Our Services

Small Business Bookkeeping

Business bookkeeping is the process of recording and organising financial transactions and activities of a business.  It is an essential aspect of managing a business’s financial affairs and is crucial for tracking income, expenses, assets, liabilities, and equity accurately.  The primary goal of bookkeeping is to maintain accurate and up-to-date financial records.

To maintain accurate and efficient bookkeeping we use Xero and QuickBooks Online accounting software.  Whilst this software automates some processes, there is still a need to review transactions to ensure compliance with accounting principles and tax regulations.  Good bookkeeping practices are essential for a business’s financial health and long-term success.

Cash Flow & Budgeting

Cash flow and budgeting are two critical financial management tools that businesses use to monitor and control their financial activities effectively. 

Cash flow refers to the movement of money in and out of a business over a specific period.  Cash flow is crucial because a business may be profitable on paper (based on accounting profits), but if it does not have enough cash to cover its expenses and obligations, it could face serious financial difficulties.

Budgeting is the process of creating a detailed financial plan for a business’s future income and expenses.  Budgets are usually created for specific periods, such as quarterly or annually.  Xero accounting software assists in this area by providing comparisons between actual and budgets.


Payroll refers to the process of managing employee wages, salaries, bonuses, and superannuation.  It involves calculating and distributing employees’ pay accurately and on time according to the award.  Payroll functions are essential for ensuring that employees are compensated fairly and that the company complies with various laws and regulations related to wages and taxes.

We provide payroll services on a fortnightly or monthly basis using Xero or QuickBooks Online depending on the number of employees.  Both these software comply with Single Touch Payroll (STP) Phase 2 requirements.

New Business Setup

Setting up bookkeeping for a business involves establishing a systematic process to record and manage financial transactions accurately and efficiently.  Accounting software will be determined based on business size, number of employees and your experience.  The Chart of Accounts will be adapted for your business to categorise the financial transactions.   We can help set up the accounting software according to your needs.

Rental Property Bookkeeping

Rental property bookkeeping involves managing the financial records and transactions related to owning and renting properties.  Proper bookkeeping for rental properties is essential for tracking income, expenses, and profits accurately, as well as for tax reporting and financial analysis.

For this reason we have developed our own residential investment properties reports:

  • Property Purchase Report – this report is a summary of all the costs associated with the purchase of the property.
  • Property Taxation Report – this report shows on a monthly basis the Income and Expenses for the financial year for the investment property.  The property totals are categorised the same as the ATO’s Rental Property Schedule which makes it easy for you or your Tax Accountant to complete your tax return.
  • PAYG Variation Report (for PAYG Earners) – this report estimates the investment property income and expenses for the next financial year which assists in completing the ATO’s Tax Withholding Variation Application.

Rescue Bookkeeping

If your accounts are in a mess, we can assist with Rescue Bookkeeping.  We being by reviewing the existing financial records, including bank statements, invoices, receipts, and any available documentation.  We assess the extent of the bookkeeping issues and identify areas that need attention.  It is a critical task that aims to bring the accounting and financial records up to date and ensure the business has accurate and reliable financial information.

DAM Accounting Services will help you

  • Free up staff (or yourself) to work in other areas
  • Understand what your accountant may not be explaining to you
  • Help you understand and meet your compliance obligations and deal with the ATO on your behalf
  • Fix up bad bookkeeping
  • Provide you monthly or quarterly reporting so you really know and understand the financials of your business