Accounts Payable Bookkeeping Services

What is Accounts Payable?

 

Your Accounts Payable is the money your business owes to any supplier or third party. This department is responsible for keeping track of any funds that are owed and paying them on time to ensure that your business’s payables are in good standing.

If your weekly payables exceed five bills and you are unable to keep track of what has been paid or when bills are due, it is in your best interest to utilize an accounting system like Clients Needs Bookkeeping. We can provide you with accurate management of your payables to help keep you on track.

Our systems can produce helpful reports indicating the balance owed, when the bills are due, and any outstanding statements that you’ve not yet paid. This will provide your business with a clear picture of all of your trade creditors in an easy-to-understand report.

Why is Accounts Payable Important?

Having accounts payable up to date and accurate is important for making financial decisions.

Imagine if you only have half the information about how much you owe in your accounting software but you have entered all your invoices to your customers. This will give an inflated picture of your profits and in reality you may make bad choices based on that information, as you will think you business is better off financially than you really are.

How our Accounts Payable Service Works

To have the most accurate reporting, we recommend sending us your bills as you receive them. Our upload process is simple and can be done via email or upload through the MYOB capture app.

Once your bills are received, we will add the new payable to your account in our system. For every bill you owe, we attach any related documents for future reference, list the amount owed, and allocate a due date, so you know when to make a payment.

Once the payment is due, we can process it for you directly through MYOB. This process doesn’t require that we access your bank account; however, this feature is not available for Xero software users. Alternatively, we can send you an ABA file for you to upload directly to your bank, so you can make a lump-sum payment rather than keying in every individual bill.

At a frequency of your choosing, we suggest weekly or monthly; we will provide you with an accounts payable summary report. This report will indicate how much you owe, when your payables are due, and if any outstanding payments need to be addressed, enabling you to plan your payments accordingly.

Difference between accounts payable and accounts receivable

Accounts payable ensures your business is up to date on payments and allows you to accurately project cash flow.

Accounts receivable is focused on the money owed to your business by customers or clients. Until the balance is paid, the outstanding amount is recorded under accounts receivable.  

What are our clients saying?

Have been dealing with Clients needs now for 2 years. They have been doing weekly book keeping for us, Getting ready for quarterly BAS and EOFY.
With around 150-200 monthly bills entered and correct allocation off goods too the correct cost account we are able to do more accurate tracking and forecasting.

Highly recommended, Very professional, quick and solution orientated team. Still using service now

Jack

⭐️⭐️⭐️⭐️⭐️

Matthew from Clients Needs is always happy to help out and any requests for help are dealt with quickly 🙂
We especially like that Matthew is ahead of the game which is important when it comes to finances because we are focusing on other areas of the business.
Thank you!

Cait

⭐️⭐️⭐️⭐️⭐️

Matthew has been fantastic in sorting out our MYOB files that were in a bit of a mess. He was diligent, fast, and accurate and above all helpful in setting up streamlined systems and assisting us with training and use of MYOB. I could not recommend him highly enough.

Peter

⭐️⭐️⭐️⭐️⭐️

We are experts in

MYOB Bookkeeping

QuickBooks Bookkeeping

Xero Bookkeeping

Mat Photo

Matthew Powell

Phone0404 453 995

Address: 1 Delicia St langwarrin VIC 3910

Trading Hours:
Monday - Friday: 9:00 AM to 6:00 PM
Saturday - Sunday: Closed

Frequent searches leading to this page: Bookkeeper Frankston

logo

Contact Clients Needs Bookkeeping Today!

Contact a Professional Bookkeeper, in Melbourne, Today

Frequently Asked Questions

Hidden
What is a bookkeeper's role?
Detail-orientated, a bookkeeper tends to be much more involved in the day-to-day financial aspects of a business than other financial service providers. We add value to your business all year round, rather than just at tax time or during a crisis, by providing an external perspective and a detailed, impartial view of where you business is at, what is being done well, and what could be improved.
What’s the difference between a bookkeeper and an accountant?
Your accountant will mainly focus on profit and bottom line, with a view to sorting out your financials at the end of the financial year. They won’t typically take an in-depth look at what’s going on inside your business, and in that way are not quite as invested in the same hands-on way as your bookkeeper.
Why do I need a bookkeeper?
For many people in business, figures and financials aren’t a natural part of their skill set. The processes involved are complex and admin-heavy, and even if you put the hours in, there’s still plenty of margin for error if you’re not an expert in the financial field. A bookkeeper will therefore save you time, and take away the stress associated with ensuring your books remains up-to-date and your financials are reported in such a way that will serve your business well.
Hidden
I am behind in my BAS and tax; how do I get up to date?
No drama! We can get you up-to-date quickly and with ultimate accuracy. Simply provide all bank statements, receipts and invoices for the relevant dates, and we’ll cast our detailed and expert eyes over them all, methodically working through and putting all data into a format that makes sense. We’ll use the outcomes of this work to prepare the profit loss and balance sheet, which you’ll need to present to your tax agent. We aim to assist companies in the lodgement and preparation of their BAS returns on time, in a way that fulfils their legal obligations.
I'm not on Xero, can I still use your services?
Xero is just one of a number of online accounting packages commonly used by businesses and bookkeepers in Australia. It’s the central portal that captures and stores all crucial financial information, presented in a user-friendly format. It’s all about making your financials easily accessible and easy-to-understand. At Client Needs Bookkeeping we don’t just use Xero. We also use two other comparable packages, Quickbooks and MYOB. In fact, MYOB is our preferred system. We love it so much that we actually offer a discount for clients who use it. We enjoy its streamlined approach, ease-of-use and its ability to speed up every job.

