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What's the true value of my business and How do I beat the compliance conundrum traditional business model?

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Clients wanting to get to know me personally not just professionally. How can I balance personal and professional ties?

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Is digital disruption technology a friend or foe for accountants?

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How to find a competitive advantage as an accountant?

Steve OsborneOwner at Smarthinking
James, it's a perennial question and never easy to find the right answer. For me, it's an integral part of the greater issue of positioning.Traditionally, there are two main areas you can look at within your business to find competitive advantage. While doing so, you have to bear in mind the competitive landscape–where your closest rivals are positioned; and the expectations of your prospects–what they get for their fees.Area 1 is your approach. Do you have a particular process or way of dealing with clients that separates you from others?Area 2 is your industry sector. Do you have particular expertise in an industry vertical that makes you attractive to clients within that sector?Alternately, you can discard the traditional methodology and instead concentrate on making your firm distinctive. Note, not necessarily differentiated.Differentiation in accounting is extremely difficult to achieve. Especially if your firm is viewed as much the same as others. You can tie yourself in knots trying to find a unique benefit and often end up with a weak value proposition as a result. More often than not, a USP simply doesn't exist. Or if it does, it may mean nothing or have no value for your prospect.Therefore, making yourself distinctive is a more achievable goal.This can be done by combining two relatively simple concepts. The first is to ensure your reputation is as you desire. In the main, that comes down to conducting your business in an exemplary fashion and concentrating on the things you do best. And it's a long game, not something that can achieved with a new lick of paint.The second is to ensure visibility. This is the combination of visual image, outbound communication and consistent presentation. Again, it's a long game but the outcome is to build a position no-one else can duplicate.Reputation + Visibility = DistinctivenessFor me, achieving that end is the Holy Grail of positioning. Simple to say, not so easy to do.
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How to build that advisory division with a traditional Accounting business model?

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What are the best free accounting apps or tools?

I have a small handyman business and I am pretty hopeless when it comes up to preparing for tax... read more

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Jef LippiattOwner at Startup Chucktown
well, I'm not sure if it is available in the Australian market, but Wave Apps has a great suite of free accounting and invoicing tools.Also, Manager.io is a free cross platform (works on Windows, Mac and Linux) software (for desktop or laptop) I don't think they have a mobile app version.
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Do I need a bookkeeper?

I am a sole trader with my own small business. Can I do my own books or will I need a bookkeeper or... read more

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Marcus TjenOwner at Rugged Computing
If you are a sole trader, you do not have to have a book keeper or an accountant. You can keep track of your income and expenses in a spreadsheet and file your own personal tax return at the end of the financial year. No need to file a business tax return.If however you do a lot of small transactions (debit and credit) in your business, you might want to consider using a book keeper to help you keep track and save you time.If you also want to have a financial statements at the end of financial year (balance sheet, profit and loss and cash flow statement) then you need to get an accountant.
Understand from your query that you are a small business owner having a sole trader business model.If you have prior experience maintaining your books of accounts as well as dealing with ATO you may not need book keeper to start with In case if your business grows and do not find time and energy to do the book keeping as well as meeting GST compliance , you may need the assitance of the book keeper as well as Tax Accountant or Tax Agent . Many of the Tax Agents provide the services of Book keeping, Accounting & Tax Compliance services and the cost varies depending on the nature and number of transactions, For complex tax advisory matters the cost is fixed depending on the time spent by the Tax Agent or Advisor.You may please feel free to contact me at Taxfin Business services if you need further clarification or informartion in this regard. My name is Sathyanarayanan Srinivas and my contact number is 0424419130.Please visit www.taxfinservices.com.au for detailes on services provided.
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Teamwork Accounting Business Structures

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Accounting

Hire an Accountant | Choosing an accountant

Accounting helps you keep a track of your transactions. Maintaining accurate books of accounts is... read more

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Do you have your bookkeeping and accounting done by the same company?

At present we have a bookkeeper and and accountant. The reason is mainly that I figure if one... read more

Steve OsborneOwner at Smarthinking
Like Steven, I see nothing intrinsically wrong with having one company handling both aspects; a case could easily be made for the advantages. A client of mine does exactly that–she runs the bookkeeping business and her partner the accounting business. The businesses are separate but linked. They would claim their clients enjoy: 1. faster processing times; 2. more knowledgeable consultancy; 3. greater contribution to business growth.For myself, I have two separate firms performing these functions. And I run Xero myself, doing basic data entry which the bookkeeper checks each quarter and prepares the BAS. The books are then handed to the accountant each EOFY.I suspect a majority of small businesses run this way. It's cost efficient, timely and accountable.
I would have two different people performing the jobs. Bookkeeprs are generally cheaper too. I do all my bookkeeping and hand it over the final figures to my accountant
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How to find the right accountant?

Jinendra ShahOwner at Rayvat Outsourcing
Accounting helps you keep a track of your transactions. Maintaining accurate books of accounts is crucial to your business as it helps you make important business decisions. There are some mistakes that business owners need to avoid when Hire an accountant, whether hiring an in house accountant or hiring or Choosing an accountant services firm. if any requirement send email:- accounts@rayvat.com
Kirsty FoxPrincipal at Spitfire Solutions
Have a chat with them to start with, and see if you feel comfortable with them and what they offer. Generally you'll be speaking with the principal or a partner, but they won't be doing the work, their staff will.A couple of things to think about -- are they a CA (Chartered Accountant) or CPA? They are the 2 major industry bodies that require completion of a course plus continual professional learning. If they are doing BAS or tax, they need to be a Registered BAS Agent or a Registered Tax Agent. You can also check this on the Tax Practitioners Board website www.tpb.gov.au. It will also tell you how long they have been registered for.- do they charge by the hour or give you a fixed price for an agreed upon amount (scope) of work. - what do they require from you? How much work do you have to do (or are willing to do), and what systems do they have I'm place to make things easy for you?At the end of the day, it comes down to who you feel comfortable with to do what you want/need, and (hopefully) that extra step for you.
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Has anyone had to deal with this? Not sure what step to take next?

