What is Rescue Work?
We all know the demands bookkeeping can make on our time, our patience and even our knowledge. But let it slide, put it in the too hard basket, go into denial and it can all too easily slip into such a state that you, the business owner, simply don’t have the time or energy to deal with it alone. One of the challenges of being a successful business owner is deciding when to delegate work to people who specialize in that area.
Rescue work is the bookwork that needs to be sorted as a priority. This work often becomes a priority because the business owner has got behind with their compliance obligations. Their accountant and/or the Tax Office are likely to be a bit of a catalyst for getting things back up to date. They will also be concerned about the integrity of the information recorded in the accounts.
Similarly, it can become apparent to business owners and their professional advisers that there are problems within the accounts that are not readily solved without specialist knowledge and experience. The online accounting packages are easy to use but not quite so easy to get right without a sound understanding of the bookkeeping process.
Typical problems around the integrity of the accounts include:
• The bank balances don’t match the actual bank statements even though all the bank transactions have been accounted for or marked off.
• There are several unreconciled items even though all the bank transactions have been accounted for or marked off.
• The inventory expected from the figures in the accounting package might not match the actual inventory on hand.
• Invoices that have been paid may still be showing as unpaid.
• Leave taken by staff may not have been recorded at the time.
• Leave may not have been accrued properly for staff.
• The Balance Sheet might show liabilities such as Wages or Super Payable when everything is really paid up.
Rescue work is promptly tackling bookkeeping and record-keeping issues with efficient, professional solutions that also provide clarity and peace of mind. An experienced bookkeeper can remove the confusion and uncertainty that surrounds such matters and provide the business owner with a satisfying sense of control and confidence.
If any of these scenarios are ringing alarm bells for you, please feel free to contact us at SWAG Bookkeeping for business solutions tailored to your needs.
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