Posts from — October 2008

It’s BAS season again, and the phone’s running red-hot.

It’s not unusual for a small business owner to contact us from the areas around Melbourne inner suburbs Fitzroy, Richmond and Toorak, Coburg North, Keilor East, North Essendon wanting to know how to complete their Business Activity Statement, that’s due on 28 October 2008.

I just need some help with Payroll, and BAS lodgements

Generally the problem is not with the BAS itself, rather it’s with the allocations and the data entry. So often we’ve seen clients who want to save money on bookeeping fees, by them trying to do the bookwork themselves.

Investing a few dollars in a good bookeeper once a quarter to help with your BAS can save you money

By not fully understanding the process, there’s a danger that your figures are incorrect, and you are declaring a higher Tax liability than is correct, and so you will be out of pocket.

Smart business owners understand that by investing a few dollars in a good book-keeper once a quarter, they actually end up ahead, compared to trying to sort out the bookwork themselves.

“I’m quite proficient with MYOB, but I just need some help with Payroll, and BAS lodgements, can you help?”

We often get telephone calls like this – Sometimes we an even help people over the telephone, there and then. Some clients need us to spend a couple of hours with them training to use the MYOB accounting package.

If you need help calculating your BAS from MYOB, then contact us HERE, sometimes it can be simply explained over the phone. Or we can look at your MYOB file and help you work out the BAS. Rather than getting stressed, contact us today

Other clients just need some extra help in working their way through the software to streamline their bookkeeping. Often we get referrals from book keeping clients who are very happy with the bookeeping service that we provide.

Contact Us when you need some help with your bookwork, or some training with your MYOB accounting software

ATO Reviews Book/Record Keeping Of Small Businesses

The Australian Taxation Office have been engaged in extensive programs of visiting Small Businesses to check if they are keeping adequate bookkeeping records. Can your business survive a tax audit? Contact us for a review of your bookkeeping system

Section 262A of the ITAA 1936 requires that a person running a business to keep records that expalin and record all transactions. The documentation must be kept for a minimum of five years

If the ATO find that your bookkeeping is inadequate, then the taxpayer will be informed and advised to improve the record keeping operation, and your business will be revisited in six months.

The ATO has a list of records to be inspected and will contact you for a suitable time to review your bookkeeping and record keeping procedures

Can your business survive a tax audit? Contact us for a review of your bookkeeping system

Disclaimer: We are bookkeepers skilled in establishing and assisting with bookkeeping systems, we are not registered Tax Agents and cannot give advice in relation to tax matters.

Many business owners hate the task of bookkeeping!

All around Australia business owners are seeing a slow-down in cash. Your invoices are being dragged out from thirty days, to sixty and ninety days.

As a business owner around the City of Yarra, if you haven’t got a bookkeeping system in place to ensure that cash is not coming into your business as it should, then you are heading down a slippery road to disasterville. Contact us now for more information

You may be like many business owners that are too busy working in their business, and don’t enjoy bookwork, so they put all the paperwork in their in-tray and hope it will be miraculously sorted out for them.

If you are stressed out by that thought, then hand the job over to someone who loves to do that meticulous type of work.

Out sourcing a book keeper to do your bookeeping has so many benefits to your business. By having your bookwork upto date you can monitor the cash flow of your business. You can see where the money is coming in, where the money is going out, and see which ever is the greater.

Smart business operators keep a tight check on their cashflow, and when the going gets tough, as the economy slows down, it’s those business owners that are constantly chasing monies owed, that tend to survive.

If a customer is not paying their account, then you should start to be alarmed. If you leave it too late, that customer may be gone, and you could be left with a debt that’s greater than the total profit that you’ve made during the lifetime of that customer.

Contact us now for more information on how to help your small business grow with bookwork

Happy New Financial Quarter!

For some business owners the BAS is a pain in the neck

As we enter Q2 for 2008/09 the world of finance seems to be in turmoil, but guess what? The Australian Taxation Office still want you to lodge your Business Activity Statements.

Regardless of what’s happening (or not) in Wall Street or George Street, businesses around Fitzroy and Richmond still need to get their bookwork sorted out for the quarter ending September 30 2008, to have the BAS done by 28 October 2008.

Are you struggling with your bookkeeping?

For some business owners the BAS is a pain in the neck, so they brush it aside and put it in that special place, the “TOO DIFFICULT Pile”

Trouble is, that really doesn’t fix the bookwork, and without a bookkeeper, or someone who’s got a handle on the bookkeeping, those Toorak or Fitzroy business owners that are not addressing the problem may soon find that they get fan mail from the ATO.

Contact Us today, and we’ll help you get your bookkeeping sorted out

PS – We are not Registered Tax Agents, we are recognised BAS service providers by the ATO