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Financial Planning

The Importance of Accurate Financial Records for North Lakes Small Businesses

Posted on by Totalaccounting1

As a small business owner in North Lakes, keeping accurate financial records is critical for the success of your business. Proper financial record-keeping allows you to track your business’s financial health, make informed decisions, and prepare for tax obligations. In this blog post, we’ll discuss the importance of maintaining accurate financial records for North Lakes small businesses.

Legal Requirements

First and foremost, accurate financial records are required by law in Australia. As a business owner, you are required to keep financial records that explain all transactions and enable the preparation of accurate financial statements. Failure to maintain accurate financial records may result in legal penalties or fines.

Financial Decision Making

Accurate financial records provide a clear picture of your business’s financial health. By regularly reviewing your financial records, you can identify trends, assess your business’s financial performance, and make informed decisions.

Financial records can also help you determine when it’s time to make important business decisions such as hiring new employees or investing in new equipment.

Accurate financial records are essential for preparing tax returns and meeting tax obligations. The Australian Taxation Office (ATO) requires businesses to keep records for a minimum of five years. Proper financial record-keeping can help you identify tax deductions and minimise your tax liability. Keeping accurate records also reduces the likelihood of errors or omissions on your tax returns, which can result in penalties or fines.

Auditing

In addition to tax obligations, businesses may be subject to audits by the ATO or other regulatory bodies. Accurate financial records are essential for responding to these audits and ensuring compliance with regulations.

In the event of an audit, having proper financial records can save you time and money in resolving any issues.

Types of Financial Records

There are several types of financial records that businesses should keep track of:

  1. Invoices: These are records of goods or services provided and should include information such as the date, description of the goods or services, and payment details.
  2. Receipts: These are records of expenses incurred and should include information such as the date, amount, and purpose of the expense.
  3. Bank statements: These are records of all transactions related to your business bank account, including deposits and withdrawals.
  4. Financial statements: These provide an overview of your business’s financial health, including a balance sheet, income statement, and cash flow statement.
  5. Tax records: These are records of all tax-related transactions, including tax returns, receipts, and payment details.

How Total Business Partners Can Help

At Total Business Partners, we understand the importance of accurate financial record-keeping for small businesses. Our team of experienced accountants can assist you in maintaining accurate financial records, preparing financial statements, and meeting tax obligations. We offer a range of accounting services tailored to meet the unique needs of your business.

We can also help you implement accounting software and systems that make it easy to keep track of your financial records. Our team can provide training and support to ensure that you are using these tools effectively and efficiently.

Conclusion

Accurate financial record-keeping is critical for the success of North Lakes small businesses. Maintaining proper financial records ensures compliance with legal requirements, enables informed financial decision-making and helps businesses prepare for tax obligations and audits. At Total Business Partners, we are committed to helping small businesses in North Lakes achieve financial success. Contact us today to learn more about how we can help you manage your business’s financial records.

 
 

Meet Jason

Jason started his accounting career back in 2000 working for a small boutique firm. He has a real passion for helping businesses perform at their best and translating that performance into real, life-altering outcomes. In his own words, ‘nothing is better than seeing the positive benefits of a decision or action made 3 years ago’. Just be warned, if you get him started, you may never get him to stop talking about this passion.

As a founding Director of Total Business Partners, he is proud of the business it has become today and only focuses on the future and ‘where to from here’.

Jason’s favourite feature of Total Business Partners is its family attitude and comradery. The business values its team of professionals and fosters an understanding of their various needs. Through the aforementioned comradery, the business can achieve insurmountable feats.

Meet Jana

Having joined Total Business Partners in 2021, with 10 years of experience in business services and tax, Jana specialises in business setups and structuring advice. Jana has a Bachelor of Commerce majoring in Accounting, Finance and Financial Planning, is a CPA, holds a Tax Agent Licence and is Xero Certified.

A few of the key industries that Jana loves to advise on are construction and trade, health support services, retail, and hospitality. The friendly team of professionals and our amazing clients make working at Total Business Partners one of Jana’s favourite things.

Outside of work you will find Jana enjoying beach walks with a stop set aside for a sneaky wine along the way.

Meet Lisa

Lisa joined the Total team in August 2020 and hasn’t looked back. With an abundance of corporate accounting experience and various roles as a financial controller for large multi-national organisations both in Australia and the UK, Lisa has a desire to work with clients who want more, and will let her help them grow.

Lisa has a Bachelor of Commerce (Accounting major) and Bachelor of Business (Marketing major) from the University of QLD, is a Chartered Accountant and is a member of the ICAANZ.  Along with this, she is constantly studying and currently completing her Virtual CFO and Estate Planning accreditations.  

