Your financial questions, answered with clarity.
Answers to common questions about BAS, payroll, compliance and outsourced CFO support for small and growing businesses.
Financial Management, CFO & Bookkeeping
Bookkeeping is the systematic recording of financial transactions, including sales, expenses, payroll and reconciliations. It provides a clear, real-time view of your business’s financial health and forms the foundation for compliance, forecasting and informed decision-making.
Bookkeeping focuses on day-to-day financial transactions and ensuring they are recorded accurately. Accounting uses these records to prepare financial statements and manage tax compliance.
We focus on recording financial information accurately so our team can provide robust financial analysis and reliable bookkeeping. We also deliver reports that support cash flow analysis, compliance (including BAS), strategic forecasting and virtual CFO services. Accountants typically focus on preparing historical tax returns and financial statements.
An outsourced CFO provides small and medium businesses with access to expert financial advice without the cost of employing a full-time, in-house CFO.
Yes. Every business has unique needs, so we tailor our services to suit each individual client.
Absolutely. We work collaboratively with external accountants. This allows us to align processes, improve efficiency and reduce double handling.
Payroll & Compliance
Yes. We handle end-to-end payroll processing, including Single Touch Payroll (STP) reporting, superannuation, PAYG withholding, and compliance with Australian payroll legislation.
A Business Activity Statement is the ATO’s reporting mechanism for GST, PAYG withholding and other tax obligations. If your business is registered for GST, you must lodge a BAS regularly, often quarterly. We can prepare and lodge this on your behalf.
Missing a BAS deadline can lead to penalties and interest. Outsourcing to a registered BAS agent or bookkeeping partner reduces this risk and supports timely compliance.
Yes. We manage statutory reporting such as BAS, payroll compliance, reconciliations, and lodgements to ensure your business meets its regulatory obligations.
Cash Flow, Budgeting & Financial Support
This service helps you project future income and expenses, identify funding gaps, model different scenarios, and plan for growth with confidence.
A virtual CFO becomes valuable when you require strategic planning, deeper financial insight, scenario modelling, board-level reporting, or guidance during a growth phase without the cost of a full-time CFO.
Yes. Beyond compliance, we help set budgets, analyse performance against forecasts, and provide practical advice to improve profitability and support sustainable growth.
Transition & Getting Started
You can contact us for a complimentary consultation. We will assess your current systems, identify pain points and tailor a plan that aligns with your business stage and goals.
Absolutely. Our approach is customised to your business’s complexity and needs, whether you are a sole trader, growing SME or scaling enterprise.
Our initial process would see an introductory meeting to discuss the needs of the client. Then we would request access to review the accounting file using software such as Xbert. This allows us to assess file integrity, complexity and transaction flow from bank accounts through to the general ledger.
We work with leading cloud accounting platforms such as Xero, MYOB and QuickBooks, ensuring data accuracy, compliance and real-time visibility.
Yes. We assist with migrations from manual spreadsheets or other software and help you set up systems that give you better clarity and control.
Your financial data is protected through secure, industry-standard Microsoft platforms. We require two-factor authentication for all users and follow strict protocols to ensure your information remains confidential and secure.
Best practice is to update financial records weekly or monthly so cash flow, BAS reporting and decision-making are based on accurate, current data.
Yes, modern cloud accounting software such as Xero, MYOB and QuickBooks allows financial data to be updated and reviewed from anywhere, making remote bookkeeping highly effective and transparent.
We take errors seriously. If a material issue occurs, we notify the client immediately, explain the situation and take responsibility where required. We then outline the corrective steps and implement measures to prevent recurrence.
Pricing & Engagement
Costs vary based on the scope, frequency, and complexity of services required. We offer customised fixed-fee pricing based on your specific needs. This removes the need to track hours and allows us to focus on delivering efficient, high-value support.
Engagement terms are flexible and designed around your business goals. We can discuss options during your initial consultation.
About Square Penny
Square Penny provides financial management, CFO services, expert bookkeeping, payroll and cash flow planning to small and medium businesses across Australia. We work with clients to improve financial clarity, ensure compliance and support strategic financial decisions based on accurate historical data.
We partner with busy business owners across most industries, including professional services, retail, healthcare and other SMEs who want accurate books, compliant reporting and strategic insight so they can focus on growth.
Yes, we are fully registered and regulated. We are governed by the Tax Practitioners Board (TPB), the same body that oversees external accountants, and we comply with all Tax Agent Services Act (TASA) requirements. Our registration is renewed annually. All of our BAS agents are registered and complete annual continuing professional development to maintain their qualifications.
Not sure what’s right for your business?
We’ll take the time to understand your business and provide clear, practical guidance tailored to your needs.
Spot the gaps before they cost you.
Get our free SME Financial Health Checklist – a 12-point guide every business owner should review before the next BAS quarter. Quick, practical, and created by CFOs who know what growing businesses really need to stay on top of their numbers.