blog

  • When Is It Time to Outsource Your Business Bookkeeping and Accounting Tasks?

    When businesses are starting out, they try to cut down costs as much as possible. As a result, it is normal to find a small business relying on a few key employees to perform tasks relating to bookkeeping and accounting. Having an in-house accounting employee or team is not a bad idea, but most times it doesn't work out well for most small business. That's why as a business owner, you should consider outsourcing these tasks to professional bookkeepers or accountants outside your enterprise.
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  • Do I need to use a BAS agent to submit my BAS?

    While you are not legally obliged to use a BAS agent to submit your BAS (Business Activity Statements), it can be a great idea for small business owners to use a BAS agent. Here are some of the reasons that it can be useful.  Frees up time If you are not an experienced BAS agent, it can be time-consuming to submit the statements. Not only do you need to source and submit all the correct information, but you also need to be able to navigate the ATO (Australian TAx Office) business portal, which is known to be finicky.
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  • How Can Self-Employed Persons Reduce the Amount of Tax They Pay?

    As a self-employed person, you'll need to spend time making sure that you save enough of your income to pay the taxman each year. Luckily enough, there are also several ways to legally reduce the amount of tax that you pay. Here are just four ways that self-employed people can reduce their tax bills. Contribute to Your Retirement Fund A superannuation is a way to save money towards your retirement. As a self-employed person, you will need to contribute to it yourself instead of having an employer fill it up.
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  • Don't Ignore the Fact That It's Time You Hired an Accountant

    You are often legally allowed to prepare your own tax returns, either for yourself or for your business, and doing this on your own might save you the cost of hiring an accountant. However, hiring an accountant to handle your returns can also mean saving on the cost of overlooking certain deductions, and the possibility of penalties and fees you might face from mistakes you make on your returns. Unfortunately many people overlook signs that it's time they hired an accountant to prepare their returns; note a few of them here so you can ensure that you don't make this same mistake and always have your taxes prepared properly.
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  • Accountancy tips for new businesses

    Provided that you have not qualified as an accountant, the world of accountancy can be intimidating and overwhelming to those who are involved in starting a business for the first time. Especially if you are young, it can be a very confusing topic that you have little to no experience with handling yourself. You may have never had to file a comprehensive tax return yourself, thanks to being employed by a corporation that looks after most of that stuff for you.
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  • The Benefits of a Superannuation Fund for Retirement

    A superannuation fund is a retirement fund that is meant specifically for accessing when you retire, and it offers many benefits over standard investments and pension plans. While it's not meant to be accessed until you retire or in case of an urgent financial situation such as permanent disability or terminal illness, it does offer many advantages over other types of retirements plans. Note a few of the benefits of such a fund here, and be sure you talk to your accountant or financial planner about any changes that may have been enacted for such a fund before you decide it's the right choice for you.
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  • How Do You Write Off a Holiday Trip on Your Taxes?

    Taking a holiday can be expensive but with a little prior planning and a bit of creativity, you may be able to deduct some of those expenses on your taxes. Check out these accounting ideas. They don't work for every situation, but they may work for yours: 1. Plan a business trip If you own your own business, you can write off the cost of a business trip on your taxes.
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  • 4 Advantages of Moving Towards Cloud-based Bookkeeping Solutions as a Small Business

    Keeping your bookkeeping on the cloud is a great way to improve the communication between you and your accountant, and make sure that everyone is working from the most recent information. Here are some of the advantages in moving towards a cloud based system. Flexibility You bookkeeper no longer needs to sit in the same office as you, and can work on your system at any time. This is a great way to offer more flexibility to your bookkeeper so that they can work from home, or during the work hours that suit them the most.
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  • Tips on Claiming Gifts & Donations in Your Tax Return

    Natural disasters and other tragedies are unfortunately a part of life. Many of you may have responded to seeing others in trouble by donating to charities at the front line trying to help. Now tax time is approaching, you might be wondering what the rules are concerning donations. A tax accountant should be able to advise on the particular details of your situation; in the meantime here are some general pointers.
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  • Financial Planning For Your Children's Education

    If you have children, you'll be hoping that they go on to further education in years to come.  It's wise to begin planning for this well in advance.  Here's what you need to consider when planning finance for your children's future educational needs: Fees How much you need to put aside will depend on the educational route you plan for your children.  If you intend to use the private route through senior and junior school, you'll have to pay fees, followed by more fees and living costs as your kids enter further education and university.
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