Most business owners start their small ventures hoping that they will run all the operations without external help. As the business grows, so do the revenue and the taxation issues. It is advisable to hire a tax accountant when your business expands because they will help you keep your books in order. Managing taxes is a process that might seem easy, but one small mistake can bring endless complications to your business.
10 March 2021
Making sure that an individual or business pays the right amount of tax can be quite complicated. No one wants to pay too much tax or too little, and there are normally different deductions and benefits that need to be taken into account. Taxation legislation normally changes every year in some respects, and keeping up to date with the legal requirements can also be quite tricky. An accountant can be invaluable in helping people make sure that they pay the right amount of tax.
28 December 2020
The balance sheet is among the four primary financial statements used by business owners, finance professionals and stakeholders. It shows the true and fair view of a business enterprise at any point in time by aligning the assets, liabilities and equity held in the business. These three elements show your business enterprise's health with a comprehensive look at your bank balances, fixed assets, payable and receivables. Indeed, it makes sense to get your balance sheet reconciled and ensure that everything is sitting in the right place.
28 December 2020
Most people wait until the last minute to handle their tax returns, which increases the chances of making mistakes. If you want to get as much refund as possible, you must be careful with every detail when handling your tax returns. In Australia, the Australian Taxation Office (ATO) works hard to find any mistakes made in your tax reports. With the advancement in their tools and increased access, finding these errors is easier than before.
9 December 2020
If you run an Australian business, then you are required to pay certain taxes to the ATO. Much will depend on the scale of your organisation, but often you will need to charge GST (goods and sales tax) and withhold taxes on behalf of your employees (PAYE). If your business is somewhat complex, then this tax collection process can be somewhat dynamic and unpredictable. How do you cope with this when it comes to reporting your figures to the authority, and what will happen if you make a mistake?
20 October 2020
Making errors is human nature, but in the tax world, a mistake could have severe consequences. Problems in your tax returns could mean delayed refunds or penalties. Rushing to file your taxes could result in errors that will have dire consequences. The filing should be handled with diligence to avoid making errors that will strain your company's finances. Paying taxes could be a significant expense for your business. Making a mistake and overpaying could cause a strain in the running of your company, and might open doors for audit, which could mean paying even more.
31 August 2020
When you're running a small business, it isn't unusual to manage a lot of tasks yourself. But as your outfit starts to grow, there comes a time when you need to turn to professionals instead. One area where you may require professional assistance is bookkeeping. If you're starting to suspect that hiring a bookkeeper is in the cards, but you're not sure, here are some key signs that you need to make the move.
9 January 2020