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Accounting and Bookkeeping Services: 3 Reasons Cash Flow Is the Lifeblood of Your Business

 

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Cash is king – especially when it comes to start-ups and small enterprises. Bookkeeping services can help you get accurate cash flow forecasts for your business. This will enhance your ability to foresee potential problems that may arise later on and enable you to make sound decisions for growth, progress and prosperity. Like oxygen for a business, cash flow forecasting prepared by an experienced tax accountant in Sydney eliminates the element of chance. Let’s have a look at a few reasons why you should discuss cash flow forecasting with your tax agent in Sydney right now.

 

  1. Visualizing your options: Cash flow forecasting will enable you to clearly see all the possible scenarios that could result from your business decisions in 2016. Cash flow forecasting, managed with the help of trusted experts who specialize in bookkeeping services and accounting for small and medium size businesses, can help you make critical decisions including:
  • – Product/Service price modelling
  • – When to hire more staff
  • – The right time for a new project
  • – When to change suppliers
  • – When change premises, and so on
  1. Saving time: Cash flow forecasting empowers you to take full financial control of your business. You don’t have to go through endless spreadsheets when a new business idea strikes your mind. With cash flow forecasting in place, all you have to do is test some statistics and equations to know if an idea is profitable. It takes away much of the guesswork!
  1. Planning growth: Though there are numerous ways you can grow your business, choosing the right one is often confusing. With cash flow forecasting, you can clearly see various feasible growth options and you can easily choose the one that fits your business the best. Furthermore, if you choose a trusted provider of accounting solutions and bookkeeping services, you can choose to do cash-flow forecasting at any stage in your business. If something has changed in your business and you’re not sure whether to continue or not, stop and simply take a closer look at your forecasted options.

It’s important to take an outside perspective and analyse your organisation’s cash flow. This is essential to identify opportunities for growth because you might be too busy to see such opportunities. So, what can you do about it? Take action right now! Call DSV Partners. Trusted accounting and bookkeeping services can deliver beyond your expectations!

 

 

 

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How to Get the Best Out Of Accounting and Bookkeeping Services?

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As the season rolls around, it becomes important for one to start focusing on preparing tax returns. When working with an experienced tax agent in Sydney, you can expect a close relationship, where they work to ensure that your tax returns are filed on time, and in the right way!

 

 

How the best Accounting and Bookkeeping Services work?

Many of our client’s tell us about the countless hours they spend to collate their receipts and payments for the year. Good bookkeeping services provider can take the stress out of this process. Good records are first step in preparation of tax returns and determining deductions. As a lot of relevant information are available from books of accounts, if properly maintained. Let’s have a look at few practices that trusted accounting companies follow:

  • – Starting the process of information gathering early on is better for the company as well as the tax agent. This is because if any changes have to be made or additional information to be gathered, it can easily be done.
  • – This process of detailed information collection exists to ensure that all aspects of your business is covered in the tax return, so that you don’t get into any form of trouble later on, especially as your company scales up.
  • – This process might take a while- but it is absolutely necessary, as it guarantees the protection of your company at a later stage.

 

What you can do to help?

The best accounting solutions are those where all the expenses and income can be carefully tracked and claimed. Towards this extent, any tax agent in Sydney would require some documentation from you. Here are some of the things you can provide to your tax agent in Sydney:

  • – Receipts of expenditures/expenses
  • – Receipts from claims made by employees
  • – Previous tax returns
  • – Payroll
  • – Proof of income/grants/donations, etc.

The tax agent will collect all these, and create your tax returns from the same. This is the process that will be followed every single year, so it is a best practice for your company to make sure that all the transactions are recorded and are supported by invoices/claims.

Speak to DSV Partners (02 9633 4893) to know more about what else you can do to make the most of accounting and bookkeeping services.

 

 

 

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5 Bookkeeping Tips for Small Business

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Behind every successful business, there’s a trusted bookkeeper. No large or small company can function well, or succeed without organization and good bookkeeping services. Many businesses have underestimated the importance of bookkeeping and accounting solutions – but you should make sure that you don’t commit that grave mistake.

Here are our five tips for small business bookkeeping

  1. Be organized: This is the first and the most important step towards proper bookkeeping. You need to have the right processes in place to ensure that people follow the order in which things are to be done. This will make life easier for you, as everything will already be in the right place, for future reference, or when tax season comes rolling around.
  2. Use technology: There is no reason for you to stick to the old days of paper and pen. Technologically advanced bookkeeping services can make your business more efficient, and ensure that you don’t lose anything, ever!
  3. Plan and track your expenses: Every company needs to invest a particular sum of money for its growth and expansion. For better bookkeeping, plan every expenditure and investment. This will definitely help you during tax season, in claiming all the tax deductions and help your company be more transparent in its proceedings.
  4. Set aside money for taxes: We all know that we have to pay income tax and GST (if GST registered). So systematically put aside money for it. Delay in lodgement and payment of BAS/IAS and Tax Returns can incur penalties and interest charges from ATO. By putting aside money each month or when each bill is settled, it will sting you less when they are due.
  5. Record your deposits correctly: Businesses are likely to make variety of deposits during the year, from loans, to sales, to investment by business owners. If these are not accounted for correctly, you are leaving yourself open to pay taxes on money that is not income.

