Frequently Asked Questions
Monthly Bookkeeping
After you sign up with Krunch, we’ll pair you with a dedicated bookkeeper.
Your bookkeeper reconciles your accounts, categorises your transactions, prepared bills for payment, helps with invoicing, processes payroll and produces your financial statements. They also make adjustments to your books to ensure they’re accurate and tax-compliant. Occasionally your bookkeeper might need your input on things like receipts that didn’t get a photo taken or a payment approval, but we try our best to make bookkeeping as hands-off as possible for you.
You can also book a call with your bookkeeper (or send them a message) whenever you’d like. There’s no extra fee or hourly charges for support—we’re always happy to nerd out about bookkeeping and your financial statements.
Once we receive all of your documents, we’ll complete your bookkeeping for the month within 15 business days. This gives us enough time to make any necessary adjustments before the end of the month.
We are completely paperless bookkeeping office and will have the best toolkit in place to get documents from you. All you need to do is to give us access to your dedicated accounts email address. If you don’t have it, we will assist you to set one up, as it is a major time saver for business owners. For all the on-the-go expenses and payments you made on your card, you will simply take a photo of with an app which we will setup for you.
Financial Reporting
Bookkeeping is the process of recording daily transactions in a consistent way, and is a key component to building a financially successful business. Bookkeepers take care of the day-to-day financials, like posting credits and debits, maintaining the general ledger, and completing payroll.
Accounting is a high-level process that uses financial information compiled by a bookkeeper or business owner, and produces financial models using that information. Some accountants do bookkeeping also, especially at year-end when their client’s haven’t gotten around to do it or when incorrectly categorised transactions need to be fixed. Quite often, accounting fees are significantly higher, so it may be more cost-effective to get a bookkeeper to review your bookkeeping before it gets sent to the accountant for filing.
We will make sure your Tax Accountants have access to the accounting system at all times and when it is time to prepare the Tax returns, we will work with them hand-in-hand to get the financials filed fast.
Payroll
We take care of all the administrative and statutory requirements that come with employing staff, so you have one less thing to stress about as your payroll is looked after and compliant.
We require name, date of birth, address, email address, Personal Public Servcie Number (PPSN), payment schedule and gross payment for each employee. We can take the load off from you collecting this information and will get in touch with the employee directly.
That’s what we are here for! Your employees may have questions about their tax, pension or other ad hoc questions. That is an extra thing that will be off your plate to save you some time.
It is a requirement to communicate the employees’ pay details to Revenue on or before they are paid. Using a payroll software makes this easy and quick. Don’t worry, we will get this setup for you.
Xero Conversion
Our aim is to make bookkeeping as easily accessible and cost-efficient to a small business owner as possible. And cloud-based tools and software allow us to do that. We will recommend the best accounting software and suitable add-ons for your business, as we have tried them all and know business owners’ pain points. Once it’s all setup, you will save time and money, the financial errors are reduced to none and you are in the best position to make important business decisions on the go.
Depending on the amount of data there is to transfer, we can generally complete the Xero conversion in just a couple of days. After the conversion is complete, we will organise training sessions to show you the main features you need to use and make sure all the information you need is available and accurate.
Yes, even if you have used it for a while, we can always show you some additional time saving tips and tricks.
Xero Health Checks
Once you have given your current bookkeepers the required notice, agree on a date when they should have all the bookkeeping done up to so there isn’t any double up work done. After that, we will get in touch with them to get the accounting file and subscription handed over.
Yep! No matter how far behind you are, we can get you caught up quickly.