Cloud bookkeeping services like Xero Accounting are great for all businesses, big or small, and are especially beneficial when combined with a professional accountant. In this article, we explore the benefits of Xero Accounting in detail, so you can gain a better understanding of how it’ll help your business. Free Up Time Xero Accounting can automate manual tasks, so you have more time to spend on core business needs. Instead of spending time entering data from paper bank statements, you can instead spend that time supporting clients or focusing on higher paid work. Improve Your Invoicing ..read more

Every self-managed superannuation fund in Australia will need to undergo an annual audit prior to lodging their tax return. Choosing the right SMSF auditor for you is one of the most important parts of this process – so here’s all you’ll need to know to get started. What is an SMSF audit? If you run a self-managed superannuation fund (an SMSF), it’s your responsibility to ensure that a registered SMSF auditor audits your fund on an annual basis. In Australia, a registered SMSF auditor is monitored by the Australian Taxation Office (ATO). The role of an SMSF auditor is to examine the accura ..read more

A comprehensive medical business plan is integral in achieving both short and long-term organisational goals. This plan should encompass a broad range of strategies, including those around financial management, human resource management and marketing planning. In order to put together a detailed medical business plan, it is wise to enlist the help of a business advisor, whose experience and broad skill set can help you to create a fully-fledged plan that is sure to help your business flourish. The team at Sandercoe Accounting is well versed in the creation of medical business plans and can a ..read more

The Department of Health views Medicare compliance as a high priority and has increased its auditing process to ensure Medicare is not being misused by patients or providers. Investigations into healthcare professionals misusing the Benefit Scheme rose by 40%, and practitioners were ordered to repay the benefits paid. No clinic wants their billing processes to be audited, so understanding how to effectively bill, comply and review systems in place is essential. Know The Rules Medical billing services have constant changes, making it essential that practices know the rules with regards to b ..read more

“But that’s ages away!” we hear you cry. Well, before you know it, the tax man will have thrown open the door on the 2020/2021 tax year and you’ll be wishing you’d prepped a little more. So today, the team at Sandercoe is consulting the winds of tax time and forecasting the best steps to take for smoother tax sailing. Evaluating Your Tax Situation Forewarned is forearmed so take the time now to understand your tax requirements. Some taxes are federally administered. Others are state-based. Are you aware of the ones that affect you? Fringe Benefits Tax (FBT), Capital Gains Tax (CGT), Pay As ..read more

Would it seem odd to you if Sandercoe Accounting told you they handled their own dental work? It would, and that’s because we specialise in delivering medical accounting services, not fillings. We use this analogy to highlight a common misconception held by start-up medical practitioners. As their business gets off the ground, they believe they can combine growing their client base whilst completing their own accounting. Our experience says this is rarely a successful combination. As a start-up, your accounting could be minimal but it’s still time away from building up a new business.   ..read more

Dental Accounting For All Stages Of Your Practice’s Life Got time to down dental tools and look in the mirror? Who do you see looking back at you: a fresh young dental technician? A new practice owner? How about a mature mid-career dentist? Sandercoe Accounting has seen them all. As a dental accounting specialist, we’ve been lucky enough to have assisted many dental practices with medical accounting that skilfully manoeuvres you through the phases of your profession. We’ve advised fledgling dentists on education tax claims and start-up expenses. And when it was time to launch ..read more

Operating a healthcare business requires an extreme attention to detail and a commitment to generating accurate financial reports. As a result, accounting at healthcare organisations is extremely important. Whilst bad accounting practices don’t always lead to bankruptcy or insolvency, they make a great case as to why it is important to correct any easily-fixed issues to ensure your business stays afloat and can be potentially scalable. There are, however, a variety of good accounting practices you can put in place to grant your organisation a little more financial security, stabili ..read more

In simple terms, bookkeeping is the process of recording all financial transactions that take place within or involving your business. If your business is applying and/or utilising correct bookkeeping techniques, you will be able to keep track or your expenses and revenue with ease. By remaining both accurate and up to date on the financial situation of your company, you will be best equipped to make sound decisions regarding the growth of your business. To effectively balance the delivery of quality patient care at a reasonable cost, companies within the healthcare industry need t ..read more

Are your books a mess? Are you searching for an accounting software that will solve your business problems? If so, you’ve come to the right place. Let us help! Two of the biggest names in Australia are MYOB and Xero. MYOB has been around since the early ‘80s. Xero, however, surfaced in 2006 – and has since been giving MYOB a run for their money. In this article, we’ll explore the main differences and see how Xero and MYOB Essentials stack up against each other for small (and growing) businesses, after which we’ll explore which is better for your business. Let’s take a look now. Xero: Featur ..read more