Can Xero replace bookkeepers?

Recently I got a new client on board for Bookkeeping Services, first this I do when I get a new client is to do a quick audit of the books to make sure there is no back log to tidy up. While I was going through the books for the last financial year I noticed that they did not lodge any BAS during the quarter. This client had started a new company and only had 2 months of trading in the 2011 financial year, and registered for GST from 01/07/2011.

As the client had started a new business I was bit curious as to why he did not register for GST to begin with and after enquiring with him, I found out that he was totally unaware that he was not registered for GST during the entire period and he could have claimed all the GST he paid for the $150,000.00 set up costs. His accountant thinking that he only has 2 months of trading and there is no way he will gross over $75,000.00 did not register him for GST.

I had set in my mind that this was unfair to my client and I needed to do something for him so that he does not miss out for the GST refund that he was entitled to. I spoke to the ATO and explained them the whole situation and after a lengthy discussion convinced them he should be able to include the set up costs in the current quarter BAS.

I completed his books and lodged the BAS for him and was able to claim the $13,500 worth of GST paid in capital expenditure during the set up and get a refund for him. This client loves me now and we do have him on board for all the Accounting Services now including the bookkeeping, tax returns and company financials.

If you think you might need to get a GST audit or your books are not all tidy, call us today on 0433281575 to find out how we can help you increase your profits and cash flow.

Bookkeeping can be a dreadful process for just any business owner; however it can be done effectively by competent bookkeepers and by hiring a third party bookkeeping firm like HS Bookkeeping Service Melbourne you will save yourself time, funds and stress.

Bookkeeping is one component of the business that if performed correctly informs you the financial position of the organization. This requires keeping a right track of your financial transactions in order to see exactly where, how and when your money is expended or acquired. Accounts receivable, cash, accounts payable, income and costs are typically influenced by bookkeeping. Without bookkeeping, you wouldn't have financial reports. Using a qualified specialist like us is indeed essential for your organization success. Wrong data entry, evaluation or financial report preparation can lead to wrong financial reports.

Not only finding the individual who can get the job done in important, the key thing to bear in mind is to get the qualified and expert individual or people to handle the work. HS Bookkeeping Service Melbourne can assist you to maintain your financial information up-to-date. Our expert Bookkeeping Services provides the financial information of the organization.

Outsourcing the bookkeeping services assures affordability, high quality, accuracy and reliability and security of your data. HS Bookkeeping Service Melbourne helps in being focused on the tax preparation and accounting therefore helps to ensure that the business expenses are minimized to a greater extent.

Getting HS Bookkeeping Service firms expert staff to do the job on the company’s books will assure that finances are handled accurately year round, and therefore while in tax season it won't be a struggle to get things completed by the due date.

Many small businesses are afraid of the reference to making a balance sheet, however when we put in its most realistic terms, a balance sheet can turn out to be an effective business accounting tool for long term business strategies.

You intend to develop your business, and we can assist. Once you have an exact snapshot of the financial situation, you can operate your business using the information and mental clarity you require to make wise and well-timed business choices to accomplish increased development and profits. We are enthusiastic about small business and can help to increase your profits and cash flow. Our passion is to be connected with small businesses being a small business ourselves.

Meaningful, well-organized company’s financial records ensure that the business functions will operate more effectively on a regular basis; these are the basis of the thriving business.

We offer Accounting, Bookkeeping, Payroll, Financial Evaluation and Tax-Return Preparation and Lodgement services. We assist the Accounting and Bookkeeping outsourcing requirements of the frequently overlooked market segment - small and medium businesses. We deliver secure, well timed, reliable, accurate, productive and cost effective Bookkeeping and Accounting Outsourcing services in Lynbrook and all the surrounding areas.Contact us today to get your company accounts organised.

As a Melbourne Bookkeeper, I come across clients every now and then who are curious about Cloud Accounting but are reluctant to change. We are establsihed cloud accounting package providers based in Lynbrook.In this article I have tried to explain the benefits of Cloud Accounting over the traditional Desktop Accounting programs.

