Navigating the world of financial management can raise numerous questions. We’re here to provide clarity. Explore our Frequently Asked Questions (FAQs) page to find straightforward answers to common queries about our services, financial practices, and more. Whether you’re curious about bookkeeping, accounting, or the collaborative magic between the two, we’ve got you covered. Empower your understanding and embark on a journey of financial confidence with our FAQs.

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At Excovision, we are committed to transforming the landscape of financial support. As a dedicated team of experts, we bring innovation, insight, and a fresh perspective to every client we serve. Want to get to know Excovision better? Watch our brand story video located in About Us, to dive into our story, values, and the unique way we redefine financial excellence. Your journey with Excovision starts today.

At Excovision, we understand that no two clients are the same. That’s why we tailor our services to work with you, managing your budget while delivering maximum value. Ready to explore a personalised financial solution for your unique needs? Contact us today, and let’s start the discussion!

Navigating the realm of small business ownership is undeniably rewarding, but the intricacies of managing your books can add an extra layer of stress. While it’s an aspect many small business owners find less appealing, it’s an essential responsibility that contributes greatly to the success of any small business.

At Excovision, we view our role as more than just alleviating the burden of small business bookkeeping – it’s about empowering you to focus on your passion: your business! But the impact of having a bookkeeper extends beyond time-saving.

Think of a good bookkeeper as your built-in business coach – someone who not only takes care of the “boring” stuff but also becomes a trusted ally. Our mission is to demystify the numbers, offering insights that empower you to make informed business decisions. From understanding ongoing costs to assessing cash flow and gauging real profits, a bookkeeper is your guide to financial clarity.

In essence, every small business needs a bookkeeper. Consider us your mentor, business partner, and cheerleader, dedicated to your success. Let Excovision be your support system, encouraging you to thrive in your business endeavours and celebrating your victories along the way!

Create Time for Your Business

It’s remarkable how many clients initially approach us as time-poor individuals! During our initial consultations and inquiries, we often hear statements like “I just do not have enough hours in the day” or “accounts is just not my thing.” We thrive on what you don’t! Provide us with the paint, and we’ll bring the brushes! Creating more flexibility for you inside and outside of your business is one of the many things that motivates us.

Keep You Compliant

As a small business owner, you already have enough on your plate without having to stay up to date with all the legislative compliance changes. That’s precisely how your bookkeeper can help; it’s our job to be informed about industry updates and compliance changes so you don’t have to be. We, as bookkeepers, stay aware of changing laws, ensuring your company remains compliant with payroll and tax laws, as well as any other financial rules and regulations affecting your business.

Teach You About Your Business Numbers

A great bookkeeper is someone who doesn’t mind sitting down with you and running through the “ins and outs” of all things bookkeeping. They take the time to explain your business numbers, reveal the insights behind them, provide suggestions, share tips of the trade, and answer your questions without resorting to accounting jargon.

In addition, bookkeeping services typically include support for you to ask questions around payroll, software, or general bookkeeping. For example, common questions we are asked include, “What is double-entry bookkeeping?” and “Why is my net profit not in my bank account?” – we have answered these for you below.

Bookkeeping and accounting are often mistakenly assumed to be the same profession. However, they serve distinct roles within the financial framework of a business.


Bookkeeping is primarily responsible for the meticulous recording of financial transactions. A bookkeeper ensures that day-to-day financial activities, transactions, compliance, and lodgements are accurately recorded, providing the foundational data that keeps your business running smoothly.


On the other hand, accounting takes on a more interpretative and analytical role. Accountants interpret and analyse the financial data provided by the bookkeeper. They utilise this data to minimise taxation, make strategic recommendations, and maintain a strong understanding of tax law and requirements.

Collaboration, Not Competition:

Rather than viewing it as a “bookkeeper vs accountant” scenario, it’s crucial to recognise that both roles are vital and work best in collaboration. A bookkeeper and accountant complement each other, forming a dynamic partnership that serves the comprehensive financial needs of your business.

Understanding financial statements is crucial for business owners. Here’s a quick breakdown:

Profit and Loss (P&L):

Formula: Income – Direct Costs = Gross Profit – Expenses = Net Profit

The P&L reveals your business’s financial performance over a specific period, outlining income, costs, expenses, and the resulting net profit.

Balance Sheet:

Formula: Assets – Liabilities = Equity

The Balance Sheet provides a snapshot of your business’s financial position at a specific point, detailing assets, liabilities, and equity.

Key Insight:

Net Profit on the P&L doesn’t equate to the cash in your bank. Repaying loans, for instance, involves both an interest component (P&L expense) and a reduction in liability (Balance Sheet). This discrepancy highlights the importance of considering both statements for a comprehensive financial understanding.

Confused? Give us a call! We’re here to guide you through the nuances of financial statements and ensure you have a clear understanding tailored to your business.

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