Tax Accounting Duties and Scope

Each job submitted through the Felcorp Portal as part of our Tax Accounting Outsourcing service is scoped against the duties listed below, forming the core of our Accounting BPO delivery. Work is completed to your practice standards using your accounting software and file structure.

Transaction Recording

Accurate transaction recording is the foundation of any reliable set of accounts. Felcorp staff are responsible for ensuring all financial transactions are correctly captured, categorised and matched to source documents within your accounting software.

• Record all income, expense, asset and liability transactions in your chart of accounts
• Match bank transactions to receipts, invoices and supporting documents
• Code transactions in line with your existing chart of accounts structure
• Identify and flag uncoded or ambiguous transactions for client clarification
• Maintain a clean and accurate general ledger throughout the financial period

Bank Reconciliation

Regular bank reconciliation ensures the accounting records align with actual bank activity, identifies discrepancies early and maintains the integrity of the general ledger.

• Reconcile bank accounts, credit cards and loan accounts on an agreed frequency
• Identify and resolve outstanding transactions, duplicates and timing differences
• Escalate unresolved discrepancies to the practice or client for resolution
• Prepare reconciliation workpapers in your preferred format
• Maintain a reconciliation log for audit and review purposes

Accounts Payable

Felcorp staff manage the full accounts payable cycle, from invoice receipt through to payment processing support, in accordance with your practice procedures.

• Code and enter supplier invoices with correct GL accounts and cost centres
• Match invoices to purchase orders where applicable
• Prepare accounts payable ageing reports for client or practice review
• Support payment run preparation in line with client instructions
• Reconcile supplier statements against accounts payable records

Accounts Receivable

Maintaining accurate accounts receivable records supports cash flow visibility and ensures outstanding invoices are tracked and followed up in a timely manner.

• Record sales invoices and receipts in the accounting software
• Apply payments to the correct debtor accounts and invoices
• Prepare accounts receivable ageing reports for client review
• Flag overdue accounts for follow-up in accordance with client instructions
• Reconcile debtor ledger against sales records periodically

Payroll Processing

Payroll is a high-frequency, compliance-sensitive function. Felcorp staff process payroll in accordance with your established payroll structure, award interpretation and software configuration.

• Process pay runs in your payroll software on the agreed frequency
• Apply superannuation contributions and ensure SGC compliance
• Lodge STP submissions to the ATO through your payroll software
• Prepare payroll summaries and reports for practice or client review
• Flag changes to employment status, hours or entitlements for confirmation before processing

BAS Preparation

Felcorp staff prepare Business Activity Statements from reconciled accounts, ready for review and lodgement by your registered tax agent or BAS agent.

• Calculate GST collected and paid from reconciled transaction data
• Prepare PAYG withholding amounts from payroll records
• Draft the BAS in your accounting software or ATO Business Portal format
• Flag discrepancies or unusual movements for review before lodgement
• Maintain a BAS preparation workpaper for each lodgement period

Financial Statement Preparation

At period end, Felcorp staff prepare financial statements from the completed accounts, ready for review, sign-off and client delivery.

• Prepare profit and loss statements and balance sheets from reconciled accounts
• Post year-end adjusting journals under direction from the tax agent or accountant
• Prepare comparative financial statements for prior period analysis
• Format financial statements to your practice or client presentation standards
• Identify and flag any accounts requiring professional judgement before finalisation

Management Reporting

Where practices require ongoing financial reporting for clients, Felcorp staff prepare management reports from the accounting software data on an agreed frequency.

• Prepare monthly or quarterly P&L and balance sheet reports
• Produce cash flow summaries and working capital reports as required
• Prepare budget variance reports where a budget has been entered in the accounting software
• Format reports to your practice or client's preferred template
• Identify significant movements or anomalies and flag for review

Software Migration Support

Where a client is transitioning between accounting platforms, Felcorp staff can support the data migration process under the direction of the responsible accountant or practice manager.

• Export and reformat data from the outgoing software in an agreed format
• Transfer opening balances, chart of accounts and transaction history to the new platform
• Verify data integrity by reconciling transferred data against the source
• Identify and resolve any discrepancies before the new software is activated