Accounting is more than just recording data and calling it a day. When done correctly, experienced Parramatta accountants such as those from Advanced Accounts can help business owners stay on top of their debts, pay their employees proper salaries, guide growth, and manage funds efficiently. In addition, these experts can assist entrepreneurs in making their businesses truly cash-producing ventures.
With such crucial factors hinging on the effective management of business accounts, professional accountants in Parramatta are truly invaluable members of any business owner’s team. More than just keeping records straight, working with the right accountant will give entrepreneurs a wealth of information and concrete advice to steer their businesses in the right direction.
As a major business district in the Sydney metropolitan area, it’s no surprise that many of the enterprises that call Parramatta home are in a constant struggle to stay afloat and keep their competitive edge sharp. While many small businesses fail to take on a solid game plan that will protect their cash flow stream, know that hiring reliable Parramatta accountants can help secure your business from major cash flow problems.
The Business Budget
Along with so many other services, accounting firms like Advanced Accounts can help you create a reliable monthly and annual budget so you can have a nice bird’s eye-view of future expenditures you’ll need to prepare for. With this, you can identify how much money you’ll need to pay off recurring debt and troubleshoot your cash flow (by keeping it in the positive) before you end up drowning in debt.
Keeping track of such trends, as well as changes to the ATO’s tax rules, is best left in the hands of a reliable accounting firm that provides businesses of all stripes with experienced, professional accountants in Parramatta—such as like Advanced Accounts, for instance.
The ATO’s proposed tax treatment on crypto-currencies deserves a closer look. According to the ATO, income tax or GST implications don’t apply to bitcoins used to pay for private transactions unless the cost of the bitcoins exceeds $10,000. In addition, the ATO allows entrepreneurs to use bitcoins to pay their workers’ wages—provided a valid salary sacrifice arrangement was made. However, such a payment will be considered a ‘fringe benefit’, which means that provisions from the Fringe Benefits Tax Assessment Act will still apply.
In the end, the AAT still gave the carpenter a 50 percent administrative penalty based on the aforementioned shortfall amount. This case clearly demonstrates the value of hiring experienced Parramatta accountants from a firm like Advanced Accounts instead of relying upon one’s “knowledge” of the ATO’s tax rules. After all, businesses can’t just claim GST credits on any product indiscriminately as the rule does not apply to input-taxed items like bank fees and certain goods like basic food items.
Some small businesses also make the mistake of claiming GST credits even if they could not present a valid tax invoice.
Some business owners may consider transferring part of their property into the SMSF as a contribution, but there are pitfalls to prepare for. For instance, they can reap capital gains tax and even lose value over the contributions period, which an accountant in Parramatta will be able to factor in.
An SMSF can be one of the most valuable support options you will have in your later years. Accounting experts like those from Advanced Accounts will ensure all the money you put in will grow and be ready when the time comes.
“Dealing with government regulations is part of doing business, and many large companies have departments specifically created to guarantee that they are complying with the rules that affect their operations. However, local businesses that don’t have the ability to run a department that handles these regulations can turn to professional Parramatta accountants, who can help them abide with existing laws, rulings, and standards.
In the case of the recent wage hike, trusted accountants in Parramatta, such as those affiliated with Advanced Accounts, can help many local businesses fully understand the intricacies of the regulator’s decision. Accountants can go through the available legal documents and draw out the appropriate wage computations that would conform to established regulations. They’ll even advise their clients on the tax implications of these changes.”
“As with any other business, meeting new clients we can work with, while maintaining the good rapport we enjoy from existing customers, is important to Advanced Accounts. It is in this regard that our team of expert accountants in Parramatta is eager to announce that our company is currently planning to host a client open day in the near future.
The client open day will give Advanced Accounts a chance to meet new people and strengthen our relationships with the many medium-sized companies who have continued to trust in our expertise. The event will provide us with the ideal venue to showcase our services to all our prospective clients and demonstrate how Advanced Accounts does more than just help them keep their books in order.”