While we know some businesses are still storing their financial information using their own manual systems, to work with Client Needs Bookkeeping you’ll be required to migrate to one of the three packages mentioned. We promise, you won’t regret it. And out team will even be on-hand to walk you through the process and get you up to speed with everything you need to know about your new, crucial business tool!

What are your bookkeeping service rates?
We offer a fixed-rate pricing model, ranging from $110 per month for sole traders, to $195 per month for small businesses, $390 per month for companies with up to ten employees, and $750 per month for larger companies. See our pricing page for further information about what each of these fees includes.

Our Process

How it begins

The process usually starts with a phone call. Whether you know exactly what you need from your bookkeeper, or have no clue about what to expect, talk to us about your business, experience and requirements, and we’ll come up with a plan to ensure your financials are managed in the most effective way,

Because of the breadth of our experience, no matter what the circumstances, we are ready to hit the ground running. Sometimes, we’ll come on-site in the first instance and work with you over a period of time. We’ll go through all records and documentation to ensure everything is up-to-date and exactly where it needs to be. If you don’t have an online accounting package already up and running, we’ll recommend one for you, and assist in the implementation, training and migration.

Remote Integration

Once we’re satisfied the foundations are all in place, we’ll ensure we have everything we need to begin working remotely on whatever aspects of your financial operations you need support with. From this point forward, you can completely let go of the administration-burden that comes with managing your financials. We’ll keep things ticking over in the background, meaning you can feel safe in the knowledge that everything is being managed exactly as it should be.

Clear Direction

Our goal is to develop strong, trusting, ongoing relationship with our clients. We like to think of ourselves as an extension of your team, effectively managing all assigned bookkeeping duties, day-in-day-out, so you’ll always have the clearest picture of where your business is at financially.

How We Can Help

Payroll

We’ll help you determine what, how and when to pay your team and suppliers.

Invoicing

Our team will take an overarching look at your current accounts payable and receivable. We’ll ensure all money owed is paid on time, for the protection of your reputation, and we’ll take all necessary steps to ensure money owed to your business is paid in a timely manner.

Business Activity Statements (BAS) lodgements

We’ll ensure you meet government requirements and are compliant at every stage.

Training

Sometimes, all you need is a little guidance. We can work with you to develop and implement new processes, equipping you with the knowledge and tools to be able to manage certain key aspects of your financial operations in-house, long into the future.

Why Choose Us?

We are a professional service committed to supporting companies to efficiently and accurately manage their financial processes. If you’re a business owner in the Frankston area in need of a quality bookkeeper to save you the time and stress associated with staying on top of your financials, Clients Needs Bookkeeping can help!

Our advanced accounting knowledge enables us to consider your current approach, before identifying inefficiencies and streaming your processes. By letting us take such an admin-heavy and often frustrating aspect of running a business off your hands, you’ll reap the rewards of efficiencies that most business owners simply can’t achieve by undertaking such tasks themselves.

Our Strengths

We know the numbers aren’t every business owner’s area of passion or strength. For many, bookkeeping feels like a necessary evil. Engaging an outside expert who lives and breathes the financial side of business, will allow you to heave a sigh of relief. What’s more, you’ll be able to use the time you’ll save to focus on your core business activities, or even enjoy some extra leisure time!

Engaging Clients Needs Bookkeeping is ultimately a more affordable option than employing a new member of staff to manage the financial area of your business, or training up an existing member of the team. Getting them up-to-speed and strongly equipped to handle the often complex nature of financial reporting effectively is a long process.

Our Experience

Our wide-reaching experience means we know the financial space inside and out. We know how best to manage your accounts, invoicing and tax matters for maximum benefit. Essentially, your business will benefit financially from our smart approach, and you can rest easy knowing we have taken care of all legal obligations and compliances to the letter.

Our Reputation

With over ten years of experience, Clients Needs Bookkeeping Director Matthew Powell has developed a solid reputation across Frankston and beyond, as one of the top bookkeepers in the area.

  • We’ll take those large piles of paperwork and multiple spreadsheets, and bring them together to create a more efficient and manageable system, tailored to your needs.
  • Our online live accounts system allows you to access your accounts from any location 24/7, so you’ll always know exactly where you’re at.
  • Relying on the knowledge and experience of an accounting professional will give you peace of mind that your financial and legal obligations are being properly fulfilled.
  • Get time back to do the things you enjoy the most, like family time, eating out or time on the golf course!
Customer Focused

Exceptional customer service is our number one focus. We are always on-hand to provide advice or talk you through any questions you may have. Our online service housing your live accounts means if there’s a query or issue we are able to access and effectively resolve anytime and from anywhere, in the fastest possible time.

Contact a Professional Bookkeeper, in Melbourne, Today