FAQs - Pacific Accounting AU

Frequently Asked Bookkeeping Questions


What is Bookkeeping?

Bookkeeping is the recording of a company’s financial transactions, it is the cornerstone of a business’s financial success.

Bookkeeping organises your transactions to produce basic finical reports such as:
Profit & Loss, Cost of Goods Sold and Balance Sheet. It also enables you to meet your ATO obligations, such as BAS, IAS, Payroll tax and Superannuation.

How will a Bookkeeper help my business?

Bookkeeping is unavoidable, but most business owners don’t have the time or the know-how. By outsourcing your bookkeeping, you gain the confidence things are being looked after and you get your time back to focus on your business.
A good bookkeeper should give you a reliable measure of your performance, providing information to make general strategic decisions and a benchmark for its revenue and income goals

Should I divorce my current Bookkeeper?

Do you understand what your bookkeeper is telling you?
– Can your Bookkeeper answer your questions?
– Are you constantly chasing your bookkeeper to complete tasks?
– Are you behind in your ATO lodgments?

Bookkeeping services should provide you with a a greater understanding of your numbers (Reports), accurate and timely lodgements to the ATO (Compliance) and answer your questions and provide advise (Support)

If you feel like you are in the dark about your numbers and dont have the confidence your lodgements correct or being made on time, then it is time to find a new bookkeeper!


Does Pacific Accounting process payroll?

Yes we do. We are payroll experts and can process weekly, fortnightly and monthly payroll. We cover everything from STP, employee set-up and superannuation.
If you are looking to outsource your payroll processing, we can provide you with a customized quotation to suit your business.

I want to bring on an employee and need some help to set them up

We can assist with providing HR support for small businesses. From identifying the correct award rate, providing payroll services and payslips to staff, processing superannuation and preparing PAYG summaries at year end. There are many compliance issues to consider with employment, particularly in this environment of changing legislation.

We can process all relevant payroll related compliance work. Including workers compensation insurance reporting and recommendations on how to plan for your staffing needs.

What else can you do for my business?

Not only can we look after your weekly bookkeeping and payroll, but we can also assist in all your compliance needs. We can prepare and lodge your BAS, IAS, TPAR, Payroll Tax and superannuation. We can also assist in the payment of employees and suppliers. Pacific Accounting is a regsitered BAS Agent.

VCFO Services

What is a VCFO?

VCFO or Virtual Chief Financial Officer, manages the finance and accounting function of a business virtually. A VCFO can provide a full range of services including: managing bank relationships, management reports and meetings, forecasting, company-wide KPIs, and much more.

Do I need a VCFO service for my company?

You would benefit from hiring a Virtual CFO if:

Your company is growing fast, or you’re anticipating rapid growth in the near future
You need stronger insights when it comes to your company’s financial performance
You’re experiencing cash flow management challenges
You’re looking to buy a company, to raise money, or to sell off a portion of your company

How does your virtual services work?

With todays cloud accounting capabilities and advances in technology for virtual meetings and intergration of many software, being virtual is a plus! It saves time and money, and it means you can be anywhere in the country and still run your business, get your reports and pay your employees and suppliers

– We receive your data electronically, via email or apps that we will set-up for your
– Our qualified accountants will process your data and reconcile your accounts
-We deliver management reports, financial statements, cash flow reports, and more to you via your portal or email.
-We meet virtually to discuss reports.

It’s convenient, paperless and adheres to quarantine standards to avoid physical contact due to the pandemic.

Are you one of the business affected by
covid-19? or simply
struggling with your books? we can offer a custom solution for you.

Free 1 hour VCFO consultation no obligations