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5 Best Bookkeeping Practices and How Bookkeeping Services Can Help You

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Bookkeeping is definitely one of the most important tasks for any entrepreneur. It’s no secret that professional bookkeeping services can help your business run like a well oiled machine. It might be a tedious task but its importance can never be overstated. If you run a small company, it is particularly important for you to maintain your accounts. After all, this will determine your income, profits, and your tax return for the year.

In addition to hiring professional accounting and bookkeeping services, here are some tips you can follow to make sure that your books are in perfect order.

 

  1. Do not put your bookkeeping till the end of the financial year- you might miss out on crucial details, because they slipped your mind.
  1. Take some time off every week, and put all the information into your books. This move will help you keep all your information in one single place. Moreover, this will enable regular reviews of your financial situation, so you can make immediate changes.
  1. Make sure you keep track of all official finances, with the bills and necessary documents. Put all of these away separately, so you’re not scrambling for the bills at the last minute. You will need bills, invoices for goods and services purchased, previous taxes paid, bank accounts, card statements and stock records, to name a few.
  1. Make sure you are aware of the taxation policies that apply to you. As an Australian business, if your annual turnover is above $75000, you will have to apply for GST registration. You will have to lodge Business Activity Statement (BAS) on a monthly or quarterly basis with ATO. All these rules will have to be complied with so you don’t get into trouble at the EOBY (end of business year).
  1. Get professional bookkeeping services assistance if possible- Australian tax laws can be quite complicated and losing track of your obligations will get you into a lot of difficulty.

 

Trusted bookkeeping services can help your business succeed, and give you great peace of mind. At DSV Partners, we are here to provide you whatever service your company needs. For more information, get in touch with us today.

 

 

 

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How To Trigger An ATO Audit?

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An ATO audit or review can be taxing for any business, specially for small and medium size businesses, mainly due to lack of appropriate level of internal controls and accounting practice. An ATO audit may not only cause a financial hardship but business disruption as well. To manage the audit/review process, you will require the business to either deploy its resources or hire an external advisor, both will have significant cost implications.

 

 

Common reasons for ATO audit

Some of the common reasons that triggers ATO audit for private businesses are:

  • – Have financial performance that is out of sync compared with your industry;
  • – Variance between tax returns and business activity statements;
  • – Have poor record of lodging returns on time;
  • – Don’t pay the right amount of superannuation to your employees;
  • – Consistently show operating losses;
  • – Own motor vehicles, but don’t lodge FBT return;
  • – Big fluctuations between years;
  • – International transactions;
  • – Wrong disclosure in your tax return

 

Make sure you’re prepared for an audit

As a business owner, you don’t want to trigger an ATO audit for your business. Having a tax risk management process involving your business advisors is a good way forward. Have a good accounting system and periodical reconciliation process is in place, ensure that all supporting documents are available (for five years, some records may need to be kept longer).

 

As an experienced tax accountant and advisor for small and medium size businesses, DSV Partners proactively assists its clients in reducing the risk of a tax audit. We ensure our client records are updated and reconciled on periodic basis; your business performance is compared to industry peers, where available. If a client is selected for an ATO audit, we assist our clients in handling the process.

 

Should you have any questions or need assistance wait a tax audit or review, get in touch with DSV partners today!

 

 

 

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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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