Content reviewed and verified by Graham Chee, with FCPA-led practice at Local Knowledge, Mascot NSW. Continuous CPA Australia member since 1986. Prior career at Goldman Sachs, BNP Investment Management and Merrill Lynch.. Last reviewed October 2026. Next review scheduled for January 2027.
TL;DR
CPA-led bookkeeping to keep your bank accounts, invoices, payroll, BAS, GST and monthly reports sorted in Xero or MYOB.
Key Takeaways
- Bank reconciliation: The balance in Xero or MYOB should be checked against the business bank account, credit cards, payment services and loan accounts. Regular reconciliation helps find duplicate entries, missing sales, private purchases, incorrect GST coding and transactions that need supporting documents. It also makes the cash position more useful when bills or wages are due.
- Accounts payable: Supplier invoices should be captured, coded, approved and scheduled before their due dates. A clear payable list helps a cafe, retailer or tradie decide which bills are due now and which are due later. Approval controls also provide reasonable assurance that a payment is genuine, correctly recorded and authorised before money leaves the bank.
- Accounts receivable: Sales invoices need correct customer details, payment terms and GST treatment. Overdue invoices should be reviewed through a consistent follow-up process. Current receivables reporting shows how much customers owe, how long invoices have been outstanding and where cash flow may tighten.
- Payroll and super: Payroll must reflect employee classifications, ordinary hours, overtime, allowances, leave and deductions. Fair Work requires employee records to be kept for seven years, and a pay slip must generally be given within one working day of payday. Single Touch Payroll information is normally reported to the Australian Taxation Office on or before each payday, with finalisation declarations generally due by 14 July.
- BAS and GST: Most businesses must register for GST when GST turnover reaches $75,000; the threshold is $150,000 for non-profit bodies. Taxi and ride-sourcing operators generally need GST registration regardless of turnover. Quarterly BAS due dates are usually 28 October, 28 February, 28 April and 28 July. Monthly BAS statements are generally due on the 21st day of the following month, although an ATO or registered tax agent concession may change a particular date.
Bookkeeping that keeps your Newtown business under control
Clear records, practical support and fewer last-minute surprises
Bookkeeping services for Newtown businesses cover the day-to-day work needed to keep accounts accurate, current and ready for BAS, payroll and business decisions. Sydney Bookkeeping provides systematised support through Xero or MYOB, working remotely or on-site so owners can stay on top of cash flow and due dates without the usual stress. Principal Advisor Graham Chee, FCPA, CPA, GRCP and GRCA, draws on Fellow CPA Australia status and prior institutional roles to provide principal-led guidance, with FCPA sign-off on every file.
The service is delivered by Local Knowledge Pty Ltd, a CPA public practice and registered tax agent based in Mascot. Local Knowledge has been a principal-led practice since 2003 and works under the professional standards and ethical obligations applying to CPA practitioners and registered tax agents.
Newtown has its own bookkeeping rhythm. A King Street cafe may process hundreds of small sales while managing casual wages, supplier invoices and delivery platforms Sydney accounting team. An Enmore Road retailer may need tight stock and creditor controls. A local sparky may be moving between jobs while quoting, buying materials and chasing invoices. Creative businesses and growing startups may have fewer transactions but need clear monthly reports for directors or investors.
In each case, the aim is simple: keep the books clean and current, identify missing information early and give the owner a reliable view of what is happening.
Six bookkeeping essentials Newtown owners should understand
What you need to know day to day
Bank reconciliation: The balance in Xero or MYOB should be checked against the business bank account, credit cards, payment services and loan accounts. Regular reconciliation helps find duplicate entries, missing sales, private purchases, incorrect GST coding and transactions that need supporting documents. It also makes the cash position more useful when bills or wages are due.
Accounts payable: Supplier invoices should be captured, coded, approved and scheduled before their due dates. A clear payable list helps a cafe, retailer or tradie decide which bills are due now and which are due later. Approval controls also provide reasonable assurance that a payment is genuine, correctly recorded and authorised before money leaves the bank.
Accounts receivable: Sales invoices need correct customer details, payment terms and GST treatment. Overdue invoices should be reviewed through a consistent follow-up process. Current receivables reporting shows how much customers owe, how long invoices have been outstanding and where cash flow may tighten.
