There are few industries evolving as fast as the technology sector. With new developments constantly at the risk of being superseded by even newer developments, we would imagine IT professionals like you to constantly be on your toes, trying to stay up to date as the technology landscape changes. Moreover, with multiple projects and milestones to keep track of, it can be a tall order to also stay up-to-date with your firm’s bookkeeping requirements, such as managing payroll, debtor and creditor management, superannuation and ensuring you have funds to pay taxes when they fall due. This is where we would like to come in and help, with our expertise in IT bookkeeping.
How is bookkeeping for IT different than regular bookkeeping?
Most IT companies have a mix of project work and long term, month-on-month work. Add to this a heady mix of software costs, and multiple resource costs with a requirement to keep track of, and invoice for the time spent on these multiple projects with the right mark-ups. This usually takes place in IT management software packages, and what we end up with is a complex bookkeeping challenge. When not done right, it can be difficult to ascertain whether your multiple projects are profitable or not, whether you are using the right pricing model, or whether customer invoices have truly been paid. Your accounting software is your financial source of truth. If your IT management software isn’t integrated or balanced to your accounting software, you cannot know for sure who has paid you and who hasn’t. Bookkeeping mistakes could also result in the avoidable waste of time, money, and opportunity. This highlights the need to have accounting and technological expertise combined, not just an administrator that does data entry. You need a financial team that can provide specialist bookkeeping support for IT companies.
On The Money Bookkeeping not only has the knowledge and skills required for IT bookkeeping, but also has experience in working with a variety of different IT clients from all across Australia.
How can we help?
One of our key aims as a specialist bookkeeper for IT companies is to ensure profitability with ease. There are multiple ways we can help, which can include implementing the right accounting software, and integrating it with your existing IT management software or tools. We also take a close look at your cash flow management and business reports. Optionally, we can get involved in reviewing and analysing project costs and make recommendations for improvements, empowering you to make informed choices. Most importantly, we can help you keep your books for statutory compliance obligations as a minimum, but also keep our eyes open for any applicable tax deductions that have previously been overlooked.
Here is a list of some of our standard services:
- Reconciling your bank accounts
- Managing supplier invoices and payment
- Timesheet and payroll management
- Basic HR advice
- Preparing financial statements
- Cashflow management including budgeting for quarterly and annual obligations
- Client invoicing
- Chasing overdue client invoices
- Lodgement of BAS, IAS, Single Touch Payroll reports, payroll tax returns, workers’ compensation annual declarations and Payment Summary Annual Reports
Why choose us?
On The Money Bookkeeping comprises of a team of exceptionally skilled bookkeepers and accountants, all of whom are Xero certified. Xero is the most advanced cloud-based bookkeeping software package available today, and as an IT professional, you will definitely understand the importance of choosing the right software.
We are known for going above and beyond bookkeeping basics, to offer proactive support in making your business more profitable and efficient. Do connect with us for a review of your existing Xero account as well as a no-obligation estimate for services.