Killer bookkeeping hacks for Sunshine Coast businesses to make a smooth EOFY
Fiona McKinlay • August 9, 2018
Is your business growing fast? Do you need a new payroll system that controls everything from intricacies to responsibilities? Should it be a stand-alone package or integrated with your present software system? Or can you simply outsource your payroll?
Timing is everything — and now the old year can be finalised and a new start made in the new.
The new equipment may even be tax deductible — and it’s worth finding out if you can get a grant to hire a new employee too. Are you ready for the Single Touch Payroll and MYOB?
Outsourcing or offshoring may increase efficiency and cut costs — have you looked into them? You might be able to simplify workflow and processes with Xero and streamline — get paid faster, upgrade your Point of Sale, automate invoices and receipts.
How about a monthly checklist? Might you be due a tax refund? It’s life-changing to get rid of that fear factor and no longer have to panic and rush at this time of the year. You need an accounting system you can trust, one that is transparent and connected.
Have you looked into…
What about cash flow and new business goals? Superannuation and deductions? Bad debts to be chased or written off? Stock taking and inventory — is any obsolete or damaged? Are there any write-off or tax concessions you are not aware of, or prepayments that offer tax savings?
How about staff bonuses and before-tax contributions — even spouse super contributions, concessional contributions and offsets — and carrying forward rules? Do you know what the new minimum wage will be? Do the tax reductions for high and low income earners apply?
Minimise stress
Avoid getting bogged down and losing focus. Can you delegate and concentrate on the essentials without interruption or distraction? If you’re not driving the company, then who is?
Another solution is to outsource to Balanced Bookkeeping in Sunshine Coast and relax in the knowledge that your books will be accurate, compliant and up-to-date.
Let
Balanced Bookkeeping and Business Solutions worry for you — and provide tailor-made solutions.
And then there are employee payment summaries and the summary of income and expenses in a profit and loss statement, the record of debtors and creditors, asset purchases and expenditure on improvements, depreciation expense claims and capital gains tax, income tax returns and yearly reports, returns for PAYG withholding, fringe benefits tax (FBT), Goods and Services Tax (GST), and the taxable payments reporting system, meeting superannuation requirements… the list goes on and on.
With so many great software options including XERO, MYOB and Reckon. It’s vital for Balanced Bookkeeping and Business Solutions to be on top of them all. Our expert team can help tailor fit any software your business needs. We proudly keep the Sunshine Coast on top of their accounts. Ask us how we can help you today.
Balanced Bookkeeping and Business Solutions is a local Sunshine Coast company that provides a complete bookkeeping service and solutions for small to medium businesses and can cope easily with both the ATO and ACNC, so that you can pursue the far more rewarding and philanthropic business of fund-raising and distributing to the deserving foundation or trust of your choice.
Balanced Bookkeeping and Business Solutions is a local, Sunshine Coast business that provides a complete bookkeeping service and solutions for small to medium businesses. The principal of Balanced Bookkeeping and Business Solutions has worked in the accounting industry for over 20 years and is a qualified accountant and registered BAS agent, which means that you can discuss the pros and cons of casual and full time and part time employment, knowing that you will receive practical, constructive, valuable advice.
So, what is Fringe Benefits Tax? Simply put, it’s an extra tax that you cover for your employee that is for the benefit of the employee in lieu of paying them more money. The tax is calculated on the value of what is being used for FBT.
This is only a new initiative as we mention that came into effect as of the 1st of July 2018, so there are still a lot of questions to be answered. This is why a number of clients we serve on the Sunshine Coast have been coming to us at Balanced Bookkeeping and Business Solutions to see their options.