MYOB is revolutionary in helping small businesses manage their finances and accounting. It’s an all-in-one software solution that offers bookkeeping, invoicing, payroll, and tax preparation. The software is easy to use and helps business owners save time and money. However, while MYOB can do a lot, it is not a replacement for an accountant. There are still many reasons why an MYOB accountant will help optimise your business’ finances. Why You Need an Accountant Setting Up MYOB While MYOB is easy to use, it can be tricky to set up. An accountant can help you install the software and ensure that ..read more

Many small business owners try their hand at accounting when they start off, assuming that it will be simpler and less expensive than hiring a professional. This is often not the case. Accounting can be complex and time-consuming, and even the slightest mistake can have major consequences.  As your business grows, so do your accounting needs. At some point, it will become impractical for you to continue doing the accounting yourself. Leaving the numbers to a professional can actually save money and free up valuable time to focus on other aspects of running your business. How Can a Tax Acc ..read more

The pay-as-you-go tax system involves paying taxes in advance of filing a tax return. It’s also referred to as “pay-as-you-earn” tax, PAYG or PAYE. PAYG instalments and PAYG withholding are two processes administered by the Australian Tax Office (ATO) for Australian businesses. The Basics of PAYG Employers utilise this technique to take taxes out of an employee’s pay before it’s distributed to them. The employer then sends the government the taxes that are owed. The employee’s tax bracket affects the amount withheld. Benefits of PAYG Employers can adjust the amount of tax withdrawn from employ ..read more

Many people are curious as to whether the fees their financial advisor charges can be claimed in their tax returns. Financial advice’s tax deductibility has long been a significant concern for investors, and the majority of individuals want clear guidelines on which advisory expenditures they may and cannot deduct from their taxes. Is It Possible to Claim Financial Advice in Tax Returns?  In general, you’re eligible to deduct the fees you pay for financial advice from your taxes if the advice you get results in an investment that generates assessable income or is closely linked to one. Al ..read more

As a musician, the thought of managing taxes may seem tedious or dull when you’re used to spending your time being creative. However, an effective tax return will offer you more flexibility and can, perhaps, be the wisest thing you can do as a performer. It’s, therefore, essential to be informed about the specific deductions that are available to you as a musician.  Things to Note About Tax Deductions Any money you spent on goods or services during the tax year that was directly relevant to making a living is eligible for a deduction. There are two things you should keep in mind: firstly ..read more

Finding a competent and eligible accountant at a reasonable price is increasingly harder nowadays. Despite the widespread misconception that accounting must be performed within the company, it’s crucial to consider whether your existing employees actually have the knowledge and expertise required for your accounting tasks. Outsourcing your accounting services enables you to get the expertise your business requires. There are numerous advantages to outsourcing accounting services, and these are just a few of them. Cost Efficiency Generally, businesses view outsourcing as an extra expense that’s ..read more

In Australia, tax laws for small businesses are complex and ever-changing. Keeping up with all the obligations is a challenge and takes time that could be better spent on running the business. Aside from your tax obligations, you’ll also need to ensure that your business’ financials are accurate and up-to-date. An experienced accountant can provide much-needed support in this area.  What to Expect From Your Accountant Tax Preparation  Your accountant can help you understand the complex Australian tax system and ensure you’re compliant with all laws and regulations. This includes prep ..read more

To meet your legal obligations of making superannuation payments for your employees, you’ll need to set up a superannuation fund and then make regular contributions to it. The easiest way to do this is through Xero. Xero is an online accounting software that offers a range of features and benefits, including the functionality to make superannuation payments. How to Make Superannuation Payments in Xero Set up a superannuation fund in Xero. To do this, go to the Accounts menu and select Superannuation Funds. Then, click the Add Superannuation Fund button. Enter the relevant details for your s ..read more

In today’s business world, efficiency is critical to staying competitive and relevant. Small businesses must keep track of their finances, inventory, and customer data. Account management software, like Xero, provides the tools necessary to do just that; it can save valuable time and money by automating many of the tasks associated with running a business.  Some software programs can provide invaluable insights into trends and customer behaviour, giving a business a competitive edge. Why Small Business Owners Choose Xero Small business owners have to juggle a lot of balls. In addition to ..read more