our original scope of services?
Cash Ways is extremely flexible and, depending on the work requited, we can accommodate extra services as needed. However, our hourly rate may differ for extra work depending on the situation.
What forms of payment do you accept?
Direct payment into our bank account and credit card (please note that credit cards may carry a convenience fee)
If I start working with you, do I get locked into a contract?
NO. Invariably, when we are engaged by a business to perform certain services, other services are often added to what we do for your business. We use an agreed hourly rate as the volume of the work usually changes from one month to the next and is often dependant on seasonality of your business. Every business usually has a slow time and a busy time.
So, we only charge for the work we actually do, as opposed to a fixed fee contract. If you wish to cancel our services, then provided your fees are paid up to date, we only require a week’s notice and we will work with you or your replacement person to help transfer access to your ledger.
How do I cancel your services?
You can withdraw or cancel our services at any point of time by giving us 7 days notice and provided all fees are paid.
WORKING REMOTELY
How does ‘working remotely’ work and what does it mean?
How is it possible to ‘work remotely’ on my business? I don’t understand the concept.
Current computer technology has produced cloud-based accounting software, such as XERO, which is specifically designed for remote access work. Everyone, you, your staff, and Cash Ways, always has access to the latest data. This technology also allows easy connections between your accounting software and third parties. These third parties include banks where your bank statement can be uploaded automatically, you can email invoices to customers and allow them to pay ‘through their invoice’. Many processes are automated and can be done incredibly quickly compared to other computer specific software where information has to be keyed in one transaction at a time. By working remotely, Cash Ways bears the cost of providing office space and office equipment and we work with equipment that we know works best for us.
If you work remotely, how can I show you the problems I’m having in my business?
In the beginning of our relationship, it’s often a good idea where practical, to work with you at your business premises. This helps us get a better understanding of your business, the environment in which you operate, and the problems you are experiencing.
Once this has been established, we find the workflow naturally graduates to us working remotely. This means all work is done from our office in Carrara by qualified staff following procedures and guidelines to fit your business needs, which is how we control our quality assurance. We are also available for face to face meetings either in person or via Skype calls with you at any time including evenings by appointment.
If work is done remotely, how do I get my paperwork to you?
Using cloud-based software allows automatic bank feeds of your bank statements directly into your accounting software on a day by day basis which greatly reduces the workload of keying in bank transactions. For smaller businesses, most information is contained within the bank statements and you keep the supporting documents on your site. We will contact you when there are queries and when we need to access specific supporting documents.
Or, we can train you and your staff how to scan your paperwork directly into cloud-based software so we can then attach that paperwork to individual transactions from your bank statements. For some clients we also retain their paperwork for the whole year and do their filing and then return the paperwork, completely filed at the end of the financial year
Who will be doing my books?
Although we work remotely, you will be assigned a personal bookkeeper who does your books as required and is your point of contact. Of course, when your personal bookkeeper is on personal or sick leave, you will be assigned a replacement for the time in question. BUT WE GUARANTEE that you will not be assigned to overseas workers who do not understand Australian tax law.
When is the work performed? On a schedule?
Yes, on a schedule to be determined which may be daily, weekly, twice a month, monthly, quarterly or annually. We can customize to any schedule that you need.
DO I NEED A BOOKKEEPER IF I HAVE A TAX ACCOUNTANT?
Why Do I need A Bookkeeper and a Tax Accountant?
Do I need a bookkeeper if I have a tax accountant? What’s the difference between the two?
Contrary to popular belief, accountants and bookkeepers perform distinctly different tasks for the businesses they serve. Bookkeepers are responsible for on-going maintenance of their clients’ general ledgers and their common responsibilities consist of:
- Compiling data daily from various sources
- Working with accounts receivable and accounts payable
- Payroll activities
- Reconciling bank statements
- Generating financial statements in a useful management format
- Analysing the company’s financial data
Tax accountants use the accurate and up-to-date general ledger maintained by the bookkeeper to provide advisory services, such as:
- Preparing income tax returns
- Providing tax planning advice
Will Cash Ways Bookkeeping Services work closely with my accountant?
A key difference between Cash Ways and other bookkeepers is our ability to provide specific management reports as well as reports and information in formats compatible with your accountant’s preferred format. This is usually a simplified alphabetical listing of accounts suitable for income tax purposes. We will transfer your bookkeeping information electronically to your accountant and they will be able to seamlessly upload it into their system or better still with cloud accounting software they can log directly in and view and manipulte information for their purposes
WHY SHOULD I OUTSOURCE MY BOOKKEEPING?
Why should I outsource bookkeeping? Are there benefits?
Why outsource bookkeeping tasks?
Starting a business is challenging and success may be more easily achieved if the management focuses on the core business and outsources bookkeeping to a firm with a certified bookkeeper who are knowledgeable of the latest management accounting practices.
