Wednesday 22 February 2017

BENEFITS OF ONLINE ACCOUNTING SOFTWARE



There has been a lot of promotion in recent times over the recent period by online accounting software solutions such as Xero, Reckon online and MYOB pushing their online products, however many people are interested to find out what the benefits are. Below are some of the benefits of switching to an online accounting solution (features can vary between the different software products on the market):
 
  • Bank account information can be directly downloaded into your file, this means that once set up the bank account transactions will feed directly into your file and you will simply need to code the entries
  • Your accountant is able to have real time access to your file, which means that they can assist you over the phone or log into the file (once you have allowed access) and assist with changes or resolving any bookkeeping issues that you may have
  • The cost is generally direct debited each month for the accounting package so you do not have to deal with the more substantial initial outlay of purchasing a desktop version (and then having to update it each time a new version is released)
  • You can access your file anywhere provided you have internet access, the beauty of being cloud based!
  • Most online accounting packages offer a payroll function as well as invoicing functions
  • You are also able to set rules so re-occurring transactions each month can be automatically coded saving you time and reducing your workload 
 
Langley McKimmie is an accredited partner of MYOB and Xero.

Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide accounting and wealth management services to clients in WoodendGisborne and Macedon Ranges areas within Victoria Australia.  

Wednesday 15 February 2017

ARE YOU AWARE OF THE NEW SMALL BUSINESS REPORTING CHANGES?



The ATO has started to simplify the GST reporting process on your Business Activity Statements (BAS). Small businesses with turnover less than $2m per annum will now only be required to report the following on their BAS:   
  • GST on Sales
  • GST on Purchases
  • Total Sales 
These changes take effect as of 1 July 2017.


There are also some transitional measures in place for new registrations from 19 January 2017:
https://www.ato.gov.au/Newsroom/smallbusiness/GST-and-excise/Simpler-BAS-offer-for-new-small-businesses/

Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide accounting and wealth management services to clients in WoodendGisborne and Macedon Ranges areas within Victoria Australia.  
 

 

 

Wednesday 8 February 2017

SMALL BUSINESS EMPLOYERS



Are you using a superannuation clearing house for your employees superannuation payments?

As of 28 October 2016 all small business superannuation payments to employees superannuation funds need to be made via a superannuation clearing house. There are a number of providers of clearing house facilities however if you are a small employer with less than 20 employees you are able to access the free Australian Taxation Office (ATO) clearing house facility. A superannuation clearing house is where you make as an employer the payment of your employees superannuation, the superannuation clearing house then pays the money into your employees superannuation funds. 
 

Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide accounting and wealth management services to clients in WoodendGisborne and Macedon Ranges areas within Victoria Australia.