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Tips & Tricks 10 February, 2018

So how do we make it so reasonable ?

How do we make it so reasonable?

Reporting to the government to pay tax is the reason that businesses complete accounts – yes. If you didn’t have to pay tax would you get your accounts completed?

Businesses that turn 10 million dollars or less in Australia can report on a cash basis. That is accounts are completed and reported on the basis of money in and money out. That is all transactions through your bank account. So all our clients report on a cash basis.

So you collect GST when someone pays you and you can claim GST when you pay for a business expense. That means that really your accounts are completed from what goes through your bank account.

By using cloud based technology and some very efficient and smart humans, we are able to, through a bank feed complete the accounts efficiently. We then send you a cruncher (cash flow) report where you can view all the transactions, and we send you a monthly profit and loss and balance sheet. Every 3 months we complete your BAS and lodge after your signing.

Most of the information we need to get on with the job and not annoy you is collected when you sign in and become our client. Then you operate out of one bank account with an attached card if you are using it for business payments.

Our system has been built by a business service company that has been developing this service for a number of years. We have trialed it successfully and are bringing it to self-employed people in Australia.

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