Already Using Xero for Your Consultancy?
We’ll do a health check of your accounts to make sure your reports are accurate. Then, we can do a clean-up and take over the accounts management from you to free up your time.
Xero can scale up with your business, so if you want to grow your business Xero and On The Money Bookkeeping services can grow with you.
Xero Projects is an integrated option for job tracking and managing projects, or you may need more detailed project management apps such as WorkflowMax.
We also recommend adding payment gateway options to make it easy for your customers to pay you, such as PayPal or Stripe.
If you have expenses and purchases documents to manage, we’ll hook you up with Dext Prepare to automatically extract the data from bills and receipts and make your expense management more accurate.
There are hundreds of available apps that can integrate with Xero to make running your business more efficient when combined with Xero. As your business grows, we can help choose the right systems to support your business evolution.
New to Xero?
We’d love to demonstrate Xero to you to see for yourself how well it will work for you. Book a time with us to discuss where you are at and where you want to go with your business.
With Xero, you’ll find all your bookkeeping tools in one package. Accounts payable and receivable, payroll, banking, reporting and efficient invoicing are all designed to support your productivity. Use the mobile app for even more flexibility.
Whether you operate on your own or with a team, Xero has excellent features that will make your payroll, contractor payments, projects and expenses easy to manage on the go.
Mobile Apps for Mobile Professionals
Xero offers mobile apps for Xero Accounting, Xero Projects, Xero Expenses and Xero Me for employees. For example, if you or your team are on the road and need to easily track time against projects, using the mobile Projects app makes it easy to stay on top of time tracking, so you always have accurate data in your file.
All the mobile apps add to your operational efficiency, meaning you and your team can focus on consulting instead of time-consuming administration.
On The Money Bookkeeping for Consultants
If you don’t want to deal with bookkeeping details, hand over the management of your accounts to us, so you have more time to spend on delivering your expertise to your customers.
We are a Xero Gold Partner Melbourne bookkeeper ready to look after your business bookkeeping and accounts management. While you work with your clients, we’ll work with your accounts, making sure they are always accurate, up-to-date, and compatible with your business systems. Talk to us today about how we can be part of your team of advisors to help you reach your business goals.
FAQs
Why is bookkeeping for consultants important?
Consultants often manage several projects, clients, pricing arrangements and contractors at once. Because the owner is focused on delivering specialist work, invoicing, expenses and financial administration can easily fall behind.
Accurate bookkeeping for consultants keeps income, project costs, tax liabilities and cash flow visible. It also helps consultants understand which services and clients are contributing most effectively to the business.
What does bookkeeping for consultants typically include?
It may include invoicing, bank reconciliation, supplier bills, expense management, payroll, contractor payments, BAS preparation, accounts receivable, project tracking and management reporting.
Consultants may also benefit from payment gateway setup, mobile expense tools and integrated time tracking. The aim is to reduce administration while keeping the owner informed about the financial position of the business.
How does proper bookkeeping help consultants with tax planning?
Current accounts give the tax agent accurate information about income, expenses, assets, GST and expected profit. This allows tax-planning discussions to happen before year-end, when there may still be time to make informed decisions.
Bookkeeping also helps consultants set aside funds for GST, PAYG withholding, PAYG instalments, superannuation and other obligations. It does not replace tax advice, but it gives the tax adviser the reliable information needed to provide it.
What are common bookkeeping mistakes consultants should avoid?
Common mistakes include delaying invoices, failing to follow up overdue accounts, mixing personal and business costs, losing receipts and overlooking billable expenses incurred on behalf of clients.
Consultants may also record all income and expenses without separating projects. This makes it difficult to assess profitability. A simple, consistent project structure can make financial reports far more useful without creating unnecessary administration.
Can bookkeeping help consultants prepare for quarterly tax payments?
Yes. Regular bookkeeping can show the amount being collected for GST, the PAYG instalments appearing on activity statements and other liabilities approaching their due dates.
Cash flow forecasting can then help the consultant set funds aside rather than relying on the current bank balance. This is especially important where customer payments are irregular or major project invoices are paid later than expected.
How much does bookkeeping cost for consultants?
The cost depends on transaction volume, invoicing requirements, project tracking, payroll or contractor arrangements, BAS obligations and the condition of the existing accounts.
Some independent consultants need a relatively simple twice-monthly service. Others require weekly processing, debtor management, cash flow reporting and software integration. A review of the business and current systems helps establish the most suitable scope and avoids paying for services that are not needed.