Accurate Accounts Bookkeeping and Accounting Services Responsibilities
The bookkeeping services we provide to you may be performed at your office, and/or our office, and/or remotely.
We will be provided with/establish specific user access to your software and systems to enable our processing and the identification of the work performed.
We will detail below our understanding of the services that we are required to perform for you in our letter of engagement. These may include the following;
1. Bookkeeping Services
Entering and/or verifying the entry of customer and supplier invoices into accounting software
Entering and/or verifying the entry of payments and receipts from bank
Emailing / communicating any queries related to the accounts for the period
Ensuring the correct integration of different business systems into the accounting record, (for example point-of-sales systems or add-on solutions)
Reconciliation and/or verification of all bank, loan and credit card accounts
Reporting Balance Sheet, Profit and Loss, other reports as required
Reporting outstanding debtors and creditors (if applicable)
Setup employees in payroll system
Prepare payroll weekly/fortnightly/monthly
Monitor employee entitlements
Lodge Tax File Number declarations
Review, advise and lodge PAYG Withholding and Superannuation
Reconcile End of Year wages
Report, lodge and send employee payment summaries
Roll over payroll year if applicable
3. BAS Services
Review and report on monthly/quarterly BAS
Email reports and declarations to the nominated person
Lodgement of BAS upon receipt of authority from the nominated person
Yearly GST reconciliation and relevant BAS adjustments
Review end of year reports
Provide accountant with information as required for year end
Liaise with the accountant as to any End of Year journals or adjustments
Ensure essential and required business records are maintained and stored for the financial year
If applicable, roll file over to new financial year
5. Other Services
Analysis and advice on Industry Award
Consulting/Training of staff in accounting software
Cash Flow Management/Forecasting
Preparing Business Plan Financials
If additional work is required beyond the items listed in the letter of engagement, then we require it to be specifically outlined to us. We will confirm additional instructions in writing, (email), before commencement of the work. If this work is outside our experience or competency we shall discuss with you how to ensure the work is performed appropriately including seeking assistance from a person who holds the expertise.
You will provide access to the relevant business records as discussed. This may include paperwork relating to the transactions for the month or quarter. This may include:
Ongoing access to the Business Software
Credit card statements
Bank deposit book or relevant bank transfer information
Answers to queries as required
Unless otherwise discussed and agreed it is your responsibility as the business owners for the maintenance and accuracy of business records and availability of records either for our processing or for verification and provision to authorities if required.
We may request source documents for some items and process transactions based on the information provided by you, which does not necessarily include all source documents.
It is a requirement that you must hold copies of all relevant documentation in compliance with the ATO standards.
It is a requirement by the ATO that ABNs of suppliers be checked at least once a year to ensure that they are valid.
All relevant documentation and information required to allow us to prepare and produce financial reporting to comply with legislative requirements must be received 14 days prior to due lodgement dates. We will not be liable for any penalties if documentation and information has not been provided.
A separate signed authority must be provided to us if we are engaged in making payments on your behalf.
A separate specific authority form must be provided to us for each lodgement of documentation with the ATO; we will provide this form to you before each lodgement.
You authorise Accurate Accounts to contact your tax agent via email and phone as required
Terms of Engagement
Service fees will be outlined in our letter of engagement.
This fee will include the provision of accounting software to you. We shall discuss with you any intention to change the fee arrangement due to changes in the work required.
Work additional to the agreed services included in the monthly fee will be charged at our standard rate per hour.
A monthly fee can only be determined after a minimum of 3 months of work has been performed to ensure accuracy of quote. This will be reviewed at least annually.
A weekly invoice will be sent upon completion of work.
Payment of that invoice is 7 day’s net.
If payment is not made without prior arrangement by the due date we may charge a 2% compound interest charge on balance of bill per day overdue.
We reserve the right to stop work if you fail to make payment when and as it falls due.
Any debts beyond 30 days (unless a prior payment arrangement has been entered into) will be referred to yourself or selected debt collection agency, and any costs associated in recovering such debts will be paid by you.
We reserve the right to review fees for services rendered on a regular basis; any change in price will be notified in writing.
Either party is able to end this agreement by giving 30 days written notice of intention to end the agreement. In the event of termination of the contract by you without the agreed notice, you agree to pay the fee stated in our letter of engagement in lieu of notice. This period is required in order to allow professional and complete handover of your accounts.
Utilisation of Other Workers
Employees or contractors may be utilised to help complete the agreed work as required. The Institute of Certified Bookkeepers Code of Conduct binds all representatives of Accurate Accounts Bookkeeping and Accounting Services, which is inclusive of confidentiality agreements as per the Terms of Engagement in this document.
Any information and all matters connected with and relating to your business and its performance are confidential and we shall not disclose them to any other person/entity unless authorised to do so in writing or unless legally required. This includes the ATO and your accountant.
