Let’s Rethink Your Business
iTax Accounting & Business Services utilises our extensive experience and business knowledge to improve your business. The methods we use are practical, like getting the most from your website, utilising a number of marketing methods, profit enhancement, management assistance, HR (staff), business planning & strategy, reporting and analysis.
If your business isn’t growing or your spending too much time being busy all the time or suffering cash flow problems or have other issues stopping your business doing better, then consider making a call and discuss what we can do. And if things are getting really tough, we can do business rescue, but the earlier you call, the better.
We are committed and dedicated to providing prompt high quality personal services and advice that assists clients with their business requirements.
Feel free to call and discuss what we can do for your business.
The provision of accounts is not confined to a historical profit & loss! There are a number of reports that should be considered including cash flow, budget, KPIs to a number of analysis reports to provide critical information to your business’s well being including performance and measurement.
Analysis can also be performed on the financials to provide management with measurements on performance and viability. Such statements may are be used as part of management’s annual report to the stockholders.
Financials aren’t the only reports that are important. Consideration should also be given to business planning, budgets, benchmarks, KPIs and business analysis. See our section under Business Planning
Some of the financial reports include:
Profit & Loss: Annual, quarterly or monthly profit report and may include a comparison to previous years. Ideally, this is also required for taxation, cash flow and budgets as well to measure how your business is going.
Balance Sheet: Statement of the financial position of assets, liabilities and ownership equity. A variation report can also be prepared to show the movement of assets & liabilities from one year (or period) to the next. The Balance Sheet is important in reporting on the assets & liabilities that also measure the health and solvency of the business.
Cash Flow Forecasting: Predict cash flow up to several years in advance to be aware of any possible future funding shortfall or plan for future financing. Generally prepared on a spreadsheet, the cash flow can also include variables to reflect best, worst and breakeven scenarios.
Budgets: Calculate the expected revenues and outgoings for a comparison with the actual revenues/expenses achieved. Your business software may have the ability to record budget amounts and include these figures against actual figures in reports such as the Profit & Loss.
Debtor Reports: Reviewing these reports is vital to ensure the monitoring or improvement of account payment collection. Customers who pay their accounts on time are absolutely essential to good cash flow. Producing these reports allows an age analysis to be conducted and understand how well accounts are being paid.
Supplier Reports: Required to keep track of supplier accounts and ensure your business retains a good credit history with your creditors. Also used to plan payments as they and when become due.
Stock & Inventory Reports: Used to review and analyse stock levels. Too much unnecessary inventory on hand can result in tightening cashflow. Identifying slow moving stock as against high demand stock can be used to reduce tying up too much cash in stock that doesn’t sell.
The above are examples of some of the reports that can be prepared for review. Feel free to discuss the requirements of your business.
iTax Accounting & Business Services handles all types of tax returns from personal, business, rental properties, trades & contractors through to companies & trusts. This includes BAS, PAYG and employee tax and any other tax issues. If you are behind with lodging tax or BAS, call now for assistance to bring your affairs up to date and to deal with any tax office issues or penalties. You’ll be surprised how easy it is to get back on track.
Personal tax returns: A number of accounting practices are not really interested in this type of work and charge hefty preparation fees accordingly. Well that’s not the case here! I welcome new clients to assist in the preparation of their individual tax returns. We conduct a personal interview to establish all your entitlements including deductions and rebates to ensure you maximise your refund or minimise any liability. We also explain the amount of your refund/liability clearly so you understand how the amount is derived which then enables you to make changes for future years. Preparation of personal tax returns is usually completed in the one appointment and you are provided with a comprehensive hard copy for your own records. Our fee for a standard tax return is: Single $75 Couple $140.
Rental properties: Are you claiming all the entitlements on your investment properties, in particular your capital allowances (depreciation)? Are you quite clear on what is repair and what is capital improvement? My experience reveals that many landlords (even those using a tax agent or accountant) are not necessarily claiming the capital allowances to which they are entitled. This is backed up by Tax Office research that has shown that only 37% of investors are claiming the correct capital allowance as part of their depreciation entitlements. If your previous tax returns simply shows depreciation on a few household items, then there is a possibility that your capital allowances are severely under claimed which can result in missing out on hundreds or even thousands of dollars of deductions! I have completed tax returns for many landlords and in numerous cases, significantly increased their refunds due to the under-claiming of capital allowances. I invite you to call and discuss what I can do for you. Our fee for a rental property is $50 plus the tax return fee.
