Bookkeeping is the process of recording and organizing all your financial transactions, such as sales, purchases, receipts, and payments. It is important because it keeps your finances organized, helps you understand your cash flow, ensures you meet tax obligations, and supports informed business decisions.

Ideally, bookkeeping should be updated weekly or monthly to ensure your records are accurate and current. Regular updates help you stay on top of your finances, avoid end-of-year stress, and provide you with up-to-date reports to manage your business effectively.

You will need to provide your invoices, receipts, bank statements, credit card statements, payroll records, and any loan or asset purchase documents. At JR Financial Services, we guide you on what to provide and can help you set up simple systems to keep your documents organized.

Bookkeeping involves recording daily financial transactions, while accounting uses that information to generate financial reports, provide analysis, and assist with tax preparation and strategic planning. Bookkeeping keeps your records accurate, while accounting interprets those records to give you financial insights.

Yes, JR Financial Services offers BAS preparation and payroll services alongside regular bookkeeping. We ensure your BAS is prepared accurately and submitted on time, and we can manage your payroll to keep your staff paid correctly and your records compliant with ATO requirements.