What Documents Should I Provide to My Bookkeeper Regularly? A Guide for Business Owners

Keeping your financial records organised and up-to-date is critical for the smooth running of your business. Providing the right documents to your bookkeeper ensures that your financial data is accurate, compliant with tax laws, and ready for important decision-making. But what documents should you regularly provide to your bookkeeper to maintain accurate records?

At Bottrell Accounting & Bookkeeping, we often get asked by business owners what kind of financial documents are necessary to keep their records current. In this guide, we’ll outline the essential documents that should be regularly supplied to your bookkeeper to help manage your business’s finances efficiently.

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1. Bank Statements

Your business bank statements are one of the most important documents you should regularly provide to your bookkeeper. These statements provide a record of all the transactions in your business’s bank account, including income, expenses, and transfers.

Why Bank Statements Are Important:

Accurate Transaction Recording: Bank statements allow your bookkeeper to record all business transactions accurately and ensure that your books reflect your true financial position.
Bank Reconciliation: Regularly reconciling your bank statements with your bookkeeping records ensures that all transactions are accounted for, helping to identify any discrepancies or missing entries.
Cash Flow Monitoring: Your bookkeeper can use bank statements to track the cash flow of your business, helping you understand where money is coming from and where it’s going.

How Often to Provide Bank Statements: Provide your bookkeeper with bank statements on a monthly basis. Many businesses use cloud-based accounting software like Xero or MYOB, which can automate the import of bank transactions, but physical or PDF statements are still valuable for verification.

2. Receipts

Providing your bookkeeper with receipts for all business expenses is essential for tracking costs and ensuring tax compliance. Receipts serve as proof of purchases and support your claims for tax deductions.

Why Receipts Are Important:

Expense Tracking: Receipts allow your bookkeeper to accurately record and categorise all business expenses, from office supplies to travel costs, ensuring that nothing is missed.
Tax Deductions: Properly documented receipts are critical for claiming tax deductions. Without receipts, the Australian Taxation Office (ATO) may disallow certain deductions.
Auditing: In the event of an ATO audit, having well-organised receipts can help substantiate your expenses and avoid penalties.

How Often to Provide Receipts: Provide receipts weekly or monthly, depending on the volume of transactions. You can scan and send digital copies of your receipts or use mobile apps that integrate with your bookkeeping software to upload receipts in real-time.

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3. Invoices (Accounts Receivable)

Invoices issued to customers, known as accounts receivable, are important documents your bookkeeper needs to track income and manage outstanding payments. Providing these invoices ensures that your income is recorded accurately and cash flow is monitored effectively.

Why Invoices Are Important:

Income Tracking: Invoices help your bookkeeper record sales and income accurately, ensuring that your financial records reflect the money owed to your business.
Accounts Receivable Management: Your bookkeeper can track which invoices have been paid and which are still outstanding, helping you follow up with customers who owe payments.
GST Reporting: Invoices provide essential data for calculating and reporting GST to the ATO, ensuring compliance with tax regulations.

How Often to Provide Invoices: Provide invoices as soon as they are issued. This helps your bookkeeper stay on top of income tracking and ensures that your financial reports are accurate.

4. Bills and Supplier Invoices (Accounts Payable)

Supplier invoices and bills, also known as accounts payable, are essential for managing your business’s outgoing payments. These documents help your bookkeeper track the money your business owes to suppliers and ensure timely payment.

Why Supplier Invoices Are Important:

Expense Tracking: Supplier invoices provide a detailed record of your business’s expenses, allowing your bookkeeper to track where your money is going and categorise costs correctly.
Cash Flow Management: Keeping track of outstanding bills and due dates helps your bookkeeper manage cash flow and ensures that payments are made on time, avoiding late fees or interest charges.
GST Reporting: Supplier invoices contain important information for claiming GST credits, which can reduce your overall tax liability.

How Often to Provide Supplier Invoices: Provide supplier invoices weekly or as they are received. This allows your bookkeeper to manage accounts payable efficiently and keep your financial records up to date.

