Hi, I’m Zoe Hadley, an accountant here in Australia. I’ve been helping small businesses for over 35 years, and if there’s one thing I’ve seen over and over, it’s that falling behind in your books happens to almost everyone at some point.
Running a business is hard work. You’re busy serving customers, managing staff, or delivering your services. Often, bookkeeping and payroll get pushed to the side, and before you know it, your accounts are overdue. Maybe invoices are unpaid, receipts are scattered, and payroll hasn’t been properly updated. It’s stressful, I know and it’s also exactly what I do every day: helping businesses catch up and get organized.
In this guide, I’ll share how you can hire an accountant to catch up your overdue books, prepare financial accounts, and sort out payroll. I’ll keep it simple and practical, based on what I’ve learned over decades of working with Aussie business owners.
Why Businesses Get Behind
Most of the time, it’s not about being careless. There are real reasons:
- You’re focused on running the business, not on paperwork.
- Staff leave or systems weren’t set up correctly.
- Business grows faster than your bookkeeping can keep up.
For example, I worked with a café owner who loved running her store. She was great at serving customers, but her books hadn’t been updated for eight months. Invoices were missing, receipts were everywhere, and payroll wasn’t complete. She felt overwhelmed, unsure how to start catching up.
That’s where a good accountant comes in. We take the messy stuff, organize it, and make sure everything is correct, so you can breathe again.
As a trusted bookkeeping outsourcing company, Globus Prosourcing helps small and medium businesses gain clarity, accuracy, and peace of mind with tailored bookkeeping solutions. Whether you need ongoing support or a full financial cleanup, Globus Prosourcing ensures your books are always in perfect shape saving you time and protecting your profits.
What an Accountant Will Do
When you hire an accountant to catch up, it’s not just typing numbers into software. Here’s what usually happens:
1. Gather and Organize Records
First, we collect all your documents: bank statements, invoices, receipts, bills, and payroll info. Even if things are messy, don’t worry sorting it out is part of the process. I’ve seen receipts in drawers, old spreadsheets, and email threads going back months.
2. Update Your Bookkeeping
Next, we go through every transaction, reconcile accounts, and categorize expenses properly. This is what makes your financial statements accurate. I once worked with a small trades business with six months of unrecorded invoices. Once everything was entered and reconciled, the owner finally understood their actual profit and cash flow.
3. Prepare Financial Accounts
After bookkeeping is caught up, your accountant will prepare:
- Profit & Loss Statement – how much money came in and went out.
- Balance Sheet – what your business owns and owes.
- Cash Flow Statement – how money moves in and out.
These are essential for taxes, loans, or just knowing where your business stands.
4. Fix Payroll Issues
Payroll is often the most stressful part. Getting it wrong can cause fines and upset staff. A proper accountant will check:
- Wages are correct according to awards or agreements
- Superannuation is paid on time
- Leave entitlements (annual, sick, long service) are tracked
- PAYG is withheld correctly and reported via STP
I remember a café where payroll hadn’t been fully reconciled for months. Staff were paid their wages, but super and leave entitlements were off. Fixing it early avoided ATO fines and kept employees happy.
5. Ensure BAS and GST Compliance
If you’re behind on bookkeeping, your BAS and GST records can also be late. An accountant will prepare and lodge any backdated BAS, making sure you’re compliant and avoiding penalties.
Steps to Hiring the Right Accountant
Here’s a simple step-by-step approach:
Step 1: Know What You Need
Decide whether you need:
- Full bookkeeping catch-up
- Payroll reconciliation
- Financial statements prepared
- Ongoing support
Some businesses need a one-off catch-up, others need continuous help to stay on track.
Step 2: Research Accountants
Look for accountants who have experience in:
- Your industry
- Catching up overdue books
- Payroll management
- BAS and GST reporting
Experience matters. I’ve seen business owners hire accountants without Australian payroll knowledge it caused more headaches than it solved.
Step 3: Ask Questions
Some helpful questions are:
- Have you worked with businesses behind in their books?
- Can you handle payroll?
- Which software do you use?
- How long will it take to catch up?
A good accountant will give honest answers and realistic timelines.
Step 4: Provide Access and Documents
Give them access to:
- Bank statements
- Invoices and bills
- Payroll records
- Past BAS and tax documents
Even messy records are okay. A professional accountant knows how to sort them out.
Step 5: Work Together
Stay involved and review progress. Your accountant will point out errors, missing receipts, or duplicated invoices. Fixing these early prevents bigger problems later.
Real-Life Examples
- Sarah, café owner: She hadn’t updated her books for eight months. After we sorted receipts, reconciled invoices, and fixed payroll, she could finally see her true cash flow and felt relieved.
- Tom, builder: His job site invoices and expenses were scattered. Catching up his books let him lodge accurate BAS statements and understand his profits properly.
These are everyday stories I see in my work and they show how hiring the right accountant brings relief and clarity.
Why Payroll is Critical
Payroll isn’t just about paying wages it’s about compliance and trust. Errors can cause fines, upset staff, and stress business owners.
When catching up overdue accounts, I always review payroll first. Correct payroll ensures:
- Accurate financial statements
- Compliance with superannuation and PAYG
- Staff trust and satisfaction
A simple payroll fix can make the whole business feel more in control.
Benefits of Hiring an Accountant
- Saves Time: You can focus on running the business, not crunching numbers.
- Reduces Stress: No more late-night panic over finances.
- Ensures Accuracy: Books, payroll, BAS, GST, and tax are correct.
- Gives Clarity: Understand profits, cash flow, and liabilities.
- Prevents Future Problems: Systems can be put in place to stay on track.
Many business owners tell me, “I finally feel like I can breathe again.” That’s exactly the relief you get when your accounts are organized.
Final Thoughts
Catching up overdue books doesn’t have to feel impossible. The right accountant can organize your records, prepare accounts, manage payroll, and ensure compliance.
Whether you’re behind by a few months or a whole year, hiring an accountant gives you clarity, peace of mind, and time to focus on what you love about your business.
Over 35 years, I’ve seen countless business owners transform chaos into order, and the difference it makes is incredible. Remember: overdue books aren’t a failure they’re a chance to reset, get organized, and move forward confidently.
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