Here are a list of answers to common questions that we get asked regularly about bookkeeping services, GST and tax and accounting software.
Q: I have started my business, registered for an ABN and Business Name and now I need to know what to do next?
A: A part of running your new business is record keeping and you are obliged to keep your records for a minimum period of 5 years. Continue reading
Your business is thriving, and you’re seeing all your hard work finally come to fruition. Your customers are happy, which makes you even happier. Keeping them happy is your objective, and as of right now your business is in the right place to do just that.
With the end of the fiscal year fast approaching, you need to ensure that all of that customer happiness is translating to a happy balance sheet. Since you’ve been busy managing inventory and sales, you’ll be in need of someone who can be trusted with your business’ finances (that is, if you haven’t yet already found that someone). When you’re having your books managed, you are given options. There are bookkeepers, and there are registered BAS agents. Each option has its benefits, and each differs slightly. Whichever you choose to use will directly impact your business in a positive way. It just depends on your needs. In this post, we’ll examine bookkeepers and BAS agents and determine exactly what the difference between the two really is.
In today’s business climate, you need to be proactive. Planning ahead for issues that may come your way will ensure that you don’t have any surprises or headaches when year-end arrives. With that said, running a business requires you to be reactive. Striking a balance between planning for the things you can plan for and reacting to the things you can’t is difficult. That’s why your operations need to be as streamlined as possible.
Ensuring that you are in good hands financially means having a system in place to handle your day to day business activities. This means your bookkeeping should be taken care of as efficiently as possible. If you systematically arrange your bookkeeping, your accountant will thank you at the end of Q4. How are you going to ensure that your bookkeeping is well taken care of? Simply put, through automation of the day to day activities. In this post, we’ll go through some ways in which your bookkeeping processes can be automated in order to make your life simpler. Continue reading
As a business person, you understand the value of hard work and dedication. Your employees are the lifeblood of your business, whether it’s a small enterprise or a large corporation. Without those dedicated people, you would have serious issues filling orders and carrying out day-to-day tasks. That’s why it’s important to keep them well paid and incentivise the workplace. How can you incentivise? Through fringe benefits for your employees!
While giving your employees benefits throughout the year is a wonderful gesture, they must always be accounted for in the end. Specifically, there will be a tax involved with these benefits that you may not know about. Your accountants will need to know about these fringe benefits as they are given to the employees. If you are a new business owner, here is an easy guide to help you navigate the taxation of fringe benefits. Continue reading
These are exciting times. You are just about ready to open your new business. You’ve been busy setting up all of the systems that you need for your business to work – including the bookkeeping. You know that proper bookkeeping will give you the best perspective on how your business is performing. It’s not glamorous, but it’s very important. It can also be very confusing for first-time business owners.
This is where many owners succumb to pitfalls while setting up their business. Because there are many forms to file and BAS regulations to follow, things can sometimes be missed. One such thing is GST registration. It’s surprising how many Gold Coast start-ups fail to register for GST. If you are just starting your business, it could be very beneficial to register for GST. Let’s look at a few reasons why that is. Continue reading