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5. Payroll Records

If you have employees, it’s essential to provide your bookkeeper with accurate payroll records. These documents include details on employee wages, tax withholdings, superannuation contributions, and leave entitlements.

Why Payroll Records Are Important:

Wages and Superannuation Compliance: Payroll records ensure that your business complies with Australian wage laws, superannuation requirements, and tax regulations.
Tax Reporting: Payroll records are necessary for preparing PAYG (Pay As You Go) withholding reports and ensuring that employee taxes are deducted and remitted to the ATO correctly.
Single Touch Payroll (STP) Reporting: For businesses using Single Touch Payroll, payroll records must be reported to the ATO with every payroll run. Accurate records are essential for maintaining compliance.

How Often to Provide Payroll Records: Provide payroll records after each payroll cycle (weekly, fortnightly, or monthly), depending on how often you process payroll. If using payroll software integrated with your bookkeeping system, this process can be automated.

6. Credit Card Statements

If your business uses credit cards for purchases, it’s important to provide your bookkeeper with regular credit card statements. These statements help track expenses and reconcile payments with your financial records.

Why Credit Card Statements Are Important:

Expense Tracking: Credit card statements provide a detailed list of all business-related expenses charged to the card, helping your bookkeeper categorise and record costs accurately.
Reconciliation: Just like bank accounts, credit card transactions need to be reconciled with your bookkeeping records to ensure there are no discrepancies or missed payments.
Tax Reporting: Properly tracked credit card expenses are essential for claiming tax deductions and ensuring compliance with the ATO.

How Often to Provide Credit Card Statements: Provide credit card statements monthly to ensure that all expenses are recorded, reconciled, and accounted for in your financial reports.

7. Loan Agreements and Statements

If your business has taken out loans, it’s important to provide your bookkeeper with loan agreements and regular loan statements. These documents help your bookkeeper track loan repayments and interest expenses.

Why Loan Documents Are Important:

Tracking Liabilities: Loan agreements and statements help your bookkeeper record and manage your business’s liabilities, including principal repayments and interest expenses.
Accurate Interest Deduction: Loan interest is typically tax-deductible, and your bookkeeper needs these records to accurately track and claim interest deductions.
Financial Reporting: Loans affect your business’s balance sheet, and loan statements ensure that your liabilities are accurately reflected in your financial reports.

How Often to Provide Loan Statements: Provide loan statements monthly or quarterly, depending on the frequency of your loan repayments.

8. Tax Documents and BAS Statements

Providing your bookkeeper with tax documents, including Business Activity Statements (BAS), is essential for maintaining compliance with the ATO and ensuring that your tax obligations are met.

Why Tax Documents Are Important:

GST Reporting: BAS statements report your GST obligations, and your bookkeeper needs accurate records to ensure that GST is collected and remitted to the ATO correctly.
PAYG Withholding: Tax documents also include PAYG withholding amounts for employees, which your bookkeeper tracks to ensure timely payment to the ATO.
Annual Tax Reporting: Providing all relevant tax documents allows your bookkeeper to prepare for annual tax filings and ensures that all income, expenses, and deductions are accurately reported.

How Often to Provide Tax Documents: Provide tax documents quarterly for BAS lodgement or as soon as they are received to ensure compliance with tax deadlines.

Conclusion: Keep Your Bookkeeper Informed with the Right Documents

Providing the right documents to your bookkeeper regularly is key to maintaining accurate financial records, ensuring tax compliance, and making informed business decisions. From bank statements and receipts to payroll records and tax documents, keeping these financial documents organised and readily available helps your bookkeeper keep your accounts up to date and in order.

At Bottrell Accounting & Bookkeeping, we work with business owners in Newcastle and Maitland to ensure their bookkeeping is accurate and compliant. By regularly providing us with the right financial documents, we can help you manage your business’s finances efficiently and keep your records in top shape.

Contact Bottrell Accounting & Bookkeeping today to learn more about our bookkeeping services and how we can help you stay organised and compliant with Australian tax laws. Let us handle your financial documents, so you can focus on growing your business.

What Documents Should I Provide to My Bookkeeper Regularly? A Guide for Business Owners