A backlog needs a plan, not a rushed fix
Catch-up bookkeeping can be needed after a busy period, staffing change, software issue or a run of missed reconciliations. The right first step is to map the accounts, periods and deadlines involved so the work can be prioritised.
For businesses in Mornington Peninsula and Melbourne, that may mean starting with the BAS period that is closest, then moving steadily through the remaining records.
Work through the records in order
Reliable catch-up work usually follows the money trail: bank and payment accounts first, source documents next, transaction questions after that and reporting only once the records are sufficiently complete.
- Identify every outstanding period and material account
- Collect access to accounting software and bank statements
- Reconcile accounts in date order
- Separate clear items from items needing confirmation
- Review GST coding before BAS preparation
- Agree on a future routine before the project closes
Use the project to create a better routine
The goal is not simply to clear an old list. A successful catch-up leaves the business with a manageable process for receipts, approvals, reconciliation and owner review.
If overdue activity statements are involved, a Registered BAS Agent can advise on BAS services within their registered scope once the records are ready.
Build a routine you can keep
The most useful bookkeeping habit is the one that is repeated. Set a regular time to collect source documents, review transactions and ask questions while the detail is still familiar. This is usually more effective than a large clean-up close to a BAS deadline.
A bookkeeper can help design the routine and keep the records current, but business owners still play an important role in approving information and explaining transactions that are not clear from a bank feed.
Know when to ask for specialist advice
Bookkeeping and BAS support are practical services, not a substitute for legal, employment or income-tax advice. Where a question involves awards, contracts, business structure, tax planning or a complex tax position, confirm it with an appropriately qualified adviser.
Linda Kops is a Registered BAS Agent (registration number 26001801). BAS services are provided within that registered scope, with clear records giving your accountant or tax adviser a better starting point.