Payroll and super: Payroll must reflect employee classifications, ordinary hours, overtime, allowances, leave and deductions. Fair Work requires employee records to be kept for seven years, and a pay slip must generally be given within one working day of payday. Single Touch Payroll information is normally reported to the Australian Taxation Office on or before each payday, with finalisation declarations generally due by 14 July.
BAS and GST: Most businesses must register for GST when GST turnover reaches $75,000; the threshold is $150,000 for non-profit bodies. Taxi and ride-sourcing operators generally need GST registration regardless of turnover. Quarterly BAS due dates are usually 28 October, 28 February, 28 April and 28 July. Monthly BAS statements are generally due on the 21st day of the following month, although an ATO or registered tax agent concession may change a particular date.
Monthly management reporting: A useful monthly pack can include profit and loss, balance sheet, aged receivables, aged payables and a cash summary. These reports are only helpful when the accounts have first been reconciled and reviewed. Clean monthly numbers help an owner understand margins, labour costs, overdue customers, upcoming liabilities and whether the bank balance is already committed.
Why clean, current books matter
Better visibility before a due date becomes a problem
A healthy bank balance does not always mean spare cash. Some of that money may already be needed for GST, PAYG withholding, super, wages, rent or supplier bills. Current books separate what is available from what is committed.
Clean records also make BAS preparation more straightforward. GST codes can be checked, unusual transactions can be queried and missing invoices can be found before lodgment. For taxable sales above $82.50 including GST, a customer may request a tax invoice, and the ATO generally requires it to be provided within 28 days of the request.
For employers, the super guarantee rate is 12% for eligible salary and wages paid from 1 July 2025. Under the current quarterly framework, super contributions generally need to reach the employee's fund by 28 October, 28 January, 28 April and 28 July Single Touch Payroll Phase 2 requirements. Processing the payment on the due date may be too late because the contribution must reach the fund by then.
Records matter beyond tax. The ATO generally requires business tax records to be kept for five years, subject to exceptions. Fair Work payroll records must be retained for seven years. ASIC requires companies to keep financial records for seven years, and those records must correctly explain transactions and the company's financial position and performance.
Good bookkeeping does not remove every business risk. It provides reasonable assurance through reconciliations, supporting documents, review points and clear approval steps.
How bookkeeping works in real Newtown businesses
Practical support for cafes, shops, trades and startups
For a King Street cafe, we may reconcile the bank, card settlements and delivery-platform receipts, enter supplier invoices, review payroll clearing accounts and check GST coding. The monthly report can then show food costs, wages, rent and other operating expenses in a format the owner can follow.
For a local electrician, plumber or builder, the process may focus on materials, subcontractor bills, fuel, equipment purchases and customer invoices. Keeping receipts and job-related costs organised makes it easier to see which work has been invoiced and which customers still owe money.
For an Enmore Road retailer, stock purchases, merchant fees, refunds and daily sales settlements need consistent treatment. Bank deposits may not match gross sales because fees or refunds have already been deducted, so these amounts should be reconciled rather than posted as unexplained differences.
For a growing startup or creative studio, directors may need a monthly profit and loss, balance sheet and cash summary a practical guide to SME financial reporting. We keep the reports plain and focus on useful questions: What came in? What went out? Which bills are coming up? Which customers have not paid? What amounts need to be set aside?
Most work can be handled remotely using secure cloud access to Xero or MYOB, bank feeds and digital source documents. If on-site support in Newtown is more practical, visits can be arranged according to the agreed scope and availability. This can help when paper records need sorting, a new process is being introduced or staff need step-by-step guidance.
A simple four-step bookkeeping process
How we get the day-to-day work sorted
Review the current position
We review your Xero or MYOB file, bank and credit card accounts, payroll setup, GST registration, outstanding invoices, supplier bills and upcoming due dates. Gaps and unreconciled periods are listed clearly.
Set a practical routine
We agree who supplies documents, who approves bills and payments, how often accounts are reconciled and when reports will be prepared. The routine is matched to your transaction volume and business needs.
Process and check
Transactions are entered and coded, accounts are reconciled, payroll and super records are reviewed, and queries are sent in one clear list. Review controls provide reasonable assurance that the records are complete and consistently treated.
