Development and evolution in bookkeeping
With the rapid and astonishing expansion of technology, that pierces through the core of all professions and establishes its mark, we humans suggest that a “perfect word” is slowly approaching. As far as the accounting realm is concerned, technology has enriched it by providing impeccable accounting software and adroit methodologies for financial organisation. However, all these advancements are deemed inadequate when alternative companies tend to lay back and settle with traditional methods of accounting that are deemed for failure and disorganisation. A manual accountant is no longer a viable option as financial processes are slowed down and the percentage of a mistake is evidently high. New, technological advancements are finally here to engulf the financial realm, dispersing the need of manual and old fashioned accounting practices.
Our software and technological client interface is meticulous and seldom do alternative online accounting companies acquire this quality of infrastructure. Software such as Xero enables us to be in complete control and display all your financial statements within a user-friendly area, thus keeping an organised portfolio and a happy client! Nudge Accounting have embraced technology and with new, young and versatile online accountants, we are the future of the accounting realm. A digital era, where bank statements, tax lodgements and all financial related affairs are completed through the internet in an online area is what we are facing at the moment. Accounting firms have yet to realise the reality of the situation, by sticking to old and washed out methods of accounting. Nudge Accounting, the professionals, utilise the new tendencies and envision the future of accounting, online accounting!
Computers have changed the nature of accounting. They evolved accounting into a face-paced dynamic profession that requires adroit members and a core team. The profession has evolved to a point where accountants need to acquire further skills, such as interpreting data, giving good financial advice, suggesting accurate business decisions and overall assisting the client on a more influential level. Today’s accountant has adapted into a business consultant rather than a human calculator. Luca Pacioli (1494) was the first to analyse the systems of debits, credits, journals and ledgers. Pacioli’s writings are the basis of modern accounting. With that in mind and the upbringing of technology, Nudge Accounting propelled their excellence and with their dynamic team of online bookkeeping professionals transcended competition and have cemented themselves as the leading online bookkeepers in Australia.
Alleviate the perpetual stress normal bookkeeping procedures may bring out. Forget all the convoluted and painful paperwork situations that flourish failure! With Nudge Accounting you will receive the utmost professional online bookkeeping service with a structured reporting system that will have you in control of your finances. Contact Nudge Accounting, today!
Dynamic Online Accounting
Evolution, progression and growth are inevitable factors in the majority of industries. Technological advancements and leaps into the realm of the unknown have become a trend in today’s era, speculating whether or not our progressive minds might just be a tad too much. Traditionally, regarding the accounting world, an individual would pack their suitcase fill it up with a year’s worth of paperwork and spill them in front of the accountant so they could action it over a longer period of time. However, our adept thinking in concordance with the flourishment and uprising of the internet, have lead us to new and versatile ways of accounting. New accounting. Fast accounting!
First and foremost, online accounting is engulfed and executed by online accounting software. Something that not only boosts the speed of accounting procedures, yet also provides a user-friendly environment for both the understanding of the client and the efficiency of the accountants. Following this, one thing we always need and seek with our accounting, security. Security is key when dealing with financial statements and matters. With an array of security certificates embedded in online accounting, one can never go wrong in choosing online accounting. Safer, faster and more accurate accounting!
Invoicing, payroll management and cash-flow can all be measured and grasped in numbers and ease with online accounting. These factors are critical as they provide revenue for your company and valuable income. In addition, productivity is also increased. Paperwork can be tedious, causing employees to get distracted and become less productive. Online accounting software, combined with online accounting techniques is a much more effective procedure than filling out paperwork because half the work is already done for you!
Nudge Accounting take pride in providing the utmost finest online accounting service across Australia, with a variety of small to medium businesses and accounting excellence, technology and Nudge go hand in hand, just like the glove fits the hand! Equipped with the necessary and up-to-date online accounting software, we propel our clients to prosperity and maintain an organised financial structure. Online accounting plays a pivotal role in today’s businesses and could turn out to be a detrimental factor for those who have elected against it.
Concluding, older and more traditional methods should be kept in the past! Immense paperwork and enormous amounts of time will and tend to lead to mistakes, costly mistakes! Newer and more adroit online accounting techniques are favourable, time-saving and accurate. Your choice…
Bon voyage anyone?
The alluring manifestation of increasing hospitality services in today’s era is evident. The plethora of small bed and breakfast studios or immense multi-star hotel complexes are multiplying erratically. A resilient accounting team is always a preference since, fluctuating exchange rates, tight margins and increased regulation across the sector all have a significant impact on your business. Tourism tends to be a “hit-and-miss” industry. Exceptionally for small to medium enterprises. A wide range of accounting services are required to harmoniously blend in order to propel your hospitality business. Auditing, tax compliance, mergers & acquisitions, industry bench-marking analysis and many more…
Hospitality is by far one of the world’s most exciting and rewarding industries. Many a person tend to divert their career towards a path in hospitality. Lucrative yet delicate, the hospitality industry requires firm and versatile accounting knowledge! Nudge Accounting provide a solid accounting backbone to assist and organise the financial sectors of any tourism or hospitality business. Obtaining a formulated structure will help you improve the operating effectiveness of any restaurant, hotel, club, bar, or institutional facility you manage. Just as you learned in elementary school about the rule that says 1 + 1 always equals 2, accountants found in hospitality business have developed their own specialised rules and procedures that govern counting, recording, and summarizing financial transactions as well as analysing and reporting them.
