Frequently Asked Questions

Not sure what you are looking for? Check Out our comprehensive Bookkeeping FAQ right here or Contact Us today for more information.

What is a bookkeeper?

A bookkeeper is someone who cares for the accounts of a business. This can include a range of things, from trust accounting to profit & loss statements to financial reporting. Their job is to provide accurate and up-to-date financial information, whilst remaining on top of all the relevant legislation and regulations.

What is bookkeeping?

Bookkeeping involves the recording and tracking of varying financial transactions for a particular business. This can include anything from creating reports to preparing tax returns to invoicing - the list is huge.

What does a bookkeeper do?

If you were to answer this question in one sentence, it would likely be something like ‘A bookkeeper is responsible for the accurate and up-to-date provision of financial information regarding a particular business’. Realistically however, this does not cover the huge range of tasks that a bookkeeper can complete on any particular day, week or even month.

A bookkeeper may complete tasks such as:

  • Data entry.
  • Bank reconciliations.
  • Payroll.
  • Accounts Payable and Accounts Receivable.
  • Trust Accounting.
  • Credit Control.
  • Tax bookkeeping.

Learn more here.

Why employ a bookkeeper?

There are a huge number of reasons as to why employing a bookkeeper is a good idea - so many we actually wrote an article about it (see here). But, in a shortened version, the following are the main reasons as to why you should employ a bookkeeper:

  • Peace of mind that all your bookkeeping is being completed promptly and professionally.
  • Ensures all relevant rules and regulations are being followed.
  • Ensuring all relevant documents are completed and lodged on time.
  • Providing advice regarding the management of your business books.
  • Frees you up to focus on other areas of your business.

And so much more! Give Books Onsite a call if you would like to know more

What is the difference between a bookkeeper and an accountant?

Bookkeepers and accountants are actually two different aspects of a business - although they have a range of common goals and ideas, they are actually different parts of a business financial cycle. Bookkeeping generally comes first, such as organising day-to-day transactions, however there are some overlapping components.

In short, bookkeepers report financial data and accountants give insights and analysis of that data (and what it means for your business).

What is MYOB?

MYOB (which stands for ‘Mind Your Own Business’), is a financial software system for businesses that was developed in Australia. It can help with aspects such as accounting, tax and bookkeeping.

Books Onsite offers dedicated MYOB Certified CPAs for all your bookkeeping needs.

What is Xero?

Xero is cloud-based business accounting software that assists with a range of tasks, such as bank reconciliations, inventory, expenses and bookkeeping. It keeps monitor the financial aspect of a business in a clear way, whilst offering cloud-based solutions to many common issues.

Books Onsite offers dedicated Xero Certified CPAs for all your bookkeeping needs.

What is Quickbooks?

Quickbooks is small business accounting software that assists with expenses and managing business income. It helps to keep track of the financial health of your business, whilst also being able to be utilised for invoicing, generating reports and paying bills.

Books Onsite offers dedicated Quickbooks Certified CPAs for all your bookkeeping needs.

What is Trust Money?

Trust money is money entrusted to a law practice in the course of or in connection with the provisions of legal services by the law practice. These funds are kept in a trust account.

What is a Trust Account?

A trust account is an account, held by a law firm, to hold trust money that has been entrusted to that law firm in the course of or in connection with the provisions of legal services by the law practice.

What is Trust Accounting?

Trust accounting is a simple form of bookkeeping used exclusively for trust transactions. It is the recording by a law practice of the receipt and payment of other people’s money, with all transactions being recorded in individual accounting records maintained for the person on whose behalf the money was received.

What is a Trust Audit?

Trust Audits, sometimes referred to as Law Firm Trust Audits or External Examinations,
are a crucial part of trust accounting.

A Trust External Examiner must be appointed by the Law Practice as soon as a trust account is opened. The Trust External Examiner is required to lodge the Trust Audit by 31 May each year. When an External Examiner’s Report is qualified or an adverse report is made, a copy of the Report is to be forwarded by the external examiner within 7 days to the Chief Trust Account Investigator & Supervisor, Trust Accounts Department of the Law Society.

The report must include an examination of all general trust accounts and accounts where trust money was held (e.g. controlled money accounts, account subject of a power) that have been opened or closed by the law practice during the reporting period.

What is legal bookkeeping?

Legal bookkeeping is a type of bookkeeping offered specifically to law firms. As solicitors and legal professionals deal with a range of financial matters, including trust accounts, employing a specific legal bookkeeper ensures that all your legal financial transactions are correctly recorded and dealt with.

Why employ a legal bookkeeper for your law firm?

There are a variety of reasons as to why you should employ a legal bookkeeper, not a regular bookkeeper (or do it yourself!) for all your bookkeeping needs:

  • Legal bookkeepers remain up-to-date with all the relevant legislative provisions when it comes to trust accounting.
  • Allows you to focus on other areas of your business.
  • Ensures all relevant dates, timeframes and rules are followed and complied with.
  • Ensures all relevant documents are completed and lodged on time.
  • Providing advice regarding the management of your legal trust accounts

Should you worry about trust accounting as a solicitor?

Yes! If you are a law firm, you should be fully aware of all the relevant legislative rules and regulations when it comes to trust accounts for your legal practice. If you are unsure, call your state law society and they can assist you, or give Books Onsite a call and we can assist.

You can request a Quote right here

Legal Bookkeeping

If you are a Small or Medium Legal Practice with less than 20 Practitioners we can look after your bookkeeping and trust audit remotely for a fixed fee.

Real Estate Bookkeeping

Our team of real estate bookkeepers will ensure your rental and sale trust is updated daily. We will include your general bookkeeping and trust audit in our remote fixed fee.

Onsite Bookkeeping

Our qualified bookkeepers will come to your office each week to take care of your payroll, accounts receivable and payable, BAS lodgement and management reporting.

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