We provide following Tax services –
- Individual Tax Returns
- Tax returns for rental properties
- Late & Multi Year Tax Returns
- Capital Gains Tax Returns
- Sole Traders and Partnership Tax Returns
- Sub-Contractor Tax Returns
- Business Activity Statements (BAS)
- SMSF Returns
- Trust Tax Returns
- Company Tax Returns
- Amendment for previous year Tax Returns
- Preparation of Business Plans.
- Preparation of Cash Flow Forecasts and Profit Projections.
- Start-Up Business Advice
- Advice and Assistance with your Tax Registrations including ABN, TFN, GST etc.
Call us on 0449 952 855 or 1300 869 829 to book an appointment for lodgment of your tax return. You can also get in touch with us by emailing us at email@example.com.
Why Does Your Business Need an Accountant?
Small-to-medium enterprises and large business rely on their accountants when it comes to accounting-related tasks. These professionals function in auditing the financial statements of the company.
Generally, accountants assist a business with lodging timely tax returns and business activity statements. They review the accounting systems to ensure accuracy. They also make necessary improvements based on the summary of data that they generate. Doing so allows the company officials to have a transparent outlook on their economic landscape as well as understand the changes in the market trends.
Individual Tax Returns
As defined by the Australian Taxation Office, each is responsible for filing an individual tax return covering each financial year, whether they are single or married, and even with or without dependents. The financial year starts from 1st of July and ends on the 30th of June of the following year.
Just like individuals, companies are also required to file tax returns. The accountants play an important role during this season because they are responsible for preparing the tax statements for audits.
Tax Planning, Maximization, and Business Success
The accountants serve as a liaison with the Australian Taxation Office. They can identify the areas where clients and business partners can reduce taxes, increase profit, or if they can file a claim. They are involved in the tax planning, preparation of the tax return, as well as calculation of the value of the Fringe Benefits Tax paid by the employers to their employees.
Due to these critical roles played by accountants, they can protect a company’s assets and profits. Their advice is essential in every board reporting to the company officials can make a plan to prevent a financial problem from growing. The board members will be made aware if something needs adjustment to cope up with the company loss.
Top 7 Accounting Systems to Manage Your Accounting
Due to the advancement of technology, many accounting systems have been created to help accountants with their duties and responsibilities. It makes them do their tasks faster and easier. Just imagine if a company has a lot of clients and partners, and the accountant should make a computation on each incoming and outgoing expense. Here are some accounting systems most businesses worldwide love to use.
Quickbooks is one of the famous accounting systems used by many businesses from various industries. It is a simple and intuitive tool that automatically imports and categorizes your transactions as soon as you connect your bank account to it. It is also used for invoicing and tracking expenses, giving you less time in generating these transactions.
It is also useful if you have a larger number of contractors. It also helps you manage bills, pay employees, perform inventories, and send and receive payments.
MYOB is another tool that helps businesses become more productive and perform their accounting tasks with ease. A company can use this accounting software regardless of its size. It can be used to manage bills and expenses, pay the staff, and send or receive payments. One of its notable features is giving you the ability to track if a client gets or opens the invoices you sent. It is also useful when you need to update your taxes and create financial reports.
As one of the most reliable accounting software in the industry, XERO makes it easy for you to create invoices and set a payment reminder to your clients to avoid debts or late payments. It gives a real-time view of the status of your cash flow. This feature lets you make a financial plan quickly based on the data it instantly shows. Whether you want to do the bank reconciliation through your mobile or desktop, this software is completely flexible.
Accounting is also made easier by using Quicken. You can build custom invoices through it, as well as set up your company logo and payment links to your other properties or personal finances. This tool will not also stay behind from different types of accounting software because it has features that are very useful for the business such as online backup of your files, custom reports, download bills in PDF format, email payment reminders and receipts to your clients, and many more.
You can also manage your finances through Reckon software. It’s a one-stop-shop giving your business all it needs to perform accounting transactions in a more comfortable and faster way. Enterprises of different sizes can use it. It offers unlimited payroll and inventory, allowing you to create accurate reports in a few clicks. It even has business loans that most accounting software don’t provide.
MoneyWorks is also an accounting tool that helps you save time and money in doing certain financial transactions, reporting, and payroll. It also offers a lot of features such as importing of bank statements, bank reconciliations, accounts payable, customizable invoices, and so much more. It allows you to compare your financial report to the actual performance of your business through graphs and data summary. It is also best used when you manage multiple companies.
SAASU online accounting Reservoir does everything you need from invoicing to payroll and providing payment options to your clients. It is also one of the most affordable tools in the accounting industry today. Do you inventory, monitor your bank account, and forecast your cashflow without difficulty. This intuitive tool keeps you up to date about the status of your budget. It can also convert invoices into different currencies and attach documents to be stored safely on the software.
Track every expense, gross, and invoices so you are aware of the status of your cash flow. It allows you to quickly determine if there are unpaid or late payments so you can set the deadlines to your client to pay the charges. Most companies charge for late fees so they can prevent bad debts that can impact the income of the company.
Set up a graph of the summary report so you can immediately see the differences between the areas where you put your investment. The chart can show you if your income increases or decreases when compared to the previous weeks of your operation. This step gives you a visual representation of the progress of the business.
Another crucial step to do is to ensure that all the documents involving the transactions done in your business are kept in a secure place. You must back up all your credit card statements, invoices, and balance sheets for future reference.
It is also essential to reconcile your bank account. It allows you to compare your bank records so you can determine if fraudulent acts are happening on it. It also helps you see if there are accounting errors so you can quickly fix them. It gives you a chance to prevent problems from occurring.
Accounting for Investors
Investors should also take part in understanding the flow of the business accounting since they also have a contribution to the investments of the company. It allows them to see if they are gaining profit or not.
Property investors should make sure the money put into the company yields the profit. Most of the time, they will not only invest thousands of dollars but sometimes they’ll have to put millions on the business. Understanding accounting helps them evaluate their earnings and even debts of the company. It allows them to compare which company gives them a higher profit since most of them invest their money in multiple businesses.
Stock investors should understand the process of accounting so they can see the rise and fall of the market trends. They should know what they are investing to if they want to improve their profit and analyze how to stay ahead in the market changes. It also helps him understand which of the financial areas of the company he really owns to avoid future disputes.
If you are a startup and you need someone to fund your business, you can seek help from an angel investor. Once you have them, these investors will play an active role in the management of the business to protect the money they put in it.
Just like any other business partners who want to gain profit, angel investors should also be aware of how the financial statements were calculated and generated by the company. He will be providing a fund to the company, which means it, is his right to analyze the financial reports presented to him. It allows them to make a business plan if they think their strategy is not working to prevent loss or debt.