Accounting Hacks and Strategies for People Who Don't Like Maths
Although the authorities have the discretion of conducting tax audits, they can be an inconvenience to your business. This is because you might need to dedicate some staff and resources to ensure full cooperation with the authorities. Additionally, any issues that can are detected can lead to the suspension of your business operations. As such, consulting a tax agent is critical to ensure that you follow all the guidelines in regards to the declaration of taxable income and the preparation of the necessary documents.
If you pay attention to the news, you will have heard that the Australian Tax Office is about to double down on its efforts to raise more money through tax collection. Periodically, the government comes to realise that there is a shortfall in the budget, and, of course, taxation is one of the primary methods to set things straight. Often, tax audits are ordered for businesses in certain high-risk areas in an attempt to recover underpaid or unpaid money.
Accounting involves organized and systematic ways of keeping track of financial exchanges. As simple and intuitive as it sounds, detailed accounting has an effect on the health and lifespan of your business. Precise accounting should provide detailed data that can be used to make resourceful financial decisions that will grow your business. Inaccurate and inconsistent data will lead to financial decisions that do not tally with the actual operations and performance of your business.
When you're setting up a small business, you've got a lot on your plate and much to think about. However, one of the biggest decisions you can make is in the selection of a good accountant. What should you be looking for?
Look for Credentials
In Australia, anybody is allowed to call themselves an accountant, as this title is not regulated. However, if the accountant is to prepare and submit your tax returns, then they must be registered and belong to a professional association.
According to the Australian Tax Office, if you are running a self managed superannuation fund (SMSF), you are required to seek an audit before you can file your SMSF annual returns. Considering that you may not have a deep financial background, you may be apprehensive about this audit and what it involves. In this article, find out exactly what your auditor will be seeking to establish when combing through your SMSF records.
Hi, my name is Julie. About a decade ago, I started my own business. I wanted the chance to work for myself, doing something I love, but I almost didn't try because I was so intimidated by the idea of keeping my own books. I have always disliked maths, and it is one of my weaknesses. However, with the help of an accountant who helped me to get set up and who helps me with my taxes every year, I was able to track everything and do a lot of my accounting on my own. If you don't like maths, don't worry – you can still start your own business. Take a look at these hacks and ideas. I hope you find my blog helpful.
Although the authorities have the discretion of co …
If you pay attention to the news, you will have he …
Accounting involves organized and systematic ways …
When you're setting up a small business, you've go …
According to the Australian Tax Office, if you are …