Report and stay on top of due dates
You receive agreed reports with plain-English notes about cash flow, overdue invoices, bills and liabilities. BAS, payroll and super dates are tracked so information can be prepared before deadlines rather than at the last minute.
Common questions from Newtown business owners
Straight answers without the accounting jargon
Q.Can you work with us remotely, or do you need to visit Newtown?
Most bookkeeping can be completed remotely through Xero or MYOB, bank feeds and digital documents. On-site support can also be arranged in Newtown where it suits the agreed work and availability. Many businesses use a mix: regular remote bookkeeping with an on-site visit when records or processes need hands-on attention.
Q.How often should my bank accounts be reconciled?
Busy hospitality, retail and trade businesses may benefit from weekly reconciliation. A lower-volume business may be suited to fortnightly or monthly work. The important point is to reconcile often enough to find missing or incorrect transactions before BAS, payroll or cash-flow decisions are affected.
Q.When do I need to register for GST?
The ATO generally requires registration when current or projected GST turnover reaches $75,000. The threshold is $150,000 for non-profit bodies. Taxi and ride-sourcing operators generally need to register regardless of turnover. Registration timing and turnover calculations can be technical, so seek advice early if you are close to the threshold.
Q.Can you fix bookkeeping that is several months behind?
Yes, subject to reviewing the file and available records. The work usually starts by reconciling each bank and credit card account in order, identifying missing documents, checking GST treatment and confirming payroll balances. We then bring reporting and lodgments up to date step by step. The required scope depends on the condition of the records.
Q.Do I still need an accountant if I have a bookkeeper?
Bookkeeping and accounting work together. Bookkeeping keeps daily transactions, payroll, bills, invoices and reconciliations current. Accounting may cover annual financial statements, income tax returns and broader advice. Local Knowledge Pty Ltd is both a CPA public practice and a registered tax agent, which helps keep bookkeeping and tax compliance connected.
Official guidance and key dates
Australian sources used for the obligations outlined above
Australian Taxation Office: GST registration thresholds, BAS due dates, Single Touch Payroll, tax invoices, record keeping and super guarantee guidance — ato.gov.au.
Fair Work Ombudsman: employee record-keeping, pay slips, awards and workplace obligations — fairwork.gov.au.
Australian Securities and Investments Commission: company financial records and director responsibilities — asic.gov.au.
CPA Australia: professional standards and the CPA Code of Ethics — cpaaustralia.com.au.
Due dates and rules can change, and extensions or special reporting arrangements may apply. Confirm the position shown in your ATO account or seek registered tax agent guidance for your circumstances.
Get your Newtown bookkeeping sorted
Start with the records you have
You do not need to clean everything up before asking for help. Start with your accounting file, recent bank statements, payroll records, outstanding invoices and supplier bills. We can review what is current, identify what is missing and explain the next steps in plain English.
Sydney Bookkeeping services are delivered by Local Knowledge Pty Ltd, a CPA public practice and registered tax agent. Principal Graham Chee, FCPA, CPA, leads the work under the CPA Code of Ethics, with a focus on careful records, clear communication and reasonable assurance rather than unsupported promises.
Contact our team for personalised guidance on Xero or MYOB bookkeeping, payroll, BAS, GST and monthly reporting for your Newtown business.
About the Author
Graham Chee, FCPA, CPA, GRCP, GRCA
Principal and Founder, Local Knowledge
Graham Chee is the principal and founder of Local Knowledge, an FCPA-led Australian practice that brings institutional-grade compliance, investment-structure and intellectual-property experience directly to owner-managed businesses. Graham is a Fellow of CPA Australia (FCPA since November 2005, continuous CPA member since 1986) and holds the OCEG Governance, Risk & Compliance Professional (GRCP) and Governance, Risk & Compliance Auditor (GRCA) designations. His prior career includes senior roles at Goldman Sachs, BNP Investment Management and Merrill Lynch. Graham was previously portfolio manager of the Asian Masters Fund (IPO December 2007 – 31 December 2009), which returned +29% in AUD terms versus the MSCI Asia Pacific (ex Japan) benchmark. He signs off on 100% of client files personally.
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Every business has different reporting, payroll and tax obligations. Information on this page is general in nature and should not replace advice based on your records and circumstances.
Graham Chee FCPA, CPA, GRCP, GRCA · Principal, Local Knowledge · Mascot NSW · CPA-signed files