A true passion for what she does at Total Business Partners is helping, growing, and working with her clients. Lisa is the in-house specialist for anything relating to Fringe Benefits Tax (FBT) and enjoys all business and structuring advice as well as consulting work.  

Lisa’s favourite thing about Total Business Partners is the people and being considered part of the family.  She’d like to think that when we engage a client to assist, guide, and advise them on their business ventures, that they too have entered “our family”.

Being a mum of 2 young kids has slowed down her social life, however, Lisa does enjoy dining out, drinks with friends and family, beach time and bush walks. She has a long love and interest of ballet and the theatre, and many moons ago Lisa was very familiar with ballet pointe shoes and tap dancing.

Meet Wendy

Wendy is an experienced Accountant with a demonstrated history of working in the financial services industry. Beginning her career in the 90’s, Wendy holds a Bachelor of Accounting; Member Institute of Public Accountants (MIPA); and a Tax Agent Licence, along with a wealth of industry experience.

Also being a founding Director of Total Business Partners, Wendy has worked with many long-terms clients over the years to help their businesses grow.  With a speciality in the construction industry, she has comprehensive knowledge in tax, small business, Xero, auditing, and strategic planning. 

Wendy’s favourite part about working with the Total team is the long-lasting client relationships which she has carried with her over the years.  Working with a great team and being able to achieve her clients’ goals are an important part of Wendy’s focus.

If you’re ever looking for Wendy, she will either be spending time with family or out and about cruising the waters of the world.

Meet Alena

Alena joined the Total Business Partners team in the Spring of 2021. Alena has a bachelor’s degree in finance and is currently studying to become CPA.

Alena loves working and supporting clients in the ever-evolving Xero suite of products, helping clients understand the benefits and opportunities it offers. Alena believes that to be successful, businesses must embrace technology and use it to its maximum potential. Passionate about working for clients with visions and ideas, Alena enjoys helping businesses to achieve their goals as fast as possible, in the most financially efficient way.  

Alena loves working alongside the talented, knowledgeable, helpful, and friendly people at Total Business Partners, and agrees that going to work every day is an amazing feeling.

Alena loves cooking, from traditional Eastern European dishes and spicy Asian cuisine to savoury treats and sweets. Her inspiration comes to her while travelling and Alena recreates those memories by preparing her favourite dishes. It goes without saying that Alena loves good food.

Meet Heidi

Heidi came with the furniture when Jason merged with another business in January 2018.  With a Bachelor of Accounting and as a Chartered Accountant, Heidi works closely with her clients to ensure their business is progressing in the right direction and they are seeing their intended results.

Supporting her clients with a focus on the construction industry, medical industry and agriculture sectors, Heidi is always looking to develop her business relationships further.

Heidi's favourite thing at work is the endless support from her fellow colleagues and the many social activities which bond the Total Business Partners team as a group.

Running in or out the door, Heidi looks forward to gearings up to enjoy another class of Pilates and leading a balanced life.

Meet Annice

Annice started her journey with Jason and the Total Business Partners family in 2018, having studied a Bachelor of Commerce at Uni (B. Com) and having qualified as a Charted Accountant.  Annice specialises in Tax returns, Financials & Tax Planning.

Annice’s passion is helping her clients legally minimise their taxes, so they have more money left in their pockets. Being part of a friendly working environment is why she enjoys coming to work every day.

Annice balances this wonderful work life by adventuring to new places with her husband in their Kombi van.

Meet Darren

Joining Total in March 2020, Darren arrived with over 15 years of accounting experience, including some experience in the Australian Taxation Office earlier in his working career.

Currently studying a Bachelor of Accounting, Darren already has his Diploma & Advanced Diploma of Accounting accompanied by his certification in Xero and Xero Payroll.

Darren is happy to work with clients within any industry, as he believes Xero can support all types of businesses and feels that Xero can provide the best mutual experience for customers, bookkeepers and accountants alike. He particularly enjoys working with clients in the construction and infrastructure industry, as it runs in the family with his Dad being a chippy.  Darren thoroughly enjoys helping clients simplify many facets of their regular business needs with assistance in Xero training and ongoing support so they have more time to focus on their business and what they do best.

Darren has a family and two kids - his son plays soccer, and his daughter plays AFL.  Any chance to kick a ball around with them is a lot of fun and keeps him youthful. Not to brag, Darren claims to be the Mario Kart champion in the household too!

Meet Erin

Erin joined Total Business Partners in July 2018, bringing with her previous experience in Tax & Insolvency.  Erin completed a Bachelor of Commerce (Accounting), majoring in Financial Planning at UniSC in 2013.

