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Michael Reid CA

Do All The Things! at Michael L Reid CA

Member Since February 2013

Adelaide, SA, 5000

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22 FOLLOWERS

Accounting/bookkeeping service for creatives and tech superstars.

PS software will eat you.

Qualified skills

Taxation
Accounting
Payroll
Bookkeeping
Business Consulting

Michael Reid CA answered this question

Nick Chernih
Nick Chernih, Founder at LinkBuildSEO

Digital Marketing

Are you getting value from your email list?

I agree with Kealey about creating an engaged audience for your brand vs a direct sales approach.

Michael Reid CA answered this question

Nick Chernih
Nick Chernih, Founder at LinkBuildSEO

Taxation

Is the cost to build an online store tax deductible?

As long as it's not a hobby, but a business, then yes, the costs will be tax deductible just the same as the costs for establishing and running any other business are tax deductible.
Some of the costs may not be deductible straight-up, but may be spread over a number of years, but other running costs like hosting etc are deductible when you incur them.

Michael Reid CA answered this question

Does every small business need an accountant ?

Unfortunately yes.
Mainly for one little problem.... tax.
Most accountants, especially of the CA variety, love tax. In fact, they get off on it. And tax laws can be complex and they're always changing. So business owners shouldn't waste time trying to stay on top of them. Find an accountant you can trust and then rely on them to get your tax compliance sorted.
For most accountants that's pretty much all they do: TAX.
But there are other accountants out there who'll look at your whole business. They can help you implement IT systems that'll make your small business simpler and easier and less stressful and they also look at your personal financial situation and your own goals and objectives and help you work towards them, not just give you a dirty big tax bill at the end of every year. 

Michael Reid CA answered this question

What is the difference between an accountant and a bookkeeper?

Top question Phil

This is what I think:

Bookkeepers process all the financial crap that gets thrown at you constantly when you're running a business, all the invoices from other people, all the invoices you issue yourself and they somehow automagically transform it into intelligent data, ie Profit and Loss and Balance Sheets. They usually talk about MYOB and Quickbooks and about reconciling bank statements and talk about BAS statements.

Accountants like to look down on bookkeepers as doing the 'dirty work' and get off on the fact that their role is much superior. Accountants LOVE to take the 'stuff' that bookkeepers produce and waste a whole stack of time putting it into their own accounting systems to produce their own set of financial statements. The accountants will tell the business owner their financial statements are better, are 'correct', and will boss the bookkeepers around to make 'adjustments' to their MYOB/Quickbooks files. Most accountants don't like this 'process work' and instead prefer to talk about more 'important' stuff... like tax. 



In contrast, there are some accountants that have woken up to the fact that we're in the 21st century and that software has evolved to the point where both of the above roles are becoming more and more redundant.

Awesome accountants will help set you up with the awesome technology that can give you clean, effective, up-to-date financial information at your fingertips.

Then once that's sorted, they also make sure your tax compliance is on lock. And they also love to advise on broader financial strategy and wealth creation.

Hope that helps Phil.

Hit me up on @mlr_ca if you have any other accounting questions.

No results found.

Michael Reid CA answered this question

Nick Chernih
Nick Chernih, Founder at LinkBuildSEO

Digital Marketing

Are you getting value from your email list?

I agree with Kealey about creating an engaged audience for your brand vs a direct sales approach.

Michael Reid CA answered this question

Nick Chernih
Nick Chernih, Founder at LinkBuildSEO

Taxation

Is the cost to build an online store tax deductible?

As long as it's not a hobby, but a business, then yes, the costs will be tax deductible just the same as the costs for establishing and running any other business are tax deductible.
Some of the costs may not be deductible straight-up, but may be spread over a number of years, but other running costs like hosting etc are deductible when you incur them.

Michael Reid CA answered this question

Does every small business need an accountant ?

Unfortunately yes.
Mainly for one little problem.... tax.
Most accountants, especially of the CA variety, love tax. In fact, they get off on it. And tax laws can be complex and they're always changing. So business owners shouldn't waste time trying to stay on top of them. Find an accountant you can trust and then rely on them to get your tax compliance sorted.
For most accountants that's pretty much all they do: TAX.
But there are other accountants out there who'll look at your whole business. They can help you implement IT systems that'll make your small business simpler and easier and less stressful and they also look at your personal financial situation and your own goals and objectives and help you work towards them, not just give you a dirty big tax bill at the end of every year. 

Michael Reid CA answered this question

What is the difference between an accountant and a bookkeeper?

Top question Phil

This is what I think:

Bookkeepers process all the financial crap that gets thrown at you constantly when you're running a business, all the invoices from other people, all the invoices you issue yourself and they somehow automagically transform it into intelligent data, ie Profit and Loss and Balance Sheets. They usually talk about MYOB and Quickbooks and about reconciling bank statements and talk about BAS statements.

Accountants like to look down on bookkeepers as doing the 'dirty work' and get off on the fact that their role is much superior. Accountants LOVE to take the 'stuff' that bookkeepers produce and waste a whole stack of time putting it into their own accounting systems to produce their own set of financial statements. The accountants will tell the business owner their financial statements are better, are 'correct', and will boss the bookkeepers around to make 'adjustments' to their MYOB/Quickbooks files. Most accountants don't like this 'process work' and instead prefer to talk about more 'important' stuff... like tax. 



In contrast, there are some accountants that have woken up to the fact that we're in the 21st century and that software has evolved to the point where both of the above roles are becoming more and more redundant.

Awesome accountants will help set you up with the awesome technology that can give you clean, effective, up-to-date financial information at your fingertips.

Then once that's sorted, they also make sure your tax compliance is on lock. And they also love to advise on broader financial strategy and wealth creation.

Hope that helps Phil.

Hit me up on @mlr_ca if you have any other accounting questions.

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