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Data Entry is NOT just Data Entry!

I remember well the Valvoline advertising campaign……..oils ain’t oils!!

Well I support that Data Entry is not just data entry! I
It is impossible to complete data entry without also being involved in determine tax codes and therefore the allocation of GST. There are many situations where GST is not a straight 10% of the purchase and needs to be split. eg. shopping from a supermarket, insurance premiums and telephone bills are the common ones. This of course has BAS implications.

To ensure the accuracy of BAS Lodgements, every transaction entered into your software should be cross referenced with the paper trail to check the value of GST. In some instances, this is not possible – if a client does not produce receipts and only a bank statement or a bank statement with receipts of which some have been misplaced eg. fuel receipts.

The ATO requires all transactions over $82.50 to be supported with a relevant tax invoice. In the case of a tax office audit – these receipts can be called upon.

Receipts make a Bookkeepers life easier and make the clients records reliable – The BookSitters recommendation – keep all your receipts and provide them to your bookkeeper.

The Changing Face of Data Entry – Technology Today!

It is true that Receipts make a Bookkeepers life easier and make the clients records reliable – The BookSitters recommendation – keep all your receipts and provide them to your bookkeeper.

Technology today makes keeping receipts easier – some credit card statements break this out. But there are also products like Shoe-Boxed and Receipt Bank that are ATO compliant that assist with the electronic storage and coding of all purchase documentation.

These add on products often have mobile apps so that you really can manage on the go and streamline the way that you communicate with The BookSitters. A great feature for business where travel is regular or employees need to also pass receipts on to the business for reimbursement or payment.