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If we ran candidates in most electorates in the election on a 'pro tech startup' rational/science policy platform.

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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.
Melanie GrayOwner at MyCL (My Computer Lab)
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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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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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

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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!
Taxation

Growth-friendly Federal Budget aims to stimulate SMEs

Treasurer Scott Morrison’s 2016-17 Federal Budget once more demonstrated the Australian... read more

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Naomi Lynn Senior Marketing & Client Relations Executive at BDO in Australia
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Are you a shoebox culprit on your finances?

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Your 2 minute guide to the tax and super changes that affect you and your business.

Below is a summary of the key tax and superannuation changes that were announced in this year's... read more

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Shaun Farrugia Director at Optimised Accounting
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Is it Illegal to not pay super ?

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

Melanie GrayOwner at MyCL (My Computer Lab)
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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Online Assignment Help Australia

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

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How far ahead should we plan to approach potential investors etc, for money to get the business started?

That is, when you business is still an idea in formation (as ours is) how far ahead should I... read more

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Ava Lee at Swing
Neil SteggallPartner at Wardour Capital Partners
I would suggest that the issue of investor funding and your required levels of future equity should form a key part of your initial business thinking, planning and strategy and be detailed and factored into your plan and budgets. Waiting until investor funds are needed is usually too late and the business risks stalling or failing.Most investors are happy to be approached at an early stage of thinking, they have much to gain by investing in a winning idea and so they will most likely be prepared to offer help in developing your plans, speaking to banks and even bringing along other investors.Early stage investors also make great business mentors or advisory board members often bringing on board many years of experience and knowledge.Look at it this way....would you jump in your car and set off on a lengthy road trip without first checking you had the fuel and cash to complete the journey?Good LuckCheers,Neil.
Jessica McGrathMarketing Consultant at Stoke Marketing
Not a definitive time but think like the investor. What value would they like to see in your product to make it worthy of investment? Have you got "skin in the game". Show how much effort? What are the $ for? What makes your product different and appealing to gain traction in the community. Show them this and either the tangible product or a prototype, or the service offering at the least. Show them what problem you are solving and why it's an awesome and compelling solution. Who are you competing against. If no competition, then why would someone want your solution if they are existing with no solution at all. When is a return on investment likely? What's your forecasted uptake? How did you work that out?Just some thoughts. Best of luck!
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What can i do now to prepare my business for tax return?

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Tim HoopmannOwner at Cornerstone Group
Hi Ananda, It’s great to see that you are planning ahead – you are already setting your business up for success! In terms of ensuring you are prepared for tax-time, you basically need to make sure that your bookkeeping is up to date.In terms of managing your books, the easiest way to do this is via a cloud accounting platform such as Xero or Intuit QBO as it is the accounting platform that contains all of that data relevant to your business. A cloud platform such as this will allow for you to:Maintain all your business financial records in one locationInvoice quicker so that you can get paid fasterEliminate the need for manual data entry as all of your transactions are pulled directly from your bank every dayIntegrate with cloud add-ons such as Receipt Bank that help to simplify your business processHave real-time access to accurate dataBy ensuring that you keep up to date with your bookkeeping you will have the complete story for you accountant in one location. This means you will be prepared well in advance and remain ATO compliant.Please contact me if you require any further information and I hope this has helped.
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How much do accountants charge to complete tax return for a small business?

Hi Justin,As a biz owner you should be able to view your accountant as an investment rather than a fee. Many accountants will give you a fixed price too. There is a great report talking about it on the link. Hope this helps, Cheers, Lisa. http://accountantsadelaidesa.com.au/
Hitesh MohanlalDirector at WOW! Advisors & Business Accountants
Hi Justin.It is actually a difficult question to answer. To a point I agree with Dionne but it really does depend on a lot of things. There is no magic formula. The type of business, the industry, the number of transactions, the quality of the bookkeeping. It also depends what you classify as small. A business with a turnover of $1m is small. So is one that generates $10,000. But the fee is likely to be very different. However, I also advise that the fee is only one part of the equation. The other side is the value you are getting. I rarely quote on just doing the return. We are always looking to make cost or tax savings for our client because there is value there. So if you received a quote for doing tax returns and one is $1,250 and the other is $2,500 on the face of it the $2,500 is much more expensive. But you might find that if you spend $2,500 they spend more time on your affairs and they might find you savings of $5,000. It then makes sense to spend the $2,500. At the end of the day it depends what you want too. Cheap fee or a service that gives value. My advise would be speak to a number of tax agents and see what they can offer and see if it is what you want
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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

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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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