Accurate Accounts Bookkeeping and Accounting Services is engaged to establish the payroll systems based on the payroll information provided to us. We will implement and maintain the payroll based on this information. It is agreed that Accurate Accounts Bookkeeping and Accounting Services is not engaged to interpret and apply the FairWork provisions to this business.
You must keep us informed of your current business details including address, phone and email address. We are engaged and authorised to work with your business by the people named above and any changes to your personnel and their respective authorisations that change the performance of our work for you should be advised to us.
Lodgement of Information with ATO
A requirement of law is that you will be provided with an authorisation for all lodgements required by the ATO including BAS lodgement, Payment Summaries and Taxable Payments Annual Reports (applicable to the building industry). Lodgement of all forms will follow our receipt of that authorisation. Email authorisation is acceptable and preffered. Failure to lodge on time can incur a fine and this will be your responsibility to pay if the authorisation has not been received by us.
Review of Documentation
The responsibility for reviewing final reports and/or work rests with you. You will not be charged to correct errors which are clearly our fault, but revisions performed at your request will be charged at the agreed hourly rate.
Responsibility for Bookkeeping Records
Responsibility for the maintenance of business records rests with you, (client/business owner); this includes security of those records and prevention against fraud. It is important to remember that you are personally responsible for the information contained in any statutory return and that you must retain all necessary supporting documentation to substantiate the transactions.
As your advisor, we will question the nature of transactions which may require our review of the source documents. We will then discuss with you the impact of our review.
We have discussed and agreed on the requirement for business records, including primary source documents, to be retained by you. We have discussed your expectations as to our involvement in the verification that such records are accurate, correct and being maintained.
It is also important to state that as a BAS Agent / Bookkeeper, if we are advised in writing by yourself that you have copies of the invoices and the GST is applicable, we will process on the basis that you have the correct records.
Business documents are the legal property of the client.
Responsibility of Backup of Accounting File and Other Supporting Documents
We advise that the responsibility of backup maintenance of the accounting file and supporting documents rests with you. We will check that appropriate backups are taken at critical times of the financial year.
While we will perform local backups of bookkeeping work for our own records, you should ensure all your business electronic data is backed up securely. Our backup process does not replace your own (legally required) secure back up process.
Ownership of the Accounting Software File
If our license for Accounting Software is used for your business, a licence removal fee may be charged at completion/termination of our bookkeeping services.
If you choose to discontinue our services including the provision of software through us, we shall cease our licence to that software noting that it is your responsibility to ensure you have retained the necessary business records that you are required to maintain.
If we have incurred subscription fees on your behalf in advance, then any early termination of this agreement may result in the balance of those subscription fees to be paid to us.
Please be aware that many software companies include in their terms and conditions the right to access your data file for their use and information. By giving us access to your business data (whether through my subscription or your own), you also acknowledge that the terms and conditions of the software provider/s allow for their access to your data.
Disclosure of Commission
We are a professional partner of MYOB. This allows us to be constantly updated about developments to their software, participate in specialised training and benefit from their loyalty program. As partner of MYOB, we receive a discount to monthly subscription. We retain any commissions or discounts received as part of our professional fees.
Destruction of Documents and Files
Upon our request either during our engagement or following its termination, you must collect your property without delay which will be released to you once our accounts are paid. Should any of your property remain in our possession following our request to collect it, we will hold the property for three months before destroying it in accordance with the Australian Consumer Law and Fair Trading Act 2012.
We aim to provide the highest standard of professional service and are focused on the concerns of your business. If for any reason you feel you have not received the level of service expected or have an issue to raise, please contact myself to discuss how the problem may be resolved.
Furthermore, as a Member of the Institute for Certified Bookkeepers (ICB), I am subject to the ethical requirements of ICB and its investigations and disciplinary processes. These requirements cover issues such as Code of Conduct and ethics, adherence to bookkeeping standards, requirements to undertake continued professional education. Should there be an issue regarding the ethical or business practices of myself or my company, you may refer such matters to ICB.
When working onsite we expect a reasonable working environment which includes a safety regulated chair, office space and non-smoking area.
We reserve the right to charge a fee if our appointment is cancelled on the day. This will be as stated in our letter of engagement.
You agree to us indemnify us for any loss that may result from third party claims arising from the provisions of the services. If there is a claim against us for loss, the loss will be proportionately reduced by the extent of your contribution to the loss.
Neither party shall be liable for any delay or failure to perform any of its obligations if the delay or failure results from events or circumstances outside its reasonable control, including but not limited to acts of God, strikes, lock outs, accidents, war, fire, breakdown of equipment or shortage or unavailability of internet connection from the source of supply, and the party shall be entitled to a reasonable extension of its obligations.
A charge will apply when extended phone support is given.
Right of Lien
We have a right of lien on records and business data, that is, we reserve the right to hold records and data against any outstanding debts. Note this will only apply to records and data that has been worked on but for which payment is outstanding.