Taking your accounting on-line

September 24, 2017

Most of us have spent many years happily using our ‘trusted and true’ desktop accounting systems.  Some businesses are already taking advantage of the benefits on-line accounting can produce. Other businesses are yet to start the journey.

For some, the thought of going on-line brings up all sorts of fears, security, loss of backups, access, internet reliability.  These are all valid issues and need to address on an individual basis.  One size does not fit all.

Once on-line the are just beginning.  Depending on the system you choose you may use all or some of these:

  • Bank feeds – less data entry
  • Single Ledger – you, your bookkeeper and accountant can all access the same data meaning the end of duplications and multiple file version
  • Access – the ability to work from anywhere
  • Integration with other systems (know as add-ons).  Data moves from one system to another without re-keying
  • Storage – less paper records to store for 7 years, easier to find documents
  • Reporting – real time data
  • Payroll – employees can access their own pay slips and prepare on-line leave requests
  • Backups – provided by the on-line vendor

Effective Services can help you to make the change to on-line accounting as easy as possible.  We can:

  • Analyse your business needs and review suitable systems
  • Determine the best implementation plan with you
  • and organise the conversion
  • Train you and your staff
  • Give support during the change over until you and your staff are comfortable and seeing the benefits.

 

Reviewing your business progress

September 21, 2017

Sue recently attended training for reporting system Calxa. This is largely used by Not for Profit (NFP) organisations.  These types of organisations have traditionally prepared annual budgets, monthly reports for Boards or Management and reviewed their results on a regular basis.

You don’t have to be an NFP to benefit from regularly reviewing your results!  This does not need to be time consuming or costly and can save you money by helping you make more informed, financial decisions.  Talk to us about about the right reporting and review process for your organisation.

End of Financial Year again. 

June 12, 2017

Here are few things you can do to get ready:

  • Make sure your accounts are up to date
  • Contact your accountant to discuss options for reducing your tax bill
  • File all source documents – either on paper or in soft copy
  • Check employee details are complete for Payment Summary production – due to employees 14th July and to ATO by 14th August
  • Pay your super by 30th June if you want the tax deduction in this financial year
  • Check all subcontractor details are complete for Subcontractor Report production – due to ATO by 28th August
  • Performing a stock take is useful if not mandatory
  • Review your asset list for any items you’ve disposed of or no longer use
  • Review your debtors and creditors and ensure reports are accurate – write off bad debts and clean up accounts payable if necessary
  • Review any possible Fair Work increases to Awards – the minimum wage increases on 1st July Fair Work 3.3% pay increase from 01 July 2017 and changes to penalty rates Fair Work changes to penalty rates from 01 July 2017
  • As the financial year draws to a close you will know your results for the 12 months. It’s a good time to review your profit.  Can you reduce any costs, should you consider increasing your prices, review staffing levels, are your current business systems suitable to take you through the next year?
  • Preparing a budget for FY2018 and entering it into your software will allow you to easily monitor your progress

 

Year End Training

June 11, 2017

The Effective Services team has been busy attending various year end training courses so we can keep you up to date.

Monica and Sandra have both attended the Institute of Bookkeepers EOFY workshops

Sue has spent a week at the annual FNQ Certified Consultants meeting covering software and legislation changes as well as sessions from the ATO, Liquidators and Human Resource Experts.

Erica is overseas and is doing her training on-line.

Fair Work – recent cases

May 7, 2017

Hair and Beauty Salon and retail outlets are the focus of a new Fair Work Ombudsman compliance campaign.  You can read the article here

However that doesn’t mean your records shouldn’t be compliant if you operate a business in another industry.  We’ve all seen the news lately about celebrity chefs George Calombaris ( read more on George ) and Adriano Zumbo ( read more on Adriano) finding their staff were being underpaid and having to pay $1000s in back pay.

Any member of your staff may think they’re underpaid at any time and pick up the phone to Fair Work.

Let us know if you think your payroll needs a review.

Keeping you up to date

February 20, 2017

As we continue in our efforts to keep you as up to date as possible, we have recently attended the following events:

  • Xero Roadshow 2017
  • MYOB Incite 2017
  • Regular bookkeepers’ discussion groups

Upcoming training includes:

  • Accounting Expo
  • Institute of Certified Bookkeepers Annual Conference
  • Various webinars

These events include updates on compliance changes, software updates, best practice bookkeeping tips, new systems and applications