Blog

February 1, 2016

Why Accuracy is Critical in Bookkeeping

Bookkeeping is the process of maintaining an accurate record of a company’s business transactions. Business reports are generated using bookkeeping numbers and used to help maintain profitability. Before determining whether you want to invest in a bookkeeping service or try doing the bookkeeping yourself, you need to understand the many advantages of accurate bookkeeping. Administration Accurate bookkeeping provides up-to-date figures a business owner or manager can access at any time to decide on whether to make an investment or plan a capital purchase. It also helps deliver a complete package to the ATO when reporting taxes, lowers the possibility of an error that could trigger an audit and eliminates the expense of in fees and penalties from having to file […]

January 25, 2016

What Is A Registered BAS Agent

The ATO has introduced legislation affecting bookkeepers who provide BAS related services to clients. How do you make sure that your bookkeeper Melbourne is ATO approved? At Nobel Thomas, you work with BAS agents from compliance to consultancy. As a result of a recent change in Australian legislation, all bookkeepers at Nobel Thomas Bookkeeper Melbourne that currently provide BAS services for your and charge a fee for that service must consequently be registered as BAS Agents. BAS services include: Preparing or lodging an approved form for a client that relates to GST, PAYG Withholding, PAYG Instalment or FBT; Giving advice about these obligations; Or Dealing with the ATO on behalf of a client in relation to these obligations. A BAS […]

January 4, 2016

How to Manage Profit & Loss

very business must focus continually on managing profit and loss to remain solvent. Profit is the money a company keeps after paying all of its expenses. A loss results from expenses exceeding the amount of sales a company makes in a specific accounting period. Companies must manage their income statements, also known as profit and loss statements, to keep earnings positive and expenses under control and in line with revenue. Initial Financial Assessment Managing profit and loss begins with an assessment of the company’s current financial position. Management must review the current profit and loss statement and compare it to the company’s last two or three years of historical data. An accountant or analyst can use this information to establish […]

December 21, 2015

Tax Matter For Closing A Business

There are a number of tax matters you may need to deal with if you: register a business but don’t actually start the business change your business entity type because you restructured your business stop operating your business sell the business wind up your company. These tax matters may include: cancelling your Australian business number (ABN) and other registrations lodging and paying any outstanding activity statements and instalment notices making goods and services tax (GST) adjustments on your final activity statement lodging final tax returns. You should also check whether your state or territory government has any special requirements. If your business exit is planned, we have found that leaving a business is less risky if you work with your […]