 

All this might sound complex- and it is. However, you can choose to get the assistance of DSV Partners – one of the most trusted providers of bookkeeping services and accounting solutions in Sydney, any time you want. Get in touch with DSV Partners, with any queries or doubts you might have.

The Importance of Finding the Right Business Adviser

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Chanakya (350 BCE – 275 BCE), a great Indian teacher, philosopher and economist, and the author of the ancient Indian political treatise, “Arthashastra”, said that a strong foundation is key to any successful business and listed seven pillars for an organization:

 

  • – The King or the Leader
  • – The Minister or the Manager
  • – The Country or the Market
  • – The Fortified city or Head office
  • – The Treasury
  • – The Army or your Team
  • – The Ally or your “Adviser”

 

The choices made by the leader will have a profound impact on the business- be it the choice of hiring a manager and team, market to operate in, or what business advisers to work with. Most businesses focus on hiring a good manager and team, but often forget the importance of a good adviser. Experienced advisers are generally well aware of the problems faced by small and medium size businesses, and they should be able to provide you expert guidance to resolve your business problems right away.

 

Most often, advisers are hired based on the price they quote rather than the value that they can add to the business. By choosing the wrong adviser, a business can face colossal impact on their finances. A recent example would be the case of Commonwealth Bank financial advisers or, in the past, the case of advisers in Enron Energy and Satyam Computers. In all the above cases the advisers/auditors were not acting towards the interests of their clients.

 

A good adviser should always be:

 

  1. Candid – willing to tell their clients “what they need to hear”, and not “what they want to hear”.
  2. Objective – able to hear the concerns of the business owners.
  3. Visionary – looking for new ideas to solve unique problems clients may face, rather than providing a “one size fits all” solutions.
  4. Informed – able to converse about the trends in your industry, latest developments, and share his knowledge for the benefit of your organization.

 

Remember, most importantly, a business adviser should be like a friend. He is the one whom you can depend on when problems arise. After all, a friend in need is a friend indeed.

 

DSV Partners is a suburban firm providing accounting solutions for small and medium size business across Sydney. We provide;

 

 

If you are looking for a trusted business adviser who is capable of taking holistic view of your business and provide an effective solution, please contact DSV Partners immediately! We eagerly look forward to working with you.

 

 

Tax Tips For 2016: Tax Deductions That You Are Entitled To

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It is that time of the year again where tax payers would be thinking what deduction they are entitled to and what records they should keep to support those deductions. It is easy to overlook some of the applicable deductions. For tax payers who want to avail the benefits of all applicable deductions available to them, it would be a good move to talk to a reputable tax accountant, like DSV Partners.

 

Here is a list of expenses which are tax deductible:

  • – Gifts and donations: You can claim a tax deduction for gifts or donations made to organisations with deductible gift recipients (DGRs) status. The amount of money gifted must be at least $2 or more.
  • – Home office expenses: If you are an employee and you require the use of your computer, phone or other electronic device for work purposes, you may be able to claim the cost of running your home office. If you work entirely from your home, you can typically claim the occupancy cost of your home office space as a tax deduction, which includes a percentage of your rent/mortgage, equipment and furniture.
  • – Income protection insurance: If you pay premiums for insurance against the loss of your income, you can claim a tax deduction for such premiums paid. However, you can’t claim life, trauma or critical care insurance premiums or insurance premiums paid out of your superannuation fund.
  • – Professional membership: If you pay for a professional or trade association membership fees as part of your work, you can claim the cost of membership paid as a tax deduction. This includes union fees if you’re a member of a trade union. If you prepay the fees for next year before 30 June you can claim tax deduction in your current year tax return.
  • – Expense to manage your tax affairs: You can claim fees paid to registered tax agent to manage your tax affairs for the year that you pay them. You can also claim the cost of travel; to the extent it is associated with obtaining tax advice.
  • – Mobile phone expenses: If you use your personal mobile or internet for work purposes, you can claim cost of this expense as well. However, you can only claim business/work related calls/usage. You will need to keep a record of 4 week representative period in each income year to claim a deduction of more than $50.
  • – Work related car expenses: People who use their personal car for work-related reasons, apart from driving to and from work, can usually claim fuel and maintenance costs as a tax deduction. As of 2016, these claiming methods have changed – you can either use a 12 week logbook or the cents per kilometer method. To be eligible for this deduction, you must own the car or lease the car. Moving from one job site to another, driving between offices is included for tax deduction.

