Your Trusted Partner
Ethics and Excellence in Accounting
Frequently Asked Questions
Compliance vs Advisory
What's the difference?
Compliance is lodging your activity statements or income tax returns and preparing year-end financial reports.
Advisory services provide you with assistance, guidance and expertise in relation to your business growth opportunities. Advisory services help you better manage and be prepared for the future.
Examples of our Advisory services provided:
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tax planning
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budgeting
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forecasting
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succession planning
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financing options (we have reliable partners who have expertise in all different industries)
How often should I see my advisor?
Regular check-ins means better business!
If you only see your advisor once a year then it's only for your financial year-end compliance. Seeing your advisor regularly will help you better manage your business and have the opportunity for growth and succession.
When looking at advisory services, you need to consider this will involve regular visits. Depending on the size and operation this could be bi-monthly, monthly or quarterly meetings and reviews.
Why Xero?
Better business with Xero:
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Improve cash flow and save money
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Improve efficiency and save time
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Keep your business information safe
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Stay in control of your finances
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Enjoy the freedom to work from anywhere
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Present a professional image
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Boost productivity with optional add-ons
"Spend more time doing what you love – wherever you like – while Xero helps you grow a more efficient, professional, successful business."
Why What When How Who?
When do I need a bookkeeper?
What are the signs?
Several signs indicate a business needs a bookkeeper.
These include:
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difficulty paying bills on time,
-
struggling to meet payroll deadlines,
-
regularly overdrawn business accounts, and
-
using personal funds to cover business expenses.
Other signs include:
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difficulty securing loans or funding due to poor financial records,
-
declining sales with increasing debts, and
-
books that are never up to date.
Why should I pay my ATO liabilities on time?
What are the implications?
We know that legislation is about to be passed that General Interest Charges (GIC) are not going to be tax-deductible.
How will that affect your business?
This means any money that is not paid by the due date to the ATO may incur GIC, which won't be allowed to be deducted on your tax return.
What are my responsibilities?
Are you a director or trustee?
Your responsibilities are typically written in your constitution or trust deed.
Read it!
Responsibilities that seem to be unknown:
-
You are required, at minimum, to prepare financial statements (reports) every financial year end.
-
Director loans or corporate beneficiary loans must not be in a debit balance (owed) by the financial year end; otherwise, a Div 7a loan agreement may be required.
Why What When How Who?
When do I need a bookkeeper?
What are the signs?
Several signs indicate a business needs a bookkeeper.
These include:
-
difficulty paying bills on time,
-
struggling to meet payroll deadlines,
-
regularly overdrawn business accounts, and
-
using personal funds to cover business expenses.
Other signs include:
-
difficulty securing loans or funding due to poor financial records,
-
declining sales with increasing debts, and
-
books that are never up to date.
Why should I pay my ATO liabilities on time?
What are the implications?
We know that legislation is about to be passed that General Interest Charges (GIC) are not going to be tax-deductible.
How will that affect your business?
This means any money that is not paid by the due date to the ATO may incur GIC, which won't be allowed to be deducted on your tax return.
What are my responsibilities?
Are you a director or trustee?
Your responsibilities are typically written in your constitution or trust deed.
Read it!
Responsibilities that seem to be unknown:
-
You are required, at minimum, to prepare financial statements (reports) every financial year end.
-
Director loans or corporate beneficiary loans must not be in a debit balance (owed) by the financial year end; otherwise, a Div 7a loan agreement may be required.