“I can’t wait to do my tax return” is not something we hear often – unless you are expecting a refund – but even then it’s only to get back your money.
Whilst Accountants can do lots of helpful and interesting things for your business such as: Benchmarking, succession planning and structuring advice, it is annual compliance that is our bread and butter.
GNS Group has a team of experienced Accountants to help keep you out of trouble with the ATO. Whether it be your business tax return, a set of financial statements, Monthly/Quarterly/Annual Business Activity Statements, lodging your WorkCover notices, Payroll Tax Statements, Super Guarantee charge or Division 7A Loan Agreements.
Often we will deal directly with you, the business owner about these matters, or in conjunction with your bookkeeper.
At GNS, we don’t have in-house bookkeepers, but prefer to recommend them to clients depending on what you really need. This of course, will take into account the size of your business and number of transactions to determine the frequency of assistance.
Another very important consideration is how you will go about your record keeping. Thankfully most businesses have progressed from the proverbial shoe box of receipts to computerise and automate many of the transactions.
For fairly simple affairs, using Excel may be more than adequate. If you are not overly computer savvy, something like Banklink might be useful where GNS receives a monthly download of your bank transactions and we then just need to ask you what they are – really great for relatively low transaction volumes and where you don’t need or want a computer package.
A range of off the shelf bookkeeping software solutions have been available for many years. The introduction of GST in 2000 resulted in a big uptake for things such as MYOB, QuickBooks and Quicken. These desktop programs have been a great source of assistance and frustration for clients. The control of being able to everything yourself from home or work is very appealing – payroll, bank reconciliations, invoicing etc. But get it wrong and not only could you end up pulling your hair out, but we probably will too!
The latest software solutions are all web-enabled or are in ‘the cloud’. This means all of your bookkeeping just got mobile – no longer do you need to be at work, or on the home PC. You can now do all of your bookkeeping wherever you can access the internet.
Being able to send an invoice from your phone before you leave your customer, or checking something on the train during your evening commute or reviewing the numbers while you have your feet up on holidays (how many business owners ever really switch off!)
Being able to utilise cloud based software means you can get live bank transactions and data automatically into your bookkeeping software.
And because you can access everything from the internet – so can we! No longer do you need to wait until the end of a quarter, have to make a backup file, zip it onto a USB and post it off to us and hope that you have all your entries correct. If you are not sure, we can jump on and see what you are doing live. No more backups, different versions, software updates, postage or delays.
The two most popular software solutions are Xero and MYOB. There are plenty of others out there, but these two probably share 85% of the cloud bookkeeping market. All of our Accountants are fully across both of these programs and others, and can work with you to identify which is most appropriate for you and your business.
To understand more about how our Compliance Services can assist you to understand your numbers, call us today to make an obligation free appointment.