How this usually works
Good bookkeeping for IT firms starts with a short discovery: structure (sole trader, company, trust), software stack (ledger, PSA, payroll, payments), revenue model (MRR/ARR, retainers, projects), current pain points and deadlines (overdue BAS, payroll issues, cleanups or migrations).
The work then splits into three layers:
1) Immediate triage. Stabilise bank reconciliations, allocate Stripe/PayPal payouts and fees, bring BAS up to date, fix STP/payroll settings and document open issues.
2) Process design. Align the chart of accounts to tech revenue, set rules for retainers and WIP, connect PSA/time tools, automate receipts and expense capture, and define the reporting cadence.
3) Ongoing review. Close the month, reconcile balance sheet items (deferred income, prepayments), track debtor days and cash, and publish simple, decision‑ready reports.
Australian context to keep in view
- GST and BAS: ensure correct GST coding on domestic sales, claim eligible credits on overseas software, and set monthly or quarterly lodgment routines.
- Payroll: configure Single Touch Payroll (STP) correctly, keep super at the current legislated rate, and match awards/agreements where applicable.
- Contractors: collect ABNs and valid invoices; consider PSI rules where relevant for individuals mainly selling their personal services.
- Foreign currency: reconcile FX payouts (e.g., USD Stripe), record fees properly and avoid double counting gateway charges.
- Reporting: many IT firms want MRR/ARR, project margin, utilisation and debtor days alongside the standard P&L, cash flow and balance sheet.
What to compare before you commit
Scope
Confirm the scope addresses your IT bookkeeping needs: catch‑up/cleanup, ongoing reconciliations, BAS, payroll, PSA integration, management reporting and handover notes.
Software fit
Look for proven capability in Xero, QuickBooks Online or MYOB plus PSA/time systems like ConnectWise, Autotask, HaloPSA or Jira/Tempo and gateways such as Stripe or PayPal.
Turnaround and communication
Ask about monthly close dates, ticket response times, who handles urgent issues and how they report exceptions during busy periods.
Commercial fit
Compare fixed vs time‑based pricing, meeting rhythm, reporting depth, and whether you want compliance‑only or broader advisory (budgets, cash flow, KPI packs).
Common IT bookkeeping scenarios we handle
- Catch‑up bookkeeping with multiple bank accounts, Stripe/PayPal and foreign currency.
- Migrating from spreadsheets or legacy MYOB to Xero or QuickBooks Online with clean opening balances.
- Connecting PSA/time tools so WIP, retainers and billables flow reliably to invoices.
- Revenue mapping for MRR/ARR and retainers, with sensible deferrals for management reporting.
- Payroll configuration for tech teams, STP fixes and super reconciliations.
- KPI and board packs: MRR/ARR, churn, utilisation, project margin, debtor days and cash runway.
Tools and integrations we commonly see
Ledger: Xero, QuickBooks Online, MYOB. PSA/time: ConnectWise, Autotask, HaloPSA, Jira/Tempo, Harvest. Payments: Stripe, PayPal, GoCardless. Documents and expenses: Dext, Hubdoc. Reporting: Fathom, Spotlight, Syft. We prioritise reliable reconciliations and simple, repeatable workflows over complex setups you won’t use.
Best next steps
Write down the exact outcome you want: current books, BAS lodged, payroll fixed, PSA integrated, clearer MRR/ARR, cleaner project margins or a monthly close that lands on time. Shortlist providers against that outcome, not just by title.
Then review service pages relevant to IT firms and make contact with your notes and deadline. The right fit will explain the path, set expectations and give you a steady cadence.
Useful starting points: Bookkeeping Services, IT Business Accountant, Payroll for IT Firms, Tax for IT Firms, or go straight to the form below.
Frequently asked questions
How is bookkeeping for IT firms different from general businesses?
Tech businesses often combine MRR/ARR, retainers, project work, prepaid support and foreign currency subscriptions. Clean books depend on mapping these flows to your chart of accounts, integrating PSA/time tracking and payment gateways, and reconciling WIP, fees and deferrals consistently.
Which Australian rules matter most for IT bookkeeping?
Focus on GST coding and BAS lodgments, correct STP payroll settings, Super Guarantee and PAYG withholding. For contractor-heavy models, collect ABNs and valid invoices and consider PSI implications where they apply to individuals.
What systems should an IT-savvy bookkeeper know?
Typically Xero, QuickBooks Online or MYOB for the ledger, plus PSA/time tools like ConnectWise, Autotask, HaloPSA or Jira/Tempo, with Stripe/PayPal payouts and fees reconciling cleanly. Reporting layers like Fathom, Spotlight or Syft help package KPIs.
Can you help with cleanup and overdue BAS?
Yes. We prioritise reconciliations, fix coding, align payroll/STP, prepare BAS and set a monthly or quarterly close so you stay current. If there’s timing pressure, we triage first and document a clear next step plan.