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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

Melanie GrayOwner at MyCL (My Computer Lab)
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
Steven FreemanOwner at Evolved Sound
One company responsible for both aspects is OK but not same person. Separate companies and different people for each could help keep everyone fully accountable :)
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How to find the right accountant?

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.
Hi Nathan, I have a report on the mistakes business owners make when choosing an accountant and what questions to ask. Did you want me to send it through to you? Cheers, Lisa
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Questions

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

Asked by:
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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Questions

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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essential oil

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?

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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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Questions

What should everyone in business know about accounting?

Starting out in business - from a non-finance/accounting background, what do I need to be aware of?... read more

George Grimekis CPAAccountant at Giannakos & Co Pty Ltd
That's a very general question Daniel. Can you be more specific?
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What is the relationship between marketing and accounting?

Steven FreemanOwner at Evolved Sound
Among many relationships your marketing spend needs to be viable enough to return a justifiable accountable profit. By keeping a close eye of the two, can help you stay on track.
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Questions

What is the difference between an accountant and a bookkeeper?

 What are the benefits of using each one?  Is one better? read more

Hitesh MohanlalDirector at WOW! Advisors & Business Accountants
LindsyAs Lauren said bookkeepers deal with the day to day accounts processing. They process all receipts,expenses and reconcile you bank account.They might prepare your monthly or quarterly submissions to the tax authorities too. Generally bookkeepers give basic GST and payroll advice but they cannot give tax advice in Australia unless they are a registered tax agent. An accountant will generally reviews the work of bookkeepers and prepare year end taxes.If the accountant is good they will also provide tax minimisation advice and also business advice too.
Lauren JuneBusiness Development Strategist at Lauren June
The easiest answer if the accountant details with your whole company tax and financial requirements.A bookkeeper details with the day to day accounts processing.There is also a BAS Agent who deals with BAS related processing eg GST. In Australia you are not allowed to complete BAS work as unless you are a employee without a BAS Registration.
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Accounting

Cash vs. Accruals Accounting on BAS

We’ve noticed that business owners sometimes get confused when their BAS amount payable is... read more

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Accounting

7 Accounting Blunders Most Small Business Owners Make

Accounting is not as simple as adding and subtracting numbers. In order to save costs, some small... read more

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Jef LippiattOwner at Startup Chucktown
Definitely all great insights!
Questions

Is it Illegal to not pay super ?

Can a small business avoid paying super for say 6 months or so? read more

Not all employees need to pay super.It is illegal not to pay super to those entitled for super in Australiahttps://www.ato.gov.au/business/super-for-employer...
Shaun FarrugiaDirector at Optimised Accounting
Hi Uttam,Businesses need to pay employees super at least every three months. Whilst you could not physically pay super for 6 months it is against the law.The official time frame is as follows:July - September - Payable by 28 OctoberOctober - December - Payable by 28 JanuaryJanuary - March - Payable by 28 AprilApril - June - Payable by 28 July.The penalties for not paying super by these dates are fairly stiff. With SuperStream becoming mandatory from July 1 I'd be expecting that the ATO will start monitoring this a lot more carefully in the very near future. Hope this helps,Shaun
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Asked by:
Yee Trinh Co-founder at SavvySME
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Online Assignment Help Australia

Online Assignment Help AustraliaOnline Assignment Help AustraliaAustralian Assignment Help offers... read more

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What are your experiences with free accounting software?

Speaking to the business owners and/or managers, what accounting software have you chosen for your... read more

Asked by:
Jef LippiattOwner at Startup Chucktown
There are two free accounting apps that I've tried and liked. Currently using a spreadsheet because one doesn't have integration with my current bank.Wave Apps (https://www.waveapps.com/)More than just accounting is available (invoicing, receipts, payroll [not free], and more) but it is free and very intuitive. Again the only let down with them at the moment is that my current bank (small local/region) isn't supported within their API.Manager (http://www.manager.io/) - the self-hosted (downloadable) version is completely free. Something else that is a nice surprise with this program is that is really is cross platform (available on Windows, Mac and Linux) - great bonus points. They also do offer a cloud version that has some cost associated with it (unless your accountant is already using it).Not sure if either have the needs for the Australian crowd, but if you haven't heard of them before you should at least check out how they stack up against what you currently use.
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Accounting

3 Benefits to Setting Up Your Business Accounting Systems for Success

When I created the accounting firm Inspire CA, I wanted to make sure that the businesses we worked... read more

Added by:
Ben Walker Chartered Accountant at Inspire CA
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Contribution

Hi, What is the name and email address of the person contributions are sent to? Thanks/... read more

Asked by:
Jeff Gordon Principal at Prestige SME Business Solutions
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