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

New in 2017

January 19, 2017

During the last 2 weeks of last year, while Parliament was sitting,  a large number of laws were passed in a relatively short space of time.

Some that will affect us in 2017 include:

  • Superannuation changes
  • Backpacker tax
  • Simplified BAS
  • More ATO paper forms being moved to mygov
  • Changes to small business tax rates
  • $20k Instant Asset write-off finishes 30th June 2017

If you want to know how these changes may affect you, contact us on 02 9555 2395

 

Smart accounting and bookkeeping for businesses on-the-go, 24/7

November 12, 2016

Bookkeeping and accounting are an essential part of running any size business. As our lives seem to get busier and more demanding, business owners are looking for ways to perform critical tasks faster and more efficiently. The need to run a business from anywhere and at any time is becoming increasingly important.

At Effective Services, we’re proud to announce the launch of our free new mobile bookkeeping App, aimed at helping our clients easily access, utilise, and update their bookkeeping and accounting information on-the-go, 24/7. Effective Services is one of the very first bookkeeping businesses in Australia to offer this technology to clients and businesses.

Businesses are looking for ways to find time in their schedules, and the innovative Effective Services App aims to make this a realty. App-users can access calculators, check tax information, keep track of financial dates, upload receipts and manage expenses, log company vehicle miles, access bookkeeping programs, and contact their bookkeeper directly – all from one App on their mobile device.

Effective Services Smart Accounting App features

The Effective Services App is a tool for clients and business owners to use in order to easily update, manage, and access all of the key bookkeeping information they need at any time. Features of the App include:

  • Easy-to-use Calculators for tax rates, PAYG Withholding, loan repayments, company tax, GST and other important financial calculators to use on-the-go
  • Never lose track of receipts again with the Receipt and Expense Manager. Simply take a photo of the receipt, categorise it, store it, or send it to your bookkeeper right away
  • Tax Tables such as company and individual tax rates
  • An electronic GPS Logbook for company vehicles, trips, and expenses to make sure business mileage is tracked accurately and is available for export at any time for claims
  • Important Financial Dates for BAS, tax lodgement and payment
  • An Income Tracker to keep users up to date with incoming financials and multiple streams of income
  • Access from within the App to accounting and bookkeeping Apps so users can invoice clients easily from the mobile device
  • A 24/7 real-time Finance News stream for users to keep on top of the latest developments in finance

These features are designed to help users quickly see information at their fingertips whenever they need it, to update details as they go, to save time and communications down the track with their bookkeeper or accountant, and to monitor how their finances are doing from wherever they may be. The App performs multiple financial tasks in order to give users more time to focus on their other business needs.

Our App will also be updated as new finance technologies and services emerge.  It is available complimentary right now on both Android and iOS devices. You can download it here on iTunes, or here on Google Play.  Or to talk to one of our friendly Effective Services team members about your business bookkeeping and accounting needs, you call contact us today on 02 9555 2395 or visit us online.