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Bookkeeping
Services
Support Works can
provide high quality, cost effective bookkeeping and accounting services
to your business. Combining the latest bookkeeping software and many years
of experience, Support Works can attend to all your office accounting
needs including invoicing, purchasing records, recording receipts / payments,
bank reconciliation, payroll, monthly reports, creditors and debtors ledgers,
right up to the preparation and lodgement of PAYG Instalmentsand
preparation of
essential records / information to provide to your accountant or tax agent
assiting them in their compilation of your BAS and/or tax return.
Bookkeeping
One area that has long been recognised by experts as being a cause
for the failure of small businesses is their poor record keeping. It is
estimated that 1 in 15 micro/small businesses will fail due to inaccurate
record keeping necessary for Australian Tax Office (ATO) requirements.
There are three main
reasons why these businesses neglect their record keeping
- Lack of time
- Lack of expertise
- Lack of funds to
pay for support
So, each business
operator has to decide:
- Whether to spend
their precious time in producing their product / service - which is
what they do best
- Pay a bookkeeper
to keep their records for them - which is what they do best
This is called 'building
on your strengths' while outsourcing to other experts to look after your
weaknesses. It will save you money if you use a bookkeeper to make your
records 'accountant ready', as their fees will be less than if you did
them yourself or use an accountant to complete these regular tasks.
Invoicing
Support Works can prepare and submit professional invoices to your
customers for completed sales and all such invoices will be compliant
with ATO / GST requirements. We can also help you formulate and design
the format of your invoices to make them looking professional pre-empting
prompt payment. Also, these invoices can be issued to customers over a
variety of mediums - i.e. email, fax or plain old 'snail mail'. Also,
we can run regular reports to determine outstanding invoices and any overdue
accounts to ensure prompt follow-up and subsequent payment of dues.
Purchasing
All your purchases or services provided by your suppliers can be recorded
to keep track of your expenditure or expected payments of accounts with
these suppliers. Again periodical reports can provide a picture of where
your expected costs are at compared with where your sales income will
come from to determine your financial position at any time.
Business Activity
Statements (BAS)
Whilst the
ATO permits only accountants and registered tax agents to provide BAS
statements, tax returns or tax advice, Support Works can however prepare
and forward the essential financial records to your accountant or tax
agent for them to accurately prepare the necessary BAS/tax returns.
Personnel
Support Works has extensive experience in the managing of employee
records, tax calculations, leave entitlements, payroll calculations, superannuation
contributions, salary sacrifice arrangements, additional employee superannuation
payments etc. So if you are experiencing problems tracking accurate personnel
records then maybe discussions with our qualified staff will help your
situation.
Payroll
The calculation and payment of salary / wages can be a time-consuming
and challenging exercise. But if accurate records are kept and experienced
personnel, such as Support Works staff, are at hand then it can a smooth
and painless operation. Payment of workers wages can be done either by
cheque or directly into their individual bank accounts.
Quotations
Like our Business Administration services, we can prepare professional
quotations for any project(s) that your business may be bidding or tendering
for prospective works or services. These professional quotations will
ensure that your business and associated services will be highly regarded
and considered as a qualified and proficient enterprise.
Ask
the Virtual Consultant
Q; What is GST?
A: Goods
and Services Tax (GST) is a broad-based tax of 10% on most goods, services
and other items sold or consumed in Australia.
Q: Can my business
charge GST on my customers / suppliers?
Jim (Printer), Oakleigh Vic
A: If your
business entity is a sole trader, a partnership, a trustee of a trust
or a superannuation fund, or a company and has an annual turnover of $50,000
or more ($100,000 or more for non-profit organisations) or you have a
business with a lower annual turnover but voluntarily choose to register
for GST or your business provides taxi travel then you can register with
the Australian Tax Office (ATO) to ensure you meet your GST obligations.
Q: What is a BAS?
A: Businesses
use a business activity statement (BAS) to report and pay tax obligations
including Pay-As-You-Go (PAYG), Fringe Benefits Tax (FBT) and Goods &
Services Tax (GST), and to pay deferred company and superannuation fund
instalments.
Q: When do I have
to lodge a BAS?
Adam (Caterer),
Frankston, Vic
A: Businesses
have options as to when they submit their BAS - either annually or quarterly
- and whilst small businesses may not have much activity to report each
quarter it is the recommended period to ensure accurate records are kept
thereby satisfying Australian Tax Office (ATO) requirements.
Have you got a
question or point that may need clarification, then please send our Virtual
Consultant your query via the Virtual Consultant
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