Few industries are evolving as fast as the technology sector. With new developments always at the risk of being superseded, we know IT professionals are constantly working to stay up to date as the technology landscape changes. Moreover, with multiple projects and milestones to keep track of, it can be demanding to stay up to date with your firm’s bookkeeping and business compliance requirements.
Let us help your business success by managing payroll, debtors and creditors, and ensuring you have funds to pay liabilities.
Our IT bookkeeping expertise can free up your time so you can focus on the rapidly evolving technology that you specialise in.
How is bookkeeping for IT different than regular bookkeeping?
Most IT companies have a mix of project work and long-term, regular work. Your business will have substantial software costs, and multiple resource costs with a requirement to track multiple projects with the right mark-ups. You may also have many billable expenses to record for customers. Xero has the facility to easily manage expenses that need to be invoiced to customers.
Xero also has inbuilt category tracking and an add-on module called Projects, which can quote, invoice and track time against specific jobs. This allows you to track all expenses and income associated with a project and report on profitability. For more complex project management, Xero integrates with many add-on apps like ConnectWise.
Your accounting software is the source of financial truth. Your IT project management software needs to be fully integrated with your accounting software to accurately manage customer payments and financial reporting. We provide accounting and technological expertise combined – so much more than simple data entry. You need a team that can provide specialist bookkeeping support for IT companies.
On The Money Bookkeeping has the knowledge and skills required for IT bookkeeping and is experienced in working with various IT clients around Australia.
How can we help?
One of our key aims as a specialist bookkeeper for IT companies is to ensure your business’s profitability. We can help in many ways, including setting up Xero and integrating it with your existing IT management software or tools. We try to keep things as easy as possible for you so that you can focus on your projects and customers. We’ll keep your accounts up to date for statutory compliance obligations, cash flow advice and accurate financial reporting. We can also get involved in reviewing and analysing project costs and make recommendations for improvements, empowering you to make informed choices.
Bookkeeping and BAS services:
- Reconciling your bank accounts
- Managing supplier invoices and payment
- Managing customer invoices and receipts
- Timesheet and payroll management
- HR advice with our partners Workforce Guardian and Employment Hero
- Preparing financial statements
- Cash flow management, including budgeting for quarterly and annual obligations Lodgement of activity statements, Single Touch Payroll, payroll tax returns, workers’ compensation annual declaration
Why choose us?
On The Money Bookkeeping is a team of exceptional Xero-certified bookkeepers and accountants. Xero is the most advanced cloud-based bookkeeping solution available today, and we know you will love it as much as we do.
Going above and beyond bookkeeping basics, we are known for offering proactive support in making your business more profitable and efficient.
Connect with us for a no-obligation review of your existing bookkeeping system.