Offshore Accountant Scope of work

Bookkeeping

Transaction Recording

• Bank transactions are systematically imported into the accounting system to ensure real-time accuracy and completeness of financial records.

• All transactions, including income, expenses, and transfers, are meticulously entered into the system to maintain an auditable and transparent financial ledger.

• Each entry is verified to comply with accounting principles and internal controls to prevent errors or omissions.

Bank Reconciliation

• Periodic reconciliation is conducted by comparing internal records with bank statements to identify mismatches and prevent financial discrepancies.

• Any inconsistencies are promptly investigated and corrected to maintain financial integrity and accurate reporting.

Accounts Payable

• Supplier invoices are processed efficiently, ensuring timely and accurate payments.

• Payments are applied against the correct invoices to maintain consistency and support effective cash flow management.

• Outstanding payables are regularly reviewed, with discrepancies promptly resolved to maintain vendor trust and compliance.

Accounts Receivable

• Customer invoices are issued in accordance with agreed terms, and receivables are monitored to ensure timely collections.

• Received payments are correctly allocated to customer accounts to ensure accurate receivables tracking.

• Aged accounts are analyzed and reconciled to minimize bad debts and ensure accurate reporting.

Expense Tracking

• Business expenses are accurately recorded and categorized for reporting and tax deduction purposes.

• All entries are verified to ensure alignment with internal expense policies and audit standards.

Accounting

General Ledger Maintenance

• The general ledger and subsidiary ledgers are consistently updated and maintained as the core repository of all financial data.

• Each transaction is reviewed for accuracy, with discrepancies addressed to ensure reliable financial reporting.

Financial Statement Preparation

• Balance sheets and income statements are prepared for a range of entity structures, ensuring each complies with relevant accounting standards and client-specific requirements.

Adjusting and Closing Entries

• Necessary end-of-period adjustments are made to reflect expenses and income in the correct period.

• Books are finalized to ensure accurate year-end reporting.

• Closing stock figures are matched with client reports to confirm inventory valuation.

• Assets are classified and depreciation schedules maintained per accounting and tax regulations.

• Financial obligations from hire purchase agreements are recorded and reconciled, including separation of interest components.

• Investment and portfolio transactions are tracked and reported with precision to reflect asset performance and value.

Taxation

Tax Planning and Advisory

• Customized strategies are developed to lawfully reduce tax exposure and maximize financial efficiency.

• CGT events are calculated accurately to support compliant reporting and tax minimization.

• Advisory services include evaluating the tax implications of business disposals to optimize outcomes.

Tax Return Preparation

• Tax returns are compiled using up-to-date financial data and current legislation, ensuring full compliance.

• Each return undergoes a thorough review to confirm accuracy before submission to tax authorities.

GST Return Preparation

• Goods and Services Tax (GST) returns are prepared and submitted in compliance with Australian tax laws, ensuring timely lodgment.

• All submissions adhere strictly to GST regulations to avoid penalties or audit issues.

FBT Return Preparation

• FBT returns are compiled for employers providing non-cash benefits, with attention to detail on all reportable items.

• All returns comply with ATO guidelines to safeguard against underreporting and non-compliance.

Data Migration and Conversions

• Financial data is securely migrated from legacy accounting platforms to modern systems, maintaining continuity of records.

• Each data point is validated during and after migration to ensure no loss, corruption, or misrepresentation occurs