Welcome to Nudge Accounting, We have over 80+ years of expertise in accounting and bookkeeping services.
Online Bookkeeping & Accounting Services Nudge Accounting

Suite 139/243 Pyrmont Street, Pyrmont NSW 2009

Mon - Fri 9.00 AM - 6.00 PM (AEST)

Saturday, Sunday Closed

Tax Tips Tuesday – What are PAYG Instalments?

Tax tips, accounting, PAYG Instalments, bookkeeping, small business, nudge accounting, startupsPay As You Go Instalments (PAYG Instalments) is the Australian Tax Office’s way of making us prepay our income tax during the year. This means that 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, although no one likes to pay tax, PAYG Instalments helps avoid or reduce the lumpy tax payments at year end. Generally, this is paid through the Business Activity Statements each quarter and the ATO gives two options to calculate how much to pay:

  • PAYG Instalment Amount (this is a fixed dollar amount they provide)
  • PAYG Instalment Method (this is a % that you apply to business or investment income)

Registration for PAYG Instalments will be triggered once the ATO sees your income tax return includes business or investment income (eg dividends, interest, partnership or trust distributions) and, if you are a sole trader, when your income from these sources is more than $4,000. Continue reading “Tax Tips Tuesday – What are PAYG Instalments?”

Startup CEO’s should outsource accounting

Nudge accounting, online accountants, small business, xero, outsource accounting

A client sent me an interesting link the other day. It was about outsourcing and the tasks that startup CEO’s should outsource. And one of the key points was to outsource accounting.

I love it how they have talked about the things to outsource including HR, office decorations etc. But that part about outsourcing accounting made it for me so I have reproduced the section below:

“In fact, spending time on financial anxieties or exhilarations brings along huge opportunity costs, especially for a skilled CEO, whose time is infinitely valuable to their startup’s success. If you’re tempted to tinker – or even if you aren’t – limit yourself to P&L check-ins. Your one big goal is growth, right? Feed it one big metric to match. Continue reading “Startup CEO’s should outsource accounting”

Tax Tip Tuesday: GST and Small Business Cashflow

Tax tips, accounting, GST, bookkeeping, small business, nudge accounting, startupsMost small business are required to pay GST on a quarterly basis. A problem we see a number of small businesses encounter, particularly startups, is that cashflow can been a little tight when the end of the quarter comes around.

An important issue to remember is that when charging customers, the additional 10% invoiced as GST shouldn’t be considered as income or money coming in. The reason is that it will end up being paid to the ATO at the end of the quarter. This is easy to forget, particularly when decisions need to be made about paying yourself or making investments for the business and you look at your bank balance to see what you can spend.

To assist in dealing with this cashflow issue at the end of the quarter, some small businesses put the 10% aside into a separate bank account as soon as the income is received. By doing this, the funds are kept away from the general bank account.

At the end of the quarter, when the BAS is prepared, it is very likely that the GST put aside may be too much because it doesn’t account for the GST refundable on the expenses incurred. So rather being short on cash at the end of the quarter there would actually be a little extra, which has been saved in the separate account. This system works well with a number of small businesses and startups.

Other times, we see business who receive monthly performance summaries as part of a Nudge package look at what they owe the ATO at the end of each month and set that money aside.

Either way, these businesses are planning for the future by managing GST as part of their small business cashflow.

This Tax Tips Tuesday is brought to you with love by Nudge Accounting.

Roughly half of small business owners do their own books and accounting

In last month’s issue of Dynamic Business Magazine, I co-authored an article based on some research I did with UTS. We interviewed over 700 small businesses (size: 0-20 employees) – you can check out the article at http://ow.ly/dwISk.

One of our key findings was that almost half of small businesses do their own bookkeeping and accounting. Why? The main reason really came down to money and affordability.

Another interesting observation was that over 90 percent of small businesses used their end of year financial statement to work out how well their business performed.

These two findings really tie in with the Nudge story. By doing all the monthly bookkeeping, accounting and tax for small business at really affordable rates, we empower small business to make great decisions for their business now, not months or years in the future. And by doing everything, we can give the night back to small business. Read more about our story here.

Cheers

Emma

We Are E.S.T. 2012

Who WE Are

At Nudge, we do it all for your small business: bookkeeping, accounting and tax. we can also help you with tax advice, company setups, personal tax, monthly performance summaries and specialist advice for small business owners. All work is completed by Aussie Accountants so you’ll never have to worry about compliance again.

Nudge Accounting
100% Online Accounting
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TESTIMONIALS

OUR COMPANY

OUR COMPANY Quality

With the uprising of technology and the plethora of competition in the majority of industries, business owners tend to seek help and assistance in managing and tailoring their business to suit the era’s needs and expectations. The process of accounting provides reports that bring key financial indicators together. Understanding financial concepts and gearing clients to financial success is what we exceed at here at Nudge Accounting.Our expertise lingers throughout the field of online accounting and engulfs all financial cases. With years of extensive experience and a dedication for our clients success, we endeavour to evolve our existing methodologies, in order to transform into Australia’s leading online financial firm.

OUR COMPANY Commitment

A successful marriage between bookkeeping and accounting will contribute to the long-term financial success of any business. Nudge Accounting takes pride with their online bookkeeping and online accounting services that encompass all aspects and sectors of finance to ensure our clients receive the utmost finest service. Commitment is an attribute we stand for as client satisfaction is always key to evolution.Our reliability is second to none, as we ensure our clients are well organised and pursuit their financial tasks with accuracy and precision. Nudge Accounting propelled their excellence and with their dynamic team of online accounting professionals transcended competition and have cemented themselves as the leading online bookkeepers in Australia.

OUR COMPANY Success

Our software and technological client interface is meticulous and seldom do alternative online accounting companies acquire this quality of infrastructure. This is what portrays our excellence and gears Nudge Accounting towards success. We ensure client satisfaction, by going through all the details and explaining financial situations to our clients. Engaging the client is what makes us stand out!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!

WE HELPING SMALL BUSINESSES

Nudge provide exceptional accounting service and support whilst remaining price competitive. All of our packages provide the same great features for your small business accounting needs, which includes:

  • Performance Management Reporting
  • Annual Tax Return Preparation and Lodgements
  • Annual Financial Statements
  • Financial Monthly Statements
  • QTR BAS Preparation and Lodgements
  • Monthly KPI's to Identify Improvement Areas
80
YEARS OF
EXPERIENCES
$250m
UNDER MANAGEMENT
REVENUE
$150m
TOTAL
ASSETS
100
% SECURE
CLOUD STORAGE

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