 

If you need help with your tax return and deductibles, consider DSV Partners. We are a reputable accounting solutions firm based in Sydney that offers great tax and accounting services for our clients. Call us at 02 9633 4893 for more information about your income tax.

 

 

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Keep Your Accounts in Perfect Order with the Best Tax Accountants in Sydney

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Business ventures typically need to keep a proper record of every financial transaction. This involves recording details of every sale, purchase, earning or expense meticulously. But, these records will not come about by themselves. You will need to hire an accountant for maintaining accurate books. Many small business owners do not have the capacity to hire accountants full-time. To get the best value for their money, they will often hire professional agencies for providing accounting services or bookkeeping services. These professional outfits typically offer a myriad of accounting solutions. For instance, they could take care of all your requirements concerning financial accounting, managerial accounting and tax accounting as well.

 

 

Why Businesses Typically Require the Services of Tax Accountants in Sydney and Other Cities

Preparing an income tax return can leave many people feeling intimidated. However, it is worth highlighting that the returns of individuals are hardly as complex as those of businesses. As a result, many business owners either spend more time poring over their financial statements and books, without ever feeling assured about the accuracy of their books. Or, they end up neglecting various measures that could reduce their tax liability. This is why many businesses prefer hiring professional tax accountants in Sydney and other cities.

 

Tax accountants are usually responsible for financial planning, managerial advisories and litigation consulting. In addition, they offer various tax-related services that are invaluable to many business firms across the country. These services could typically include tax planning, tax consulting and tax compliance services. Professional tax agents in Sydney and elsewhere possess ample expertise on tax-related matters. As such, they can scrutinise your financial records and ensure that everything is accurate. In addition, they can compute your tax liability, while ensuring that you maximise your deductions. As a result, you will be able to pay the right amount of tax, while enhancing your profitability as well. Above all though, the peace of mind that these professional agencies provide remains priceless for any business owner.

 

 

Are You Looking for the Best Tax Agent in Sydney?

At DSV Partners, we specialise in offering various accounting and bookkeeping services to commercial establishments. We focus on understanding your business and personal financial needs. This enables us to provide services tailored exclusively to your requirements. We can give you high-quality accounts in a timely manner. We can offer you various consulting services across a spectrum of businesses. In terms of audits, we can give you audited financial statements. And, if you need meaningful tax planning solutions, we can help you enhance your profitability too. This is why our clients consider us the most efficient and cost effective firm of Sydney accountants. To view our range of services, click here.

 

 

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Why Many Businesses in Australia Prefer Using Professional Providers of Accounting Services

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Commercial establishments operate to generate revenue and profits. However, just as individuals need to pay income tax, commercial establishments need to pay the appropriate taxes as well. For this, they will require accurate and meticulous records of their earnings and expenses. Unfortunately, many small business owners have little time to spend on keeping their books up-to-date. Many business owners have little understanding of accounting as well. Even worse, some businesses do not even employ professional accountants. As a result, when they need to file their tax return, they usually find themselves tied up in knots. The best way for eliminating these issues lies in hiring firms that offer cost effective accounting services.

 

 

How Business Enterprises Can Benefit by Hiring Providers of Accounting and Bookkeeping Services

As mentioned earlier, maintaining accurate books is a necessity for any commercial venture. Without this, the business owner will hardly have any idea about how well or poorly the business is faring. Moreover, the lack of proper accounts could trip up the business owner at the time of filing the tax return. This is why businesses need to record all financial transactions such as sales, purchases, income and payments accurately.

Having an in-house accountant could be costly. But, a professional outfit could provide the best bookkeeping services at prices within your budget. In addition, they could offer effective accounting solutions as well. Professional accounting firms are experts when it comes to

  • – Understanding your business and keeping your best interests at heart
  • – Offering tailored financial accounting solutions that meet your specific requirements
  • – Providing expert, friendly and personalised services in all financial matters ranging from accounting to tax-related matters
  • – Preparing and maintaining accurate and detailed financial statements concerning your business and,
  • – Providing various business advisory and auditing services to keep you compliant

 

 

DSV Partners – The Sydney Accountants Who Specialise in Offering Personalised, Accurate and Cost Effective Accounting Services

Whether you need the services of a tax agent in Sydney or assistance during a financial audit, you need the services of a top accountant. This is why it pays to engage a professional accounting firm for managing your accounting requirements. At DSV Partners, we specialise in managing accounts and preparing tax returns for businesses. Our team of experts can keep your accounts accurate and tax efficient. We can deliver the best tax planning solutions for enhancing your profits too. And, if you need audited financial statements, we can assist with this as well. To see how you could benefit by partnering with us, click here.

 

 

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