After working with Companies and Trusts, Erin found her passion was working with individuals and small business owners, preferring the personal touch and close relationships with her clients. With this approach, Erin specialises and assists clients not only with their yearly tax but also in providing tax advice and education to help them achieve the best tax outcome in the future.

Erin loves that every team member is valued in our firm and agrees the Total team are a family that supports and assists each other.

Outside of work Erin enjoys spending time with her lovely daughter who starts UniSC in February 2023.  Best of both worlds.

Meet Joanne

With a wealth of on-the-job experience, Joanne joined the Total Business Partners North Lakes team in August 2021. Joanne specialises in SMSF administration and personal ITRs (Individual Tax Returns).

Joanne thoroughly enjoys working with her SMSF clients to achieve a streamlined and efficient approach to completing their yearly obligations and tax requirements.

Joanne’s favourite part of working with the team at Total Business Partners is that we offer a friendly and helpful working environment.

Outside the office Joanne manages her family investments but ensures she works harder on planning the next holiday.

Meet Leigh

Leigh has a long-standing connection and working relationship with many of our clients, having continued in her role through various mergers and acquisitions over the years.

As one of the original staff members, Leigh has over 30 years of experience in administration, bookkeeping, corporate compliance, and entity setups. Supporting clients with their use of Xero and reconciling their books is one of Leigh’s most enjoyable tasks, although she admits that this may seem quite nerdy.

Leigh loves working with the Total team and over the years has been able to work part-time to assist with raising her 3 daughters. Total Business Partners have provided her with the flexibility to attend school and family events and to also work from home when required.

Leigh’s family are involved with their local Scout Group where (surprise) Leigh is the Group Committee treasurer. It is this community involvement where Leigh achieves a sense of fulfilment by being able to give back to the community.

Meet Teigan

Teigan joined the team at Total Business Partners on the Sunshine Coast back in 2018 as the receptionist.  Finding her feet, she set out enrolling into a Certificate IV Bookkeeping & Accounting.  Moving from the front of house to supporting a team of accountants Teigan is excited to complete further studies.

Teigan’s friendly and helpful personality means she’s quickly become the first point of contact for many of our business clients. Assisting with Xero, Hubdoc, Business Activity Statements, Payroll Tax and a variety of other day-to-day accounting and bookkeeping enquiries.

Outside of work, Teigan enjoys preparing gourmet meals for her two fur babies and finding exciting new places to take them.

Meet Anna

Anna started officially working at Total Business Partners as an Administrator in 2016, and before that was a stay-at-home mum designing and building homes.

Outside of work Anna loves to travel with her husband and two boys, getting out of their comfort zone and doing things they would never normally do.  Anna is a firm believer that there is nothing better than spending time with family.

Meet Kirstie

Kirstie originally joined the financial planning team 6 years ago, then in mid-2022 she joined the Total Business Partners team. Kirstie brings a vast array of administration and managerial experience covering a range of industries, but is currently studying through CPA Australia to obtain her formal accounting qualifications.

Being proficient in liaising with all relevant parties to ensure requests and recommendations are actioned in a timely and efficient manner is an identifying feature of Kirstie’s work ethic. It is important to Kirstie to ensure clients are well-informed of the entire process and have the necessary guidance to achieve what is important to them.

Kirstie thoroughly enjoys building client rapport, learning new skills, and implementing streamlined processes so our teams can work more efficiently on clients’ financial tasks. Kirstie believes that working with such a wonderful team to help clients achieve their business goals and objectives is one of the best things about working at Total Business Partners.

When not at work, Kirstie enjoys venturing out with her young family to explore the many local parks and surroundings.

Meet Rose-Maree

Joining the Total Business Partners team in July 2022, with endless administrative experience in accounts receivable and payable, Rose-Maree (Rosee) is also Xero efficient and loves the ease of such an awesome accounting system.  Rosee has always worked in customer service/ administration roles across a variety of different industries.

Rosee loves helping people and she finds the passionate team at Total Business Partners very contagious.  Rosee loves seeing and hearing the passion and joy, and thrives with all the encouraging support around the office.

Learning something new every day is a “must do” for Rosee and she loves to enjoy nature with her family and her rescued greyhound, Ella.

Meet Maree

Maree joined the Total Business Partners team in March 2022. Prior to that she worked for over 5 years in reception/admin for a large accounting firm.

Loving the face-to-face client contact, the reception role at North Lakes is the perfect fit for Maree as it gives her the opportunity to utilise her amazing people skills to ensure all clients leave pleased and fulfilled with their Total Business Partners experience. Maree loves the variety that comes with her role, with every day offering something different and new.

In her spare time, Maree is passionate about yoga and has been practising yoga for the past 3 years.  She loves how it challenges her both mentally and physically.

