We have a number of valued clients who use BankLink to successfully manage the financial records of their business. By utilising this service we will be able to keep your financial information up to date, allowing you to be more aware of the progress of your business.
How it works
- Each month we receive your bank transaction data from your financial institution. Be assured that this does not allow us to access your accounts and is merely an electronic transfer of your bank statements to us.
- We download this data, make any necessary adjustments and reformat the data into an easy to use coding report, which is faxed or emailed to you.
- You complete the coding report following the step by step instructions. The coding report is a summary of the transactions through your bank account for the month, and will enable us to determine the GST paid and collected during the period.
- You return the completed coding report to us, advising of any material changes such as asset sales, new loans, changes in bank accounts etc. You will also need to advise any transactions not through your bank account eg amounts paid by cash, credit card, own funds etc.
- We process the data each month upon receiving it back from you.
- Every third month (providing you report GST quarterly), you will provide additional information, which will allow preparation of your Business Activity Statement.
What you have to do
We believe BankLink is the simplest way for you to handle your GST obligations and are committed to improving and adding value to this service. We will however require that you carry out certain tasks each month in a timely manner. This is essential due to the onerous reporting requirements of the GST.
Below is a list of what is required by you to ensure you take full advantage of the benefits BankLink can provide:
- Complete and return all coding reports in a timely and accurate manner. Please contact us if you have any questions or problems.
- Advise any changes to bank accounts well before they occur.
- Keep a record of any transactions that do not go through your bank account eg payments from credit cards, own funds, cash etc.
- Advise of any one off, non repetitive or unusual transactions during the period eg asset purchases or sales, new loans, own funds contributed etc.
- Retain tax invoices for any items where GST input tax credits are claimed.
- Pay all BankLink invoices promptly.
BankLink removes the need for internal bookkeepers and accounting packages to deal with the GST and Business Activity Statement. It removes the need for computer hardware, accounting software, and monthly bookkeeping or time cost of maintaining a stand alone accounting system eg MYOB, Quickbooks etc .
All charges are fully tax deductible and are usually quarterly. All charges include the establishment and monthly costs from financial institutions for downloading your monthly data. Please note that annual accounts and tax return preparation and fees will still be required at the end of the financial year.
As your monthly data accumulates, BankLink will also add additional value in the form of monthly management reports, graphs and cashflow analysis to provide invaluable information for your business.
Please contact our office if you would like to discuss a quotation for this service.