What are the advantages of outsourcing my bookkeeping requirements to Cash Ways?
By outsourcing your bookkeeping needs you will have more time to concentrate on what you do best in your business. This will allow your business to grow faster which in turn will provide rising profits. You don’t need to worry about rescheduling your days to cover for employee sickness and annual leave or having to train new employees if your bookkeeper resigns. With Cash Ways you can have a value adding productive day every day, with the knowledge that your books are taken care of and your deadlines are consistently achieved. You don’t need to worry about the extra expense of employing and supervising a bookkeeper which comes with the added expense of paying for sick leave, annual leave, workers compensation, payroll tax and superannuation.
But aren’t outsourced bookkeepers more expensive?
On a superficial basis, an outsourced bookkeeper may appear to be more expensive. But on the other hand, our very experienced staff (1) know how to deal with your business the right way; and (2) are confident in working cloud technology where repeat transactions and patterns can be programmed into the system for much faster completion which means it costs less in the long run.
Why can’t I do the bookkeeping myself?
It is usually more efficient and more cost effective, in terms of time and money, to outsource bookkeeping to a firm rendering professional services. This way it frees up your time to work on your business and you know you are getting a reliable professional service.
How much time and money can I save if I outsource bookkeeping?
Simple bookkeeping can take up to at least 1-5 hours a day, this time may be better spent managing the operations of the business. Hiring an in-house bookkeeper to perform accounts, BAS compliance and payroll tasks may cost more than the professional fee of a firm that can perform the same tasks much more quickly and so more cheaply than doing the work in-house. The firm would also have the contractual obligation to ensure continuity of services regardless of any changes in its manpower.
What size business benefits from outsourced bookkeeping services?
Cash Ways can handle just about any size business. Small and medium sized businesses with transactions ranging between 200 and 10,000 per month can benefit from our bookkeeping services. We are currently remotely managing one customer with $6 million in annual revenue. Another customer with annual revenue of $150,000 would just rather do the ironing than do her bookkeeping!!
What are the benefits of outsourcing BAS and payroll?
Why should I outsource my BAS and/or payroll bookkeeping?
A lot of small business owners believe it is easy enough to do their own bookkeeping or have a friend or family member who “knows bookkeeping”. However, taking this seemingly cheapest solution may not be the best thing for your business, especially in the long term. Many businesses end up with huge bookkeeping or accountant bills, or even fines from the tax office after being audited. Simple errors can cost your business a fortune, are you confident in your GST, PAYG & IAS obligations? Do you know how to process your accounts in compliance with ATO income tax, GST and super? Most business owners try and keep up with their accounts outside of business hours leaving the workday free for business as usual. Do you really want to spend your personal time on accounts or is there something more valuable for you to do? A good bookkeeper will be able to process your accounts faster and more accurately than you could do yourself, leaving you with more time to review your financial reports to improve your business, rather than fussing to create them.
I really struggle to get my BAS Statements ready on time. Is this something you could do on a quarterly or monthly basis for my business?
BAS preparation is a specialty of Cash Ways. Our accredited Cash Ways bookkeepers can prepare your BAS Statements so you’ll always be on time and will never again receive a fine from the ATO. We can also help set up cash flow properties to help you plan for your BAS payments to you will have money when you need it.
Can you just submit my BAS reports?
No. Lodging a BAS statement on behalf of a business carries responsibilities and a legal requirement for Cash Ways to be a certified BAS agent. This responsibility requires Cash Ways to be certain that the work being submitted for the BAS statement agrees with ATO’s GST laws.
What if I only need help preparing and lodging my monthly or quarterly BAS?
No problem, but because of the type of document it is, we will need to download your BAS transactions so that we can verify the figures we are submitting on your behalf. If we are not processing your sales and purchasing transactions but providing services for other parts of your business, you will need to provide us with GST reports including the BAS audit report so we can check that the data is correct.
Do you do payroll and superannuation?
Yes, Cash Ways does do payroll which includes personal and annual leave calculation along with superannuation payments and preparation of payment summaries. We will also set you up for Single Touch Processing (STP) which is a new tax office requirement. We can also deal with multiple superannuation funds for your employees.
Can you submit my tax returns for me?
No. We do not do income tax work or give tax advice. But we can create and run income tax reports which comply with your accountant’s style of income tax reporting to help speed up your tax return process. We will work in consultation with them at your request for any accounting and bookkeeping problems that may arise.
WHAT IS CLOUD COMPUTING AND IS IT SECURE?
Functionality and security
Why do Cash Ways use cloud accounting software?
