Outsourced Bookkeeping Services Scope and Duties

Accounts Payable Management

• Processing supplier invoices in line with Australian GST requirements.
• Verifying supplier ABNs via the ABN Lookup register.
• Matching purchase orders to invoices to ensure completeness and accuracy.
• Scheduling and processing supplier payments within agreed terms.
• Maintaining up-to-date supplier contact details and banking information.
• Monitoring early-payment discount opportunities.

Accounts Receivable Management

• Issuing tax invoices compliant with Australian GST invoice requirements.
• Recording customer payments against outstanding invoices.
• Following up on overdue accounts in line with client-approved debtor management procedures.
• Applying interest or late fees where applicable and permitted.
• Preparing aged receivables reports for management review.

Bank, Credit Card, and Loan Reconciliation

• Daily, weekly, or monthly reconciliation of bank accounts, credit cards, and loan accounts.
• Investigating and resolving discrepancies in transaction matching.
• Ensuring all transactions are coded to the correct chart-of-accounts category.
• Processing intercompany transactions and reconciliations as required.

GST, BAS, and IAS Support

• Accurate coding of GST on income and expenses.
• Reconciliation of GST accounts in preparation for BAS or IAS lodgement.
• Preparation of BAS/IAS workpapers for review by the registered BAS or tax agent.
• Identifying and correcting GST coding errors prior to submission.
• Ensuring compliance with ATO record-keeping requirements for GST.

Payroll Processing & Compliance (if in scope)

• Setting up and maintaining employee records in payroll software.
• Processing weekly, fortnightly or monthly pay runs.
• Calculating and lodging superannuation contributions in line with SuperStream standards.
• Processing leave entitlements in accordance with employment contracts or Award deisgnations
• Preparing payroll summaries and payment summaries (if applicable) for review.
• Single Touch Payroll (STP) reporting support for lodgement by the registered BAS or tax agent.

Month-End and Year-End Processes

• Preparing month-end reconciliations for all balance sheet accounts.
• Accrual and prepayment adjustments in accordance with Australian accounting standards.
• Posting depreciation journals based on schedules provided by the accountant.
• Producing draft management reports for adviser or accountant review.
• Ensuring all accounts are finalised for annual compliance reporting and tax preparation.

Financial Reporting Support

• Generating profit and loss, balance sheet, and cash flow reports for management.
• Providing variance analysis against budgets and forecasts.
• Customising reporting layouts to meet client or industry-specific needs.

Compliance & Record-Keeping

• Maintaining digital and physical records in accordance with the Corporations Act and ATO retention requirements (minimum 5 years).
• Implementing version control and secure storage for all financial documents.
• Following client-specific internal controls and approval workflows.