On Demand Tax Outsourcing Accounting Duties and Scope

Each job submitted through the Felcorp Portal is scoped against the duties listed below. 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.

• Import bank statements and source data into your accounting software
• Document all financial transactions against the correct accounts and periods
• Ensure completeness and accuracy across all recorded entries
• Flag unallocated or unidentified transactions for client review

Bank Reconciliation

Bank reconciliation confirms that your accounting records match your actual bank balances.

• Reconcile bank statements against company records in your accounting software
• Identify and investigate discrepancies between bank and book balances
• Resolve outstanding items including unpresented cheques and timing differences
• Confirm reconciled balances are signed off and documented

Accounts Payable

Accounts payable management keeps supplier relationships in order and cash flow visibility accurate.

• Process supplier invoices and match against purchase orders where applicable
• Record and allocate supplier payments against outstanding invoices
• Reallocate misposted payments to the correct accounts
• Perform aged payables reconciliation to confirm outstanding balances

Accounts Receivable

Accounts receivable management ensures customer billing is accurate and cash collection is tracked.

• Issue customer invoices in line with billing schedules or instructions
• Apply received payments against outstanding customer invoices
• Perform aged receivables reconciliation to track outstanding balances
• Flag overdue accounts for follow-up as directed by the client

Expense Tracking

Systematic expense tracking supports accurate reporting and reduces compliance risk.

• Record all business expenses against the correct accounts and cost centres
• Categorise expenses in line with your chart of accounts and expense policy
• Ensure expense entries comply with applicable treatment requirements
• Identify and flag any expenses requiring supporting documentation

General Ledger Maintenance

An accurate general ledger underpins every financial report produced from your accounts.

• Maintain and update the general ledger with all posted transactions
• Update subsidiary ledgers including fixed assets, loans and intercompany accounts
• Verify ledger entries for accuracy and correct any posting errors
• Ensure ledger balances reconcile to subsidiary records and trial balance

Financial Statement Preparation

Financial statements are prepared to reflect the financial position and performance of the entity.

• Prepare balance sheets reflecting assets, liabilities and equity at period end
• Prepare income statements summarising revenue, expenses and net position
• Statements prepared for companies, trusts, partnerships, sole traders and individuals
• Work completed to your practice template and software format

Adjusting and Closing Entries

Period-end adjustments ensure accounts reflect the correct position before reports are finalised.

• Process accruals and deferrals to match income and expenses to the correct period
• Reconcile closing stock and adjust for inventory movements
• Capitalise assets and process depreciation entries in line with applicable schedules
• Record hire purchase liabilities, investment valuations and portfolio management adjustments

Tax Planning and Advisory

Tax planning support helps identify strategies to reduce liability and prepare for significant transactions.

• Identify opportunities to minimise tax liabilities within the current tax position
• Calculate capital gains tax on asset disposals and restructure events
• Prepare tax calculations for business sales and ownership changes
• Provide advisory workings to support client decision-making on tax outcomes

Tax Return Preparation

Tax returns are compiled and reviewed to ensure accuracy before lodgement.

• Compile tax return data from finalised accounts and supporting workpapers
• Prepare returns for individuals, companies, trusts, partnerships and sole traders
• Review return calculations for accuracy and consistency with source data
• Flag any queries or missing information prior to lodgement

GST Return Preparation

GST returns are prepared from your accounting records and reviewed for compliance before submission.

• Extract GST data from your accounting software for the applicable period
• Prepare GST return workings reconciled to your accounts
• Review for completeness and compliance with applicable GST rules
• Provide completed return file ready for client review and lodgement

FBT Return Preparation

FBT returns are prepared using data provided by the client on employer-provided benefits.

• Collate fringe benefit data from client-provided records and accounts
• Calculate FBT liability across applicable benefit categories
• Prepare FBT return workings reconciled to the benefit register
• Provide completed return file ready for client review and lodgement

Data Migration

Data migration ensures financial history is preserved and accurately transferred when changing accounting platforms.

• Extract financial data from your existing accounting 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