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Top Finance and Accounting Trends in 2014

Feb 1

Posted by businessone in Tax Accounting and Bookkeeping | No Comments

First of all, welcome to this new lunar year of the horse on the Chinese calendar and happy Chinese New Year!  Based on the Chinese literature, people born in horse years are skillful with their money.  We hope this is the case for all of us.  In fact, finance analysts predict this year will be a great year in finance and accounting. Here are several top finance and accounting trends to watch in this new year:

The Rise of Small Business Entrepreneurship
With the economy on the rebound and technology on the rise, there’s a lot of talk about start-ups.  Recent news and analysis show that top entrepreneurs are calling this year as the year of the entrepreneur.  This is referred not just in developed nations but also across the world.  The rise in entrepreneurship could be a result of employers wanting to save money by not paying benefits.  A small business expert, J. Blasingame said that entrepreneurs who want to succeed need to focus on having a purpose beyond profit.

Welcome to 2014

Dominant Role of Social Media & Internet
From small start-up businesses to big banks, more and more people are using social media and technology to do business. In fact, Apple recently announced that there are now more mobile devices on Earth than people.  It’s hard to believe, isn’t it?  So this year, expect to see more finance based companies, like credit card companies and banks, with their own social media page and more promotions for customers. Maybe your small business should try this?

Increase of Property Market
The real estate market is finally making a comeback with the end of the housing crisis. Foreclosure filings were the lowest last year in almost 8 years. This year, analysts predict interest rates will go up three to 5%.  This is obviously an encouraging news for everyone.

Use of Mobile Apps for Payments
We have seen some trends in using a rewards credit card (such as a airline or hotel) with some great benefits.  In 2014, many companies are adding apps that track your expenses or let you know where to shop. We expect to see more mobile payment apps and even person-to-person payment services to send, receive or request money from anyone including friends, family and even landlords.  Major banks in Australia and New Zealand such as Commonwealth Bank (with its Kaching apps) and ASB Bank (with its Mobile Banking Apps and Facebook Payments) have already introduced the funds transfer service. This could be a good idea for your small business to receive payments faster.

There are a lot of new finance trends for 2014.  Hopefully, like those born in the year of the horse on the Chinese calendar, we are all skillful with our money. In the meantime, look out for these upcoming trends, which could help you save money in the future.  Good luck with the new challenges ahead.

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Important Facts About Australian’s Tax Return Procedures

Oct 30

Posted by businessone in Tax Accounting and Bookkeeping | No Comments

Let face it.  Tax return process could be complex. The majority of states acquire taxes in money. The method of taxation as well as the authorities costs of taxes raised is usually disputed in politics and economics. Through the enforcement point of view, tax collection is conducted by a government institution.  Whenever company or individual does not pay the taxes, it could proceed to criminal prosecution.

Tax returns in Australia are concluded on every June 30. However extension can be applied. Every 12 months, ATO publishes TaxPack, a totally free official document intended to assist people complete their return. TaxPack can be acquired free from most newsagents and can also be downloaded and installed from ATO’s online site (www.ato.gov.au). Extensions can be open to the individuals using a Authorised Tax Agent working on an extended lodgement system.

Australian individual tax payers may also lodge their return over the internet with the ATO’s e-tax software or through an online tax agent. In Australia, people and taxpaying organizations with taxable earnings should submit various returns with the ATO in respect of several kinds of taxation.
A tax refund or tax rebate is a rebate on taxes if the tax obligation is lower than the required taxes paid.Taxpayers can frequently get a tax refund on their tax when the income tax they need to pay is under the amount of withholding taxes and projected taxes that they paid, along with the refundable tax breaks that they claim. Tax refunds are money given back at the conclusion of the fiscal year.
In terms of enterprise, bookkeeping is essentially a process to document financial transactions. For instance revenue, invoices, purchases as well as payment made by an organization or particular person. Many people wrongly think of bookkeeping and accounting for being exactly the same thing. This particular misconception is commonly made as a result of bookkeeping function in accounting practice. This is just a aspect in accounting itself. The accountant produces reports from the recorded financial transactions documented by the bookkeeper along with files with government agencies. These techniques are widely known as bookkeeping activities. Most of these include the double-entry bookkeeping system and the single-entry bookkeeping method. However while these methods could be seen as “real” bookkeeping, almost any process that requires the tracking of monetary transactions is a bookkeeping process.
Bookkeeping is frequently accomplished by a bookkeeper. A bookkeeper, referred to as an accounting clerk or accounting specialist, is an individual who records the day-to-day monetary transactions of an organization. A bookkeeper is often responsible for posting the “daybooks”. The daybooks encompass purchases, sales, receipts, and expenses. The bookkeeper is mainly responsible for ensuring that all financial dealings are recorded in the appropriate daybooks, suppliers ledger, client ledger and general ledger. The bookkeeper provides the records to the trial balance stage. An accountant may put together the income report and balance sheet using the trial balance and ledgers made by the bookkeeper.  To find some information about professional tax services in Australia, you can visit official Certified Public Accountants website.

