When it comes to running a business, your bookkeeper plays a far more important role than simply handling the numbers. In fact, a great bookkeeper becomes a vital partner in helping you stay financially healthy, compliant with tax laws, and focused on growth — especially if you’re a small to medium-sized business on the Gold Coast.
So, what should your bookkeeper actually be doing for you? As a leading Gold Coast bookkeeper, Flexible Financial Solutions believes your bookkeeper should be doing much more than just entering data. Let’s explore the essential roles and responsibilities of a professional bookkeeper — and how to know if you’re getting the support your business truly needs.
Accurate and Timely BAS Lodgement
If your business is registered for GST, your bookkeeper should be managing your Business Activity Statement (BAS) lodgements with accuracy and punctuality. This includes ensuring all transactions are correctly coded for GST, reviewing the figures, reconciling them, and lodging your BAS on time, whether monthly or quarterly.
Accurate and timely BAS lodgement matters because late or incorrect submissions can result in ATO penalties and cash flow disruptions. A registered BAS agent, like those at Flexible Financial Solutions, can manage this professionally and represent you in dealings with the ATO.
Complete and Regular Account Reconciliations
Many business owners mistakenly think that reconciling their bank account is sufficient. However, your bookkeeper should be reconciling all financial accounts regularly. This includes bank accounts, credit card accounts, loan accounts, PayPal, Stripe, and other payment gateways, as well as superannuation and payroll liabilities.
Comprehensive reconciliations are essential because they ensure the accuracy of your financial reports. This accuracy is critical for informed decision-making and avoiding tax-time surprises.
Payroll and Superannuation Compliance
If your business employs staff, your bookkeeper should be responsible for managing payroll and ensuring compliance with superannuation obligations. This includes processing accurate wage payments based on Fair Work requirements, ensuring compliance with Single Touch Payroll (STP) regulations, making timely superannuation contributions, and maintaining accurate records of employee leave and entitlements.
This area is crucial because payroll mistakes can lead to employee dissatisfaction, legal consequences, and increased scrutiny from the ATO.
GST Review and Coding Accuracy
Your bookkeeper should regularly review how transactions are coded for GST. They should verify that GST is only claimed where it is valid, ensure that GST-free purchases or those from non-registered suppliers are correctly processed, and confirm that all sales and purchases are accurately categorised.
Ensuring accurate GST coding is important because errors in this area are among the most common problems we see with new clients — and a significant factor in ATO compliance issues.
Accurate, Up-to-Date Financial Reports
A high-quality Gold Coast bookkeeper should not only generate financial reports but also provide insights into what those reports mean for your business. These reports should include profit and loss statements, balance sheets, cash flow reports, and aged receivables and payables.
Having accurate, current financial reports matters because you need reliable data to make sound business decisions. Your bookkeeper should also be able to explain these reports clearly rather than simply forwarding them.
Support with Cloud Accounting Software
Your bookkeeper should be proficient in cloud-based accounting software like Xero, MYOB, or QuickBooks. They should be responsible for setting up your software correctly, integrating any relevant apps such as point-of-sale or inventory systems, and offering training and support to help you understand your financial data.
This capability is essential because a poor software setup or lack of training leads to ongoing errors, inefficiencies, and confusion.
At Flexible Financial Solutions, we specialise in Xero training and support to help Gold Coast businesses get the most out of their accounting platforms.
ATO Liaison and Recordkeeping Compliance
Your bookkeeper should help ensure your recordkeeping practices meet ATO requirements. This includes storing digital copies of invoices and receipts, assisting with audit preparation when needed, and communicating directly with the ATO if they are a registered BAS agent.
This service is critical because in the event of an audit, having organised and compliant records can protect your business and reduce stress.
Business Advice and Proactive Support
An exceptional bookkeeper doesn’t just manage your past finances — they also help you plan for the future. They should assist with cash flow forecasting, budgeting, business structure advice in collaboration with your accountant, and recommending cost-saving opportunities where appropriate.
This proactive support is important because your bookkeeper should function as a financial co-pilot who helps guide your business toward growth.
Signs You’ve Outgrown Your Current Bookkeeper
You may have outgrown your current bookkeeper if any of the following are true: you only hear from them quarterly, you don’t understand your financial reports, they have missed important deadlines or made errors, you find yourself doing much of the bookkeeping yourself, or they are not a registered BAS agent.
If any of these apply to your situation, it may be time to consider working with a more experienced and proactive bookkeeper.
Why Choose Flexible Financial Solutions?
Flexible Financial Solutions is a trusted Gold Coast bookkeeper that works with local businesses including tradespeople, consultants, retail stores, and service providers. We take the stress out of managing your finances and provide more than just tidy books — we help you understand them.
We are:
- Registered BAS Agents
- Xero Certified Advisors
- Locally based and experienced
- Focused on personalised service
- Transparent in our pricing
Final Thoughts
Bookkeeping is not just about data entry — it is about providing direction. A great bookkeeper empowers you to run your business with clarity, confidence, and reduced financial stress.
Whether you’re just starting out or ready to take your business to the next level, make sure your bookkeeper is doing everything your business truly needs.
Ready to Upgrade Your Bookkeeping?
Flexible Financial Solutions offers expert bookkeeping, BAS lodgement, and Xero support to businesses across the Gold Coast.
If you’re ready to feel confident about your finances, book a consultation today at flexiblefinancialsolutions.com.au or send us a message.
Your business deserves more than basic bookkeeping — it deserves financial clarity and peace of mind.
