Small businesses: Research shows that Aussies use electronic methods like EFTPOS to pay for more than 75% of transactions these days.
With most people preferring to pay electronically, you could benefit from electronic payment and record keeping systems if your business is currently ‘cash only’ 💳👍Electronic record keeping can help your business manage the rise of e-payments, streamline your accounting processes and save on physical storage space. Courtesy of ATO website.
Get setup on Xero now.
If you have been thinking about getting setup or moving across to Xero accounting software, now is the time to do it so you are all ready to go in the new year. We have some capacity before we finish up for the year for a couple of weeks break. Give us a call and see how we can assist you.
Now is the time to get your books in order and up to date for your year end tax if you don’t already. As local Northern Beaches bookkeepers we see many small business’ struggling at this time of year. This shouldn’t be the case, we can assist you with your bookkeeping on a regular basis so you do not have to stress at year end plus you would have the added advantage of knowing the financial position of your business on a day to day basis. Just because you have money in the bank today, does not mean your business is trading as well as it could be. We can set you up on Xero accounting software and take care of all your bookkeeping and BAS agent requirements plus keep track of your payroll and superannuation compliance.
Give us a call today or send us an inquiry via our contact form. You will wonder why you did not get started sooner.
Not sure whether to go with MYOB or Xero for your bookkeeping needs?
We find it really depends on your individual requirements so would not say straight out which one is better for you without some initial consultation. Whilst we now prefer Xero software for our bookkeeping practice and our clients are mostly on Xero, we do still have a few clients who work on MYOB Essentials or MYOB Accountright Live. MYOB is trying to move all of its customers away from the old desktop versions onto the newer more expensive current live versions so eventually the desktops versions will no longer work. It does make sense to move to the newer versions of any accounting software as they have better options and bells and whistles. However, you may not need all that the newer versions have to offer and may decide now is a good time to switch over to Xero which is purely a cloud based software which you can log into on any device and does not need any software which needs to be updated continuously. We still think MYOB is a better option if you have inventory and need to build inventory items whereas Xero uses various add on partners to deal with this type of inventory. Xero does have a basis inventory or stock management system which may suit a lot of small or medium sized businesses.
With Xero, you can invite your staff into their payroll function where they can enter timesheets and allocate their time against certain jobs plus they can request annual leave or sick/carers leave and you get to approve it.
There is a whole lot more so if you wish to see if Xero or MYOB is the right software for you, please contact Coralie on 0423 879 056 or send us an inquiry via our contact form.
If you are a new small business, you can start using the simpler BAS ahead of the full implementation date of 1 July 2017.
To start reporting GST using the simpler BAS, you need to have:
With the simpler BAS, you only need to report:
Why not take advantage of this option and simplify your GST bookkeeping and reporting before simpler BAS becomes the default GST reporting method for all small businesses.
Next steps:
For all your BAS assistance, give Northern Beaches Bookkeeping Solutions a call.