So I have a business about an hour away from me who has copied my homepage copy, two of my blogs... read more

Che CooperOwner at Ready2Launch
Hi Monica,Its bad news for them on Google, especially if they are copying your content word for word. Legally I am not sure what can be done, but if I was you I would drop them an email letting them know that you are aware of them copying your content.You could take a look here > http://www.copyright.org.au/acc_prod/ACC/Legal_Adv...Regards Che
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If a sole trader wants to revert from an accrual to cash based accounting, can they do so?

I believe once a company has transitioned to accrual, they can't go back to cash, but I might be... read more

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Does anyone have any recommendations for accountants?

Hi Guys, Happy Wednesday! I wanted to see if you would happen to know any wiz accountants who... read more

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Sarah Harding at WY Advice
George Grimekis CPAAccountant at Giannakos & Co Pty Ltd
Hi Sarah,It's not Wednesday anymore...so Happy Long Weekend!!! :)I just happen to work in a smaller practice accounting firm in Burwood in the inner west of Sydney, and although i wouldn't describe myself as a wiz due to my humble nature, i'm sure i can assist your clients with their personal tax and business related concerns.You can look me up on linkedin and connect with me should you wish, and we can proceed from there.George.
Hi Sarah,I work with the newly-established Virtual CFO Association (http://www.vcfoassociation.com.au/), whose exec and / or members could well have various suggestions to help you. I'll forward your details on but you may wish to connect with the Association online (https://www.linkedin.com/company/association-of-vi...Cheers, Simon
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To what extent does a proper accounting system help reduce my accounting fees?

It really depends what sort of business you have and the amount of transactions you have. I'm a sole trader. I'm quite proficient in Excel so I do all the tracking of my finances in Excel. I find it gives me great flexibility. Because I record everything, there is little work for my accountant to do as I have all the figures for her. Once I start getting more work, I will start to look at ways of reducing the time it takes to record my finances. I may buy an off the shelf system or utilise an accountant or bookkeeper. Whatever is going to show a cost benefit. Feel free to contact me if you need some help with working out what would be your best way forward melanie@mycl.com.au
Ian HarrisDirector at B+I Lockwood Accountants
This is not 'rocket-science'!Accountants hourly rates range from $100 to say $400 depending on their experience.A proper accounting system means that your accountant can get to the answer with the least amount of time and effort.If a good accounting system reduces his/her time by say 20 hours and they have a charge rate of $150 then you have saved $3000 theoretically.But there is more!A proper accounting system allows your accountant to focus on value-added services.Say tax planning. Or profit analysis. Or other pro-active services!Which is where you may be able to really gain benefit from the fees you pay your accountant.Otherwise you will condemn your accountant to doing the crappy unsatisfying work of cleaning up your records. This is low value work at a high cost.
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Health Description Athlete’s foot, various types of ringworm, and jock itch are all skin related... read more

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How do I determine best accounting and payroll software?

Marcus TjenOwner at Rugged Computing
By trying them out. All of the popular accounting software gives you 14 to 30 days trial period. Download them and use them and compare which one works best with your business. Each business is different, each person is different on how they managed their business, find the one that works for you.
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How do I determine best accounting and payroll software?

Jef LippiattOwner at Startup Chucktown
I would also add a different perspective. I think there are 3 things that help boil down a choice for this decision.Cost - are you looking for free (there are options), low cost, high cost. Obviously high cost solutions usually have much more flexibility and can be custom fit to your needs. However, if you are just starting out you may not have a large budget. Do you want to be a 1-time license or are you okay with a host option that has a recurring monthly fee?Integration - not all products are equal if you need your accounting system to integrate with your CRM or your e-commerce system or HR. Consider what you really need to make your operations seamless. A system with integration flexibility can definitely save you time and double entry.Bookkeeper or Account - if you already have a trusted accountant what software are they familiar with? Which do they prefer to use and why? How will it fit your business? If you have a trusted person in mind, it may be easier to use what they already know, but still ask about options. Hopefully they can guide you to the right solution if you are unsure.
The bigger the business, the bigger the task.If you have minimal transactions, off-the-shelf systems designed for small businesses will do the job. If you are savvy with Microsoft Excel, I recommend to use that so you have a lot of flexibility with running your accounts and payroll.If you are a medium sized business, it might be worthwhile investing some time in a Business Analyst that can help guide you in the right directionIf your business is large enough, it is definitely worthwhile engaging a Business Analyst first to help you define what problems you are solving and help with defining a solution. During this initial phase, start to create a project team with external people to help choose the best way forward and implement the new systemIt is important to understand that an off-the-shelf accounting and payroll system is not going to do exactly what you want it to do because all businesses run differently. This is more of a problem as a businesses grows. The only way you will get exactly what you want is by having it built custom for your business. For larger businesses, off-the-shelf systems can cost just as much, if not more than having it custom built.
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