Tradies, professionals and contractors: I have a full understanding of business of all types and apart from ensuring you claim all of your entitlements, I can also assist or provide advice on how to keep your own records which ultimately saves you money. Importantly, I complete all tax returns in good time (if not immediately, within a week or so). It’s not slid to the bottom of the pile for lodging near the end of the financial year. This is most important should you need your tax assessment for finance or other statutory bodies. Your GST and PAYG obligations are explained in detail and can help you to submit your own BAS or I do it for you. Either way, you are in control and clearly understand what needs to be done.
Business (sole trader, partnerships, companies or trusts): Operating a business is hard enough without the hassle of Tax, BAS, GST, FBT and PAYG. Business is what we know and we can assist or give advice on what records you need, what bookkeeping options you have and assist you with any matters you want to do yourself which ultimately saves you money. We also ensure tax returns are completed in good time so you are clear on your obligations and deadlines. It’s not placed on the bottom of the pile; most important should you need your tax return for finance or other reasons. We can also explain your GST, PAYG and superannuation and employee obligations so that you clearly understand what needs to be completed and by what timeframe.
Late? Overdue? Unpaid? ATO Penalties? There is no need to stress! We can deal with any late tax returns or BAS. If penalties or interest have been incurred, these may be reduced or completely cancelled. With tax debts, assistance is available in to arrange payment arrangements as well as explain your rights and obligations. If you have ATO issues…call now! (see our video on the home page).
General Tax & Business advice: Assistance is available with other aspects of your tax affairs whether it is personal, rental, business or any other type of requirement. Looking to buy or start a business? See our section under Business Structure
Selecting business software for the everyday functions of your business can be demanding enough, but the setup, implementation and streamlining of software into a business is vital to its success!
If you’re software isn’t giving what you want, call us for a review. It might simply need some refinement or staff training.
All too often software is considered to have failed dismally when poor implementation and inefficient or incorrect usage are the factors that have failed.
With a solid background in software development, implementation and support, I can assist and improve your business software operations:
Software Selection: Wrong selection of software can be very expensive and result in a wasted investment. Software companies don’t give refunds for poor decisions (or for anything else for that matter!).
A review of the requirements of your business can be conducted and if practical, compare this to your existing software to create a gap analysis. These requirements are then used to review available software solutions and establish a best fit taking into account your budget.
Data transfer and setup: New business software provides a great opportunity to cleanup data and start afresh. It can also be an opportunity to reconfigure the information to be entered to gain better output and reports that assist operations and management.
Implementation: Good implementation to be ready to go live is about planning beforehand and includes steps such as exporting data, allocating & training staff, establishing processes around the software and then the actual “going live” with the software.
A good implementation can be a positive experience for the business and its staff. A bad implementation can leave a bad taste that lasts for years.
Followup: Ongoing monitoring is part of the settling-in process. This includes how well the team is using the software and that the output is to Management expectations
Existing Software: We can look at your existing software, the processes and reports and analyse what improvements may be required.
Web sites: Does you web site hit the right mark? Is it optimised to come up when a potential user searches for a product or service that your business provides?
Feel free to call and discuss whether we could assist your business.
Contact iTax Accounting today
I am a proud member of the Institute of Practicing Accountants, Registered Taxation Agents and highly experienced specialist in tax, accounting and business.
Please call 8322 1900 or contact us for an initial discussion or appointment at my office in Hallett Cove. I primarily service (but no way confined to) the southern areas of Adelaide.
Late? Overdue? Unpaid? ATO Penalties? There is no need to stress! We can deal with any late tax returns or BAS. If penalties or interest have been incurred, these may be able to be reduced or completely cancelled. With tax debts, assistance is available to arrange payment arrangements as well as explain your rights and obligations. Got ATO issues…call now!