The days are long gone where an accountant would tuck their pencil behind their ears and simply add up columns of figures. In our modern business environment, clients need a comprehensive and proactive service, where modern tools are used to help their clients’ businesses grow.
According to the Australian Bureau of Statistics, as at the end of 2017-18 there were just over 2.3 million small businesses in Australia. But we in business know that starting a business is one thing, but keeping it financially and operationally healthy may be another thing. No business owner wants to be that Australian statistic which says that 59.6% of Australian businesses fail in the first four years. [ABS Counts of Australian Businesses, including Entries and Exits Cat 8165.0]
We talk to our clients to establish what assistance they need from us, and offer Board of Advice services, CFO Services, Business Valuations for business growth purposes, Structuring Advisory, Bench-marking reports, Goal-Setting, and Succession Planning. We combine our taxation and accounting expertise, with financial experts FHG - Finance House Group – to help our clients with finance applications. We also offer an Estate Planning service, in conjunction with your or our solicitor to make sure that your estate planning is covered from a legal and also from a taxation perspective. And with financial planning, we consult with financial planners from Ban Tacs Financial Planning, or your own planner, to make sure .
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IN8 Business Advisory is a Xero Partner, which is a fully cloud-based accounting & business information package.
What does this mean for you as a business owner?
Real-time help
It means when you need help in your Xero, we can both be looking at your books in real-time, even though you might be sitting in London or Geneva, Darwin or Hobart, while we assist you here in sunny Qld.
scale up your business
It means that you can customise your Xero to run with a large range of add-ons to get the right solution to scale up your business operations.
How are you travelling?
And unlike some other accounting programs, it means that you can compare your business financial history, not just for three years, but across ten or more years if you need to, to see how your business is travelling, whether it’s growing, or stagnating.
Super Security
It means that you are logging into accounting software with two-step authentication security, that is always up to date.
Consistency
It means a range of Xero automations to help reduce data entry, and to keep your transactions consistent.
Growing your business is not just a matter of getting your bank account reconciled, and your tax returns lodged on time. It’s identifying your business and personal needs to make sure you get the help you need, and helping you forward plan to avoid nasty surprises at tax return time.
Grab a cup of coffee or your personal beverage preference, and take our quick-response personal and business risk surveys.
- How stressed are you in your business?
- How solid is your strategic plan both for your business, your staff, and your family?
- Do you need help?
If so, call us on 1300 911 227 to book a call from an IN8 Tax Specialist.
Single Touch Payroll (STP)
Single Touch Payroll became mandatory for businesses with 20+ employees from 1 July 2018, and from 1 July 2019 became mandatory for all businesses, including micro businesses. If you’ve been using manual payroll records, on paper or on Excel up to now, you need to talk to your accountant or our office, about getting set up for this change.
There are some very low-cost options to track payroll transactions and report them each pay period to the ATO. Business owners on Xero’s business package already have STP compliant software. For smaller operators can opt for the STP stand-alone package, at a modest per month subscription.
This change may seem like a lot of extra compliance for micro businesses, but it’s better to look at it as a planning tool to ensure that even if it’s just you as the sole employee, that you use the system to make sure you pay yourself enough PAYG Withholding Tax and Super to cover the tax on your earnings for the year.
For more information, see the ATO website or talk to us about how Xero can automate their accounting and payroll and help keep tabs on how their business is travelling from a profit or loss perspective.