FAQs

General:

  • We take care of everything so that you can focus on your business. Outsourcing bookkeeping and tax will also help you to focus 100% on launching and growing your business without being distracted by time consuming administration that is not a key factor of success for your business

  • We set up and provide you with Xero Accounting software which allows you to do everything fully digitally for keeping track of your company finances – you can simply send our team a digital copy of any receipts/invoices for us to correctly reconcile for you. It is also mandatory for you to keep all of your business records for up to 5 years – we will reconcile this and help you to store it in the cloud for you! No need to keep your receipts. If you lose your accounting records this could result in liabilities and penalties.

    The average salary of a qualified accountant in Australia is $100k ($8k per month) – by paying only a small fraction of this cost you get direct access to our qualified Accounting & Tax team to support you with your business through the financial year.

    Run your admin for your company fully online, no need to keep physical receipts, meet up in person or waste your valuable time.

Tax:

  • We help you to meet every important reporting deadline. For example if your company’s Business Activity Statement is not lodged on time, you will incur a fine from the Australian Taxation Office of $222 for every 28 days that it remains overdue and general interest charges for the total amount outstanding. Fines are compounding – i.e. if you don’t lodge your BAS for 1 year then you could be liable for $2,600 in late filing penalties plus additional penalties.

    The due date to lodge and pay your monthly BAS is the 21st day of the month following the end of the taxable period. For example, a July monthly BAS is due on 21 August.

  • Yes, accounting is the process that focuses on the analysis of your company’s finances. Your company then will use these accounting processes to calculate your tax deductions and payments.

  • Tax effect accounting is an accounting method whereby both current and future taxes are accounted for in the balance sheet. There are tax effect accounting frameworks which you need to follow, so tax expertise is highly recommended. It is mandatory for reporting entities to use tax effect accounting, but non-reporting entities have a choice of whether to use this accounting method.

  • Accrual accounting makes your financial statements easier to understand and gives a more accurate picture of your business’ financial position. While it does involve some accounting expertise, accounting software such as Xero has made it easy. Accrual basis of accounting is advocated under both accounting principles and international financial reporting standards. This makes it mandatory for most businesses, especially large corporations.

Payroll:

  • Also called single touch payroll (STP), is where employers report their payroll information to the ATO each time they pay employees using STP-enabled accounting.

  • Payroll tax is a State tax employer pay calculated as a percentage of wages paid or payable to employees (including directors and contractors) when the total Australian taxable wages exceed the threshold amount.

  • If you need to calculate taxes on your pay, or you are a business doing manual pays, you can use the ATO calculator here. If you are a business owner and use payroll accounting software, the software will automatically calculate the taxes in each pay run.

CFO:

  • You should outsource a CFO in two situations

    1. If you are a small, growing business where you don’t have many needs or the ability to pay a full time CFO; or

    2. If you are a large business that only needs CFO services occasionally.

  • Begin by filling out our Get Started form here. Our team will set up a call to discuss what fits your business needs and answer any questions. After you sign up, we will further scope out the details of supporting your financial needs and timelines during a kickoff call. Our goal is to deliver robust financial analysis and expert support to unlock growth for your business. For more details on our CFO Services, see here.