Cloud Accounting efficiently offers its users with similar features as programs like MYOB and QuickBooks in terms of invoicing, purchasing, payroll, inventory etc. It also provides additional features such as access to real time information such as cash flow by live Bank Feeds, online invoicing etc. As cloud accounting uses the internet, it can be used from any computer around the world with an internet connection. The users are not just stuck with the computer that has the software installed on it and access to the information is lot more easier when on the move with the introductions of Apps for the latest smart phones and tablets. However for cloud accounting to operate efficiently the consumer would need to have a relatively speedy and reliable internet access.

The two most widely used Cloud Accounting systems in Australia are SAASU and XERO.

Company information is available to you, your bookkeeper and accountant anywhere in the office, home or on the go, as its all browser based. You are able to run reports and get a better understanding of where your business stands at any point of time. You are able to export the reports into a spreadsheet if required like the other Accounting systems. It eliminates the need of sending the paperwork and company files back and forth to your bookkeeper and accountant. Both these programs enable to email out the invoices, payslips, purchase orders etc and well as print them. The templates for various forms such as invoices, payslips, customer statements are also customizable.

You don't need to worry about the backups or the security of the data. The ease of getting access to the business financials is one of the best features Cloud Accounting services offers.

Business Owners have the peace of mind realizing the information is secure and always backed up. It also reduces the IT costs of the businesses as they don't need to invest in licenses for an additional employee to access the company file and don't have to pay the yearly membership to keep up with the latest tax tables. The pricing of these two Cloud Accounting systems is a monthly subscriptions split into few levels based on the requirements of the business.

All charges feature a free trial offer and the opportunity to terminate at any time. Unlimited users are permitted, along with great customer service and support. Monthly pricing for SAASU and XERO is available on their websites on the following links respectively is available at http://www.saasu.com/pricing/ and http://www.xero.com/pricing/.

One advantage SAASU offers is the fact that any new upgrades including the updated tax tables are totally free and are automatically integrated. I also personally like the inventory feature of SAASU better.

We at Bookkeeping Service and Tax Accountants Cranbourne with our vast range of experience can help you with any kind of accounting programs be it MYOB, QuickBooks or Cloud Accounting. If you are unsure about which accounting program would suit your requirements, get in touch for a free consultation and we can evaluate your requirements and recommend the suitable accounting system.
For business owners we provide a variety of expert services ranging from standard bookkeeping and accounting, tax planning, preparation and lodgement, restructures, company financial's cash flow and budgeting.

It’s that time of the year, END OF FINANCIAL YEAR.
Every business would have essentially maintained their bookkeeping all year round nevertheless there are several business owners out there who may have time limitations and struggle to be on top of their accounts and bookkeeping. Following these few pointers will ensure that your accounts are all reconciled and balanced to be presented to your accountant.
Begin by reconciling your bank accounts, receivables and payables.
Do a stock take at the end of June and reconcile your inventory.
Reconcile your payroll and GST for the year before lodging the June Quarter BAS so that any variations with the ATO for the previous quarters could be adjusted in the June quarter.
If you have any outstanding tax liability, it is advisable to reconcile the ATO statements to make sure that you have included the interest charges.
Likewise reconcile the vehicle or equipment lease accounts, if any, to ensure the interest charge is included on the company books.
Don't freak out, if you cannot manage all of this, HS Bookkeeping Service are here to help, give us a call on 1300 664 796.
Once your accounts are all up to date, you will need to provide the information to your accountant for the taxation purposes. Most accountants will require the following information:
Company MYOB or QuickBooks File
Bank Reconciliation Report
GST Reconciliation Report.
PAYG Reconciliation Report.
Receivables and Payables Reconciliation Report.
Lease documents of any new lease started during the year
Inventory Valuation Report
Getting this information organised could save you time, money and stress.
Experiencing difficulty with keeping up with the year end requirements, give HS Bookkeeping Service a call on 1300 664 796 and we can take care of your accounts to ensure you accounts are all up to date for the end of financial year and help you meet with the end of financial year statutory obligations.