What are the possible challenges an Employer Could face concerning the Bookkeeping??

• One of the biggest challenge in book keeping is being aware of tax concessions, liabilities and current government rules
• Managing Flow Of Capital: This is really crucial for forecasts and management of the debts in a smart way
• Formulating Process for Accounts: Receivables and collections
• Failing To reconcile on a regular basis : it is recommended to reconcile monthly financial statements for keeping track of your business earnings and spending.
• Controlling Expenditure: Bookkeepers help in reducing the expenditure by reviewing the amount spent on each resource and cutting down the unnecessary cost on time.
• Ensuring the accrued employees’ entitlements are appropriately accounted for in the accounts of accounts to assess the realistic business performance metrics.
• Frequent changes in the working hours, overtime hours and pay rates would require someone capable of processing these correctly.
• Processing of parental leave, maternity benefits, redundancy and work injury-related entitlements and payments.</br>
• Correct reporting to ATO and annual reconciliation for the wages/PAYG WH reported to the ATO with the payroll system.
• Do I have good governance and controls in my payroll process to mitigate the risk of error and fraud?</br>
• If your payroll system is a standalone system, periodical summary reports will get picked up in your financial accounting systems.
• Suppose the KPI or performance bonus is meant to be paid as super exclusive, in 8/10 cases. In that case, it gets processed with superannuation, which goes unnoticed by the employers and does cause a severe negative impact on the bottom line.

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