Meet Liung

Liung joined Total Business Partners in September 2022, bringing knowledge and experience as an Accounts Administrator where a lot of his time was spent on reviewing and approving invoices.

Graduating with a Bachelor of Business & Commerce (Economics), Liung aspires to become a certified accountant in the future.  The Construction industry fascinates Liung because of its comprehensive EBA and growing sector and he looks forward to continuing to work with clients in this sector.

People may think he’s boring, but Liung really enjoys doing the payroll, coding accounts and has a sneaky interest in building Charts of Accounts for businesses. And “I LOVE my Excel spreadsheets”. 

Liung enjoys working alongside the team at Total Business Partners who are highly knowledgeable and have a “team first” attitude.  This attitude makes it very easy for Liung to walk through the doors every morning.

To prove that Liung is not boring, outside of work he loves sports (soccer, basketball, and tennis), but can also be persuaded to binge-watch terrible movies whilst eating delicious snacks.

Meet Jaane

Jaane (JP) joined the Total team in September 2022 having moved to the beautiful Sunshine Coast with her family.  After moving away from the hustle ‘n’ bustle of the corporate world in search of a work-life balance, JP didn’t take long to unpack her 30+ years of financial administration experience and get stuck into supporting the team.

When leaving in the evening, JP always goes via the beach to walk barefoot in the sand and take endless photos of the sun going down. Plus, if you want to talk sports, she is all ears.

Meet Matilda

Matilda was welcomed to the Total Business Partners team in late 2022 with an array of experience from working in a mid-tier firm.  Holding a Bachelor of Business and Commerce (Accounting major) from the University of Southern Queensland and registered as a Chartered Accountant, Matilda is always looking to grow her knowledge of the industry and is keen for the next chapter of her growth and development.

With her experience across the construction and trade services, agricultural sector and with investment entities and retail businesses, Matilda will find a way to support you.

Matilda’s bubbly personally and bright smile is a well-suited match for the Total family, and she thoroughly enjoys working with the entire office team! 

If Matilda is not planning an overseas adventure to satisfy her travel bug you can find her reading or avidly watching the latest Marvel creation.

Meet Bianca

Bianca joined the Total team in July 2021, with approx. 8-ish years of bookkeeping experience within the construction industry. With her current qualifications in a Bachelor of Commerce (majoring in accounting, minoring in HR), Bianca is looking to commence a Graduate Certificate of Public Accounting through the Institute of Public Accountants later this year.

Bianca is currently working on bookkeeping and payroll tasks, but she is interested in exploring the world of accounting and taxation. With her background in the construction industry, Bianca finds the range of projects and services offered within the industry fascinating.

The people and the environment of Total Business Partners are what bring Bianca back to work every day. She finds it’s a very encouraging and friendly environment to work in with the other team members always keen to help when Bianca has questions.

Reading and enjoying being outdoors, mostly at the beach, or walking around Lake Eden is on the agenda for Bianca in her downtime.

Meet Julie

Julie arrived at Total Business Partners in December 2022.  She has a Bachelor of Business (Accounting major and minor in Business Law and Taxation) from QUT.  She is also a qualified Chartered Accountant with over 20 years of experience in public practice firms.

Julie enjoys taking the stress out of her client’s day by always being approachable and available if her clients need any advice or assistance.

Julie has worked with small to medium-sized businesses in an array of different industries, although more recently the Building and Construction industry has been a focus with the increased QBCC financial reporting requirements. Plus, if that is not enough to support her experience, she also has an interest in the SMSF space having formerly audited and been an administrator of these in her career.

What keeps Julie coming back each day is that the Total family has a very different ethos to other firms, with the focus being on growing businesses, and not just compliance work.  She enjoys working with a passionate team who are friendly and willing to assist each other and our clients.

When she is not busy at the office, Mum’s taxi service is hard at work. If Julie does find time to relax, she’ll have her feet up with a glass of Sauvignon Blanc and a good TV series streaming, whilst always cuddling her 2 Bichon Frise dogs.

Meet Kylie

Kylie is an Accountant here in the Sunshine Coast office having commenced January 2023.  With over 10 years of administration experience working at an accounting office in Sydney, Kylie moved to the Sunshine Coast and completed her Bachelor of Commerce (Accounting) degree in July 2022 at The University of the Sunshine Coast. 

Kylie enjoys working with a diverse range of individuals & business clients and enjoys the challenge of her role as it is different every day.  Kylie is willing to work hard to overcome any issues to achieve a great result.

Kylie enjoys working at Total Business Partners because of the friendly working environment and the endless supply of treats in the kitchen.

Outside of working, Kylie enjoys all things to do with netball and likes to spend time with her family and her rescued Husky cross Malamute exploring what the Sunshine Coast has to offer.