Accounting

An outsourced accountant working for an Australian client typically performs tasks that align with Australian accounting standards, tax laws, and compliance requirements. Here’s a breakdown of what they usually handle:

1. Bookkeeping (Day-to-Day)

• Recording daily transactions in MYOB, Xero, or QuickBooks (commonly used in Australia)
• Reconciling bank accounts and credit card statements
• Managing accounts payable and receivable
• Recording payroll journal entries

2. BAS (Business Activity Statement) Preparation

• Preparing and lodging BAS for GST-registered businesses
• Ensuring GST on income and expenses is properly recorded
• Reconciling GST accounts for accuracy before submission
• Coordinating with a registered BAS or tax agent for final lodgement (since only registered agents can lodge BAS)

3. Payroll Processing (STP-Compliant)

• Processing payroll according to Fair Work and Australian tax rules
• Calculating PAYG withholding and superannuation
• Ensuring Single Touch Payroll (STP) reporting is done correctly through software like Xero or KeyPay
• Generating payslips and payroll summaries

4. Superannuation Compliance

• Tracking superannuation contributions for employees
• Preparing superannuation reports and submitting through SuperStream

5. Month-End & Year-End Accounting

• Preparing financial statements (Profit & Loss, Balance Sheet)
• Performing month-end reconciliations
• Assisting with year-end adjustments and reports for the client’s local tax agent or CPA
• Compiling data for income tax returns (usually submitted by an Australian-registered accountant)

6. Management Reporting

• Preparing cash flow statements, budget vs actual reports, and forecasting
• Helping clients make data-driven financial decisions
• Providing analysis on business performance

7. Client Communication & Liaison

• Regular updates to the Australian client on financials, outstanding items, and deadlines
• Coordinating with Australian tax agents or auditors
• Staying informed of changes to Australian accounting standards and tax laws (e.g., ATO updates)

Important Notes

• Legal compliance tasks like lodging BAS or tax returns must be done by registered Australian BAS or tax agents. Outsourced accountants assist by preparing the information but cannot lodge unless qualified and registered.
• Knowledge of Australian tax law, ATO guidelines, superannuation, and GST is crucial.