Bookkeeping and Accounting
Bookkeeping
Bookkeeping is an essential part of running any small business. It involves maintaining accurate and up-to-date financial records, which can help businesses make informed decisions about their finances, plan for the future, and comply with tax laws and regulations. Bookkeeping can be a time-consuming and complex task, which is why many small businesses outsource this function to professional bookkeeping services. In Sydney, there are many bookkeeping services that can provide a range of services to meet the needs of small businesses. Here are some of the bookkeeping services offered by bookkeeping services in Sydney:
1. Preparing and lodging late BAS
The Business Activity Statement (BAS) is a form that businesses in Australia use to report their taxes to the Australian Taxation Office (ATO). Late BAS lodgement can result in penalties and fines, which can be costly for small businesses. Bookkeeping services in Sydney can help businesses prepare and lodge their BAS on time, ensuring that they comply with tax laws and regulations.
2. Processing payroll
Payroll processing is a complex and time-consuming task that involves calculating wages, taxes, and other deductions for employees. Bookkeeping services in Sydney can provide payroll processing services, which can help businesses save time and ensure that their employees are paid accurately and on time.
3. Setting up onsite and offsite accounting software
Accounting software can help businesses automate their bookkeeping tasks, streamline their financial processes, and improve their financial reporting. Bookkeeping services in Sydney can help businesses set up onsite and offsite accounting software, such as XERO and MYOB, and provide training to help businesses make the most of these tools.
4. Training client staff to use accounting applications
Accounting applications, such as XERO and MYOB, can be complex and require training to use effectively. Bookkeeping services in Sydney can provide training to client staff, helping them to use these applications more effectively and efficiently.
5. Bookkeeping services tailored to meet small business requirements
Bookkeeping services in Sydney can provide tailored bookkeeping services to meet the unique requirements of small businesses. This can include services such as accounts receivable and payable management, bank reconciliations, financial reporting, and more.
Accounting
Accounting is a critical aspect of managing finances for any individual or business. It involves the process of recording, classifying, and summarizing financial transactions to provide insight into an entity’s financial health. One of the key functions of accounting is to help individuals and businesses comply with tax laws and regulations. In Australia, the taxation system can be complex and challenging to navigate. That’s why TaxDivine Accounting, as a team of tax experts, offers a range of services to help individuals and businesses maneuver the intricacies of the Australian taxation system. Here are some of the accounting services offered by TaxDivine Accounting:
1. Tax returns for small business and individuals
Filing tax returns is a critical task that individuals and businesses need to undertake annually. It involves the process of declaring all taxable income, claiming deductions, and paying taxes owed to the Australian Taxation Office (ATO). TaxDivine Accounting can assist individuals and small businesses in preparing and lodging their tax returns, ensuring compliance with tax laws, and minimizing their tax liabilities.
2. Business Activity Statements (BAS)
Businesses registered for Goods and Services Tax (GST) in Australia are required to prepare and lodge a Business Activity Statement (BAS) with the ATO. The BAS summarizes a business’s GST, Pay-As-You-Go (PAYG) withholding, and other tax obligations. TaxDivine Accounting can assist businesses in preparing and lodging their BAS, ensuring compliance with tax laws and regulations.
3. Trusts, Partnerships, and Companies
Business structures such as trusts, partnerships, and companies have unique tax implications that require specialist knowledge to navigate. TaxDivine Accounting can provide expert advice and assistance in setting up and managing these business structures, ensuring compliance with tax laws and regulations.
4. Tax planning
Tax planning involves developing strategies to minimize tax liabilities, while still complying with tax laws and regulations. TaxDivine Accounting can help individuals and businesses develop or improve their overall tax plan by identifying additional deductions, restructuring their business, and ensuring compliance with tax laws.