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What To Consider When Choosing A Tax Accountant For Your Own Small Business

Sep 28

Posted by businessone in Tax Accounting and Bookkeeping | No Comments

It is essential to understand that there are two kinds of accountants, so remember this when choosing one for your small business. You’ll notice those that concentrate on tax and bookkeeping and others that target the business advisory.

For you to pick the right accountant for your small business, you must know the different characteristics of each one as well as their strong key points. We have outlined some of these characteristics here.

Accountants Specializing In Tax and Book keeping

The vast majority of accountants are employed in tax and compliance. Their work descriptions specialize in maintaining finance records, Business Activity Statements, preparing tax returns with your local tax office as well as fulfilling any other tax duties. They are also in charge of preparing yearly financial statements.

Tax and bookkeeping accountants are usually involved with tax planning, which is determining ways to legally reduce the amount of tax that clients pay out. Increasingly, they’re also involved with pension funds (SMSF – Self-Managed Superannuation Funds), helping clients with their own private pension fund.

Most will help clients with bookkeeping and record keeping, so that the accountant can prepare their monetary statements, balance sheets, revenue and loss statements, and income tax returns. Some accountants may also help clients with small business software applications like MYOB, Xero etc.

Business Advisory Accountants

Business advisory accountants focus more on the review and appraisal of the small business functionality and look for ways to enhance it.

They work with their clients to prepare budgets and cash flow estimates. They also perform management accounting, which uses monthly and weekly data to analyze financial results and understand why a business did not perform as anticipated. Based on the results, the accountant will then help the client prepare loan proposals and cash flow outcomes for these findings.

Sometimes, a client might need the aid of the business accountant for business appraisals to help get it ready for a sale. Many are employed in the specific areas of property and succession organizing, which is progressively important as our population ages.

Points To Consider When Deciding On A Tax Accountant

Planning a monetary outline and informing you of the risk of a monetary investment to your business should be a quality to look for in a tax return specialist. They need to be equipped to help you organize cash flow and predictions for your small business. It’ll be beneficial in identifying your business goals.

Whichever accountant you ultimately choose, it is crucial that you can speak freely and openly with them. It rewards the both of you in the future when business ideas are exchanged in a free manner.

At W Advisory, our company has experienced Chartered Accountants who are able to help with your company needs on tax accountant solutions, tax return and bookkeeping services. We have reps in Sydney and Perth.

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The easiest way to organize your company’s tax report in a detailed means

Aug 8

Posted by businessone in Tax Accounting and Bookkeeping | No Comments

A large number of customers come to us somewhere between July and October and request us to carry out amazing things to be able to get all of them a more effective tax return compared to what they received the previous year. To help you continue to keep ATO’s conditions, we recommend our own clients to always keep complete bookkeeping data for the related fiscal year. Collate all your records and you?re almost to get the utmost refund on your tax refund as this gives us the chance to assess every chance to declare anything back again on your behalf.

What styles of points could I declare in my tax reporting?

So, what are generally the claimable cost? They are just charges related to earning the revenue. General deductions encompass elements for the purpose of job for example computing devices, regular membership for professional groups and monthly subscriptions, the fee for acquiring and washing clothing when you are required to wear 1, self-education bills pertaining to your current work, job-related trip, pro income tax assistance (and even the traveling fees involved with coming to W Advisory to discuss your own tax situations) and also specific charitable contributions. Look at how to tax return sydney. ATO delivers quite a few helpful guidance to help with tax reporting. This information is posted on their site absolutely free.

Documentation

Essentially, many people really don’t concern much about tax planning, except of course they really need to. For your current advantage, early income tax return arrangements suggests you actually is going to possess far better odds for you to obtain your own cash sent back earlier. So that you can claim for suitable tax deduction, ensure you actually get most of the additional files for instance receipts and statements. Before income tax payers secure a tax refund, they’ll have to satisfy specified regulations. If you are making a demand of more than 300$ or if your claim is used for a vacation expenditure then you should have prepared information to compliment your reclaim. Still you will be asked from the tax office just how you exercised your request even for demand lower than $300.

Basic documentation necessary for income tax reporting purpose

Evidence that an expense was for a business goal will have to be noted.The proportion of items put to use for both business and personal purposes should be registered. Written records need unique requirements regarding automobile and also traveling expenditures. There are several ways to decide claimable vehicle expenditures. The first option is to employ the logbook to record your mileage indication. This book can also be used as your cost information for non fuel as well as petrol expenses.Another option is to use cents per km. Using this method, you only need to present your mileage for business travels. Note that in case your employer repaid you for nearly all of your payments, you cant do it again by reporting it as a tax reduction.

In the last 2 years, the frequency of income tax audits have increased.This coming year, ensure you have the records to be able to receive your income tax refund.For further information about tax preparation best practices, click on our own webpage now.

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