No matter what state your accounts are in, Millenium Bookkeeping can help you. We are familiar with the "bookkeeping nightmares" that occur in many organisations, either through lack of time, skill or mishandling of work by a third party. Poor bookkeeping can result in diversion of valuable business time, tax overpayments, unexpected tax liabilities, and of course, stress.

Contact us today and we can discuss your situation with you and how we can help rectify your existing bookkeeping problems.

Here are a few case studies of clientele that we have helped along the way;

Case Study 1 : The importance of correct account setup
We were contacted by a very distressed client who had a previous book keeper handling his accounts using MYOB. They were in the importing business and thought that their books were in order only to find out that the company had not been set up correctly starting point chart of accounts, importing allocations such as GST Free imports and taxes associated with the purchases had not been allocated correctly in turn meaning that their BAS and GST reporting were all incorrect. Cheque accounts had been reconciled incorrectly, and their liability and asset accounts had all been misused and incorrectly allocated affecting their Profit and Loss statements.

We took over the books having to sort through 4 years of their accounts, and in no time we were able to compile and set up his business on a new MYOB data file with all his purchases, sales, imports, taxes, assets, liabilities and expenses showing correctly which in turn meant that a very happy client was able to go home at the end of the day knowing that his accounts were all well in order, not to mention that we were also able to retain for him a substantial amount of money that had to be refunded to him from the ATO for his GST liabilities which he had paid in previous years due to the misuse of the previous book keepers entries.

Case Study 2 : Incorrect Allocation of accounts in Quickbooks
Another client who is a well known corporate marketing company approached us. The client was using Quickbooks and to his disbelief had found that his accounts were not only incorrectly allocated, his major concern was that he was working with a a very large inventory listing which he used on a daily basis. This inventory had been in such a mess and incorrectly set up that his reports were showing sales that should have been purchases and vice versa. Once again we set to work on this client but his request was not to start a new data file but to work from the file that was already in a mess. The complexity and volume of work is not to be mentioned but what is to be mentioned of the achievement of having been handed such a complexed file and reworking and restructuring that file into one that not only had the correct inventory, allocations and reporting but one of a file that was made easy to work with and understand.

Case Study 3 : Bookkeeping nightmare ends in relief
A sole trader who was operating under 4 different trading names approached us asking that we help disentangle him from what we could refer to as a "bookkeepers nightmare". The client had been inputting his sales and payment receipts into the accounts programme on his own after being told by an accredited quick books consultant that his entries were all correct. He became aware that there was a problem when he was told by his accountant (who was given the Profit & Loss Report and Balance Sheet etc) provided by the quick books data file that he was using that he was to pay a large amount of personal tax ($52,000.00). Our client knew that this figure could not possibly be correct and was advised by his accountant to find a book keeper who could re enter, reallocate and restructure the file correctly into one data file. We took this file and his 4 trading names were implemented into the one file where they were all separated into 4 groups with 4 cheque accounts, 4 income accounts, 4 equity accounts, 4 expense accounts etc.

The volume of work entered for two years was vast but the end result was not only reportable and accurate to detail, but one of a file that even the external accountant was appreciative of. When the client was handed back his new file the relief and look on his face remains priceless when he was told that his personal tax had been cut to a quarter of the amount after the file had been reworked and entered in accordingly.