Cloud accounting provides a huge array of functionality that is not possible with stand-alone software which often can only be used on one specific computer. This increased functionality can provide huge time savings from previously time-consuming tasks such as keying in bank statement transactions. With a Wi-Fi or mobile internet connection you can access your real time data any time, and anywhere using multiple devices, e.g., desktop computer, laptop, iPad, tablet or smart phone. For example, daily upload of your bank statement directly from your bank and then coding the software to recognise repeat transactions means that reconciliation is not the time-consuming task that it used to be. Programmable, repeating transactions and processes can provide significant time saving once everything is working to plan.
It will take some time to set up a cloud-based software system and transition from a computer specific software package to cloud based. But once, it’s done, the benefits will be obvious.
Is cloud accounting secure?
Cold accounting is safer than on-site accounting as the data is backed up in the cloud. You don’t need to worry about backups failing, servers crashing, or possible fire damage if your premises were to catch fire. Cloud accounting in simple terms refers to a way for you to store your accounting data online. This allows you access your accounts at anytime, anywhere and across multiple devices.
Easy access to your data leads to the all-important question: Is it secure? Most of the leaders in cloud accounting software offer high level multi-layered security systems in order protect the software and your information. Your files are stored in secure data centres and the journey between the centre and your computer is done using encrypted connections. The connection to log-in to your accounting records is usually only seconds Rest assured that the software providers we recommend take security very seriously. All online software providers in Australia are also required by law to have the Two-Step Authentication (2SA) process in place as a secondary part of the login process to their software which further strengthens your data security.
How does virtual bookkeeping services work?
Virtual bookkeeping is another name for a cloud-based computing system where cloud accounting software and cloud storage is utilised. These systems and software can be accessed anywhere you have a computer and internet access. We prefer to use one of three main cloud accounting platforms: 1) Xero, 2) QuickBooks, or 3) MYOB. We can, of course, provide services for other accounting software if, and when, required.
What does off-site bookkeeping mean?
Although it is important to meet face to face from time to time, much of our service is off-site, which means you don’t need to make the time for us to come in, take up your desk space and manually enter data. With the goal of a great work-life balance in mind we provide you with solutions that will help to save your time. Using technological advances, like cloud accounting, cloud storage & other add-on solutions tailored for your business we can make sure you meet your financial obligations without wasting your valued time and space.
What are the benefits of business accounting software training in MYOB, Xero, and Quickbooks?
While MYOB, Xero, and Quickbooks are relatively easy to use from a technical point of view, some initial guidance via group or one-on-one training sessions for your bookkeeping staff will ensure you understand all of the features of your cloud accounting software. That way you’ll receive all the software’s benefits.
How do I stay in touch with you?
Our bookkeepers are accessible to you over email and phone at any time during work hours or in the evening by special arrangement. For instance, if we are engaged to prepare your work monthly, you can still contact us for any queries throughout the month. This means that, in a (say) 5 minute conversation, we may be able to short-circuit any problems that may arise if not treated correctly. This is how we maintain a close relationship with you and keep you satisfied with our service.
What kind of support is available for me if I have problems?
Our staff is available to you via email or phone for any questions or clarifications. We can also do conference calls if more people need to become involved in the conversation. Skype calls and in-house visits can be organised when face to face is required.
Which cloud-based accounting software should I use, and which do you support?
The accounting market has been flooded with a range of new cloud-based software solutions. We mainly work with MYOB, Xero, and QuickBooks and prefer Xero is a new system is to be set up. Not only because they are leading the way in new system technology, but they also provide top-level security, support, and innovation in document processing. Cloud computing partners with a wide variety of secure and trusted add-on third party services such as banks to get daily uploads of your bank statements. Whenever we recommend software there is never just a blanket solution for everyone. We take into consideration your full business needs to recommend the software that can give you the best results.
Which cloud-based accounting software should I use, and which do you support?
The accounting market has been flooded with a range of new cloud-based software solutions. We mainly work with MYOB, Xero, and QuickBooks and prefer Xero is a new system is to be set up. Not only because they are leading the way in new system technology, but they also provide top-level security, support, and innovation in document processing. Cloud computing partners with a wide variety of secure and trusted add-on third party services such as banks to get daily uploads of your bank statements. Whenever we recommend software there is never just a blanket solution for everyone. We take into consideration your full business needs to recommend the software that can give you the best results.
Didn’t find your question/answer here?
Do you have specific questions about the bookkeeping and management accounting services provided by Cash Ways? Relieve your bookkeeping stress by talking to Cash Ways Bookkeeping Services today about our bookkeeping services and business support via our website Contact Us page, by phoning 0423 553 044 or through messenger on Facebook.
Important: The material and contents provided in these questions and answers are informative in nature only. The answers provided relate to the questions as asked and should not be applied to any other situation. They are not intended to be advice and you should not act specifically on the basis of this information alone. Cash Ways Bookkeeping Services are not registered tax agents or lawyers and cannot provide advice on income tax or legal issues especially for individual businesses which will have unique and specific circumstances. If expert assistance is required, professional advice should be obtained from your registered tax accountant and/or legal professional.
