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What is a professional bookkeeper?

Man calculating personal expenses at home Photo by pinstock

According to the Institute of Certified Bookkeepers, the traditional definition of a bookkeeper is centuries old.

It is a person who is responsible for keeping records of the financial affairs of a business.

While the foundation of what a professional bookkeeper in Australia today remains true to the roots, there s a need to educate the business community and government on the broader and expanded scope of services and professionalism of bookkeepers today.

A professional bookkeeper, today, does much more than ‘keep the books’.

The scope of a professional bookkeeper:

  • Everything from the basics of creating a business activity statement
  • Creating a record of transaction with competence
  • Designing/advising on what a business system should be
  • Business systems implementations
  • Digital implementation
  • Recording
  • Reconciling/verifying
  • Reporting to business and ascertaining a business state of affairs
  • Advising business owners of their tax obligations and enduring tax laws that a materially related to BAS services are applied correctly
  • Liaise with the tax office on behalf of business within the scope of a BAS agent
  • Payroll
  • Single touch payroll
  • Payroll tax
  • Workcover

A professional bookkeeper is:

  • Experienced - an independent verification of the quality an quantity of experience held;
  • Committed to professional development - showing a commitment to education, learning and development of skills;
  • Endorsed - a member of a professional body, and committed to the requirements adhering to membership, including:

* Acts with honesty and integrity;

* Acts in the best interest of the client or employer;

* Being a registered BAS agent registered with the Tax Practitioners Board;

* Must satisfy certain qualifications and experience required by the TPB;

* Must comply with the obligations under the code of professional conduct for BAS agents.

With the support of the Australian Tax Office, professional bookkeepers will become the benchmark within the industry through fostering a better understanding and recognition by the broader business community.

This gives assurance to the business community that the professional bookkeeper has the qualifications, experience and professionalism to help them meet their obligations and allows them to do what they do best in their business.

To utilise a professional bookkeeper in your business, contact GS&T Accounts on 5881 5544 or call in to 125 End St, Deniliquin to see the team.