However, let’s not confuse managing and accounting. Accounting is a tool used by good managers! It is vital to remain organised and stable in the hospitality realm. One false manoeuvre could send you back to the drawing board! Whenever a guest purchases a beverage, a meal or even a souvenir from your hotel you must have acquired the suitable team to document and organise listings, audits and weekly reports on all expenses and many more. Nudge Accounting are capable of reinvigorating your hospitality business providing performance management reporting, annual tax preparation and lodgements, monthly KPI’s, strategic tax and managerial approaching to cover a small spectrum of our immaculate services!
Wrapping up, the importance of a structured and systemised accounting backbone is essential for the blossoming of a business in the hospitality region. Dealing with a numerous amount of clients in such a vigourous environment can be a daunting task. Nevertheless, Nudge Accounting is here to enlighten you on how to manage and arrange your business without missing a penny!
What is payroll tax?
Often business owners get confused with payroll tax and PAYG Withholding Tax. Whilst they are both paid by employers and related to the staff they employ, they are two completely different taxes.
What is the difference between PAYG Withholding and Payroll tax?
PAYG Withholding is a tax on staff wages. It applies to businesses of all sizes, regardless of whether you have one staff member or 1,000 staff members. For more information, refer here.
Continue reading “#TaxTipTuesday: What is payroll tax and when do I need to pay it?”
Finding a small business bookkeeper is one of the most important decisions you can make in the management of your small business. But how do you choose the right bookkeeper for your small business?
1. Is the bookkeeper qualified?
This is a must! Whilst this might sound unusual – not all bookkeepers are qualified. You should look for TAFE or industry qualifications as well as ensuring they are registered BAS agents. External Bookkeepers who calculate your GST or your payroll liabilities are required to be registered BAS agents.
2. Do they know how to use your accounting software?
Always ask your bookkeeper what accounting software they use most to ensure they know how to use your accounting software well (and in an efficient manner). As a general rule of thumb, if the accounting software used in your business does not fit into the top two, then it’s probably best to look elsewhere. Continue reading “TaxTipTuesday – 3 tips to get the right bookkeeper for your small business”
What is a Business Activity Statement (BAS)?
A BAS is a tax reporting requirement for businesses. It is used for reporting and paying goods and services tax (GST), pay as you go (PAYG) and PAYG withholding tax and other tax obligations. Once your Australian business number (ABN) and GST are registered with the ATO, they will automatically send you your BAS when it is time to lodge. It is important to note that all business registered for GST are required to lodge a BAS by the due dates as listed below.
Due Dates For Lodging and Paying your BAS
Your BAS will either be due annually, quarterly or monthly. If the due date is on a weekend or public holiday, you can lodge your form and pay on the next business day. Continue reading “#TaxTipTuesday: When is my BAS Due?”
It was recently determined by the Australian Tax Office (ATO) that if you make money from YouTube, you are classed as a ‘Performing Artist’ and you now have to pay tax on that income.
When are you classified as a Performing Artist?
In the eyes of the ATO, you are a performing artist when the income that is received from Google for your YouTube account video is a reward for providing services relating to activities as a special professional.
When you upload your videos to youtube, you can make revenue by opting to allow advertising to run across your video. The income is then split between Google and the content-generator. Therefore the income can form part of your assessable professional income.
Is this applicable to everyone?
The ATO considers circumstances including regularity, your business plan and a view to making a profit. So if you you are receiving a lot of hits and the clip is deriving income, it is likely the activity would be deemed organised and repeated and you would be required to pay tax.
This Tax Tips Tuesday is brought to you with love by Nudge Accounting. You can read other Tax Tips here.
What is a tax loss?
A loss is made when the total deductions you claim exceed your income in the financial year.
Why are tax losses important?
It is important to know how to treat a loss when you are starting up a new company, as generally, most businesses will not make a profit in there first year of trading. This is often due to the initial investment in setting up the business and getting it running leading to a loss in the business until sales catch up. Continue reading “Tax Tip Tuesday: Can I use tax losses in my business?”
Is My Business Laptop a Tax Deduction?
Generally speaking, yes. If your laptop is used for your small business, it is a tax deduction. However, the cost of the laptop will determine whether it can be claimed as a tax deduction immediately, or whether it must be depreciated (claimed over a number of years).
These rules apply not just to laptops, but to most other assets/equipment purchased for your small business.
What are the rules
If you have a small business (small business entity) which is an individual, partnership, trust or company with aggregated turnover of less than $2 million, than you can use the simplified depreciation rules. Continue reading “Tax Tip Tuesday: Is My Business Laptop a Tax Deduction?”
A PAYG Instalment forms part of a small businesses BAS (Business Activity Statement). But what exactly is a PAYG Instalment? And when do you need to pay it for your business?
What is a PAYG Instalment?
A PAYG Instalment (or Pay As You Go Instalment) is the ATO’s way of making us prepay our income tax during the year for our Business.
When do you pay PAYG Instalments?
When you lodge your Income Tax Return for your small business, any PAYG Instalments paid during the year will be a credit against the Income Tax calculated. So by prepaying your tax it will help to reduce or avoid those lumpy tax payments at the end of the year, which no business wants!
A PAYG Instalment amount is calculated based on your previous tax return lodged. So, if you paid some tax last year for your business, it is likely that you will have to pay PAYG Instalments this year. However, if it is your first year of operation you won’t pay PAYG instalments, as you haven’t lodged your first tax return yet. Also, if your business was in a tax loss position last year, you will not pay tax instalments as the tax payable last year was nil. Continue reading “Tax Tip Tuesday: When do I pay PAYG Instalments for my Business?”