Blog - Accounts NextGen



Things That People Want To See In Their Business Accountant

If you are a business owner, it is essential for you to partner with the service provider because that will help you achieve your business goals. But if you want to select a business accountant, then it is important for you to choose the one who understands your needs and work according to that.

You can find so many accountants for your business online who can do the work, such as annual tax returns and BAS, but that doesn’t mean they are best for your business. While selecting, you need to keep some points in mind and choose the accountant that will save your time and provide you the suggestions to save money.

They will only be able to tell you that or support your business if they have the knowledge. That is why you should choose the one who is professional and give you expert advice. This can be hard to select or find someone whom you can trust that he or she will be right for your business. And that is why you should know the qualities and things that will help you select the best which you will learn in this article!

Things you can consider

Here are the few qualities or things that you need to consider that will help you in finding the best accountant for your business, and those are mentioned in the following points-

Qualifications and experience

If we talk about the business accountant, then there are so many activities or work that they have to do; they have to complete the business activity statement every quarter, producing the end of the financial report, and also process the tax return.

If the accountant has the proper qualification, they will be able to keep a record of everything and interpret and analyze the data to offer you insightful advice. It is the advice that will make you empowered, and confidence will help you make the business decision without much hassle.

It is important for the person to choose the business accountant with proper qualifications and experience in that field so that he or she will provide you the best level of services. In addition, you should choose the person who will add confidence to your decision. Therefore, before choosing the accountant or services, you need to know what you need and the types of services you need. Then only you will be able to choose the best one!

Communication Skills

When you hire an accountant for the business, your relationship with the accountant also grows; you find yourself communicating with the accountant more often. It is important for them to give you updates on everyday things and tell you the financial position, and when they talk to you about that, you need to make sure that you understand everything that they are explaining to you.

It is the first thing that you need to make sure that whether the accountant that you have chosen has the communication skills or not. Because if they do not have, they may get confused and make things more complex when discussing the financial topics with you. And if they will not be able to explain to you, you will not know the position of your company which is important for you. So, it will be better to keep this in mind while hiring.

Passionate about the work

If you have the passion, only you will be able to start the business, and the same thing happens to other professions such as an accountant. If the accountant does not have a passion which means they are not motivated and do not feel good while working and are not dedicated, they will not give their best.

If they have passion, they will provide you with the best services and always create a positive effect or experience. If they are focused, only they will be able to support you and achieve your business goals.

Trustworthy and Honest

One of the main things that need is trust; if you do not trust your business accountant, then you will not be able to take the business decisions properly. That is why you should choose the business accountant who will make sure that they will work with integrity and honesty.

It is the responsibility of the business advisor that they should pass the information of every transaction that is taking place to the owner. It is the first step that will build trust. They should advise the businessman to spend their money which will maximize their return. If they are doing these things, then you have chosen the best and trustworthy advisor.

The Final Words

If you are looking for the best business accountant with all these qualities, then you can contact Alliance Accounting, where they will understand your needs and meet them. They will make you feel confident and provide you with the best business accountant.

Cloud-Based Documentation And Entity Management Platform Now Infinity Has Evolved Accounting Practice Efficiency Post COVID-19!

Since the pandemic, there have been huge changes in every aspect, and if we talk about the accounting practices, then there have been developments and challenges that people have to face. However, corporate compliance platform NowInfinity and Cloud-based documentation have supported the resilience and continuity of the accounting practices in this situation of the pandemic.

Now, because of this development, things have become so good, and development has taken place as it is the future-proof for their business. The accountants have done so many things on their behalf in the COVID-19 situation. There have been changes in the policies and sudden shifts in the remote operations; the accountants have worked continuously and help in managing the cash- flow of their clients.

In this situation, technology has also given their support or played a very important role as if we talk about the cloud-first, it has helped the business save money through the software. It maintains the connectivity. As per the report from Telsyte, it has been revealed that several people have adopted the Cloud-first policy. Around 59% of Australian business has adopted their policies, and if we compared that with the before lockdown, then it was 46%.

It has been said by the Andrew Russell, who is the CEO and managing director of Class, ‘ because of the pandemic business has known the importance of cloud-based software, if they want to ensure the continuity of the business.’

Every firm should consider it, and they should adopt the hybrid working and have the technology solution that will ensure that they have the anywhere, anytime solutions.

Streamlining Compliance

Even if there were no pressure of pandemic, there were still so many challenges that accountants and financial professionals have to face. It is the software that allows the users to choose from 70+ prefilled legal documents templates from partnerships, trusts, companies, and many other entities. The data is shared across the integrated platform, and it avoids discrepancies and eliminates duplicates; it also includes the Australian Securities and Investment Commission.

There is one more benefit that you can experience is to avoid the late fees from the ASIC, and the best part is NowInfinity system has also had the inbuilt notification for the clients, which reminds the client when there is some important task that they have to complete which include signing and updating the documents.

The main advantage that you can experience is that it saves time on many administrative tasks. It provides the opportunity that helps the accountant focus on the value-adding services and products. NowInfinity gives the accountant time for the entity management timeline from the starting to the closing of the entity.

Adapting the next normal

For the importance of the business, automation and cloud-based system is growing continuously. Russell has said that the class has developed the product suite so that it can meet the evolving needs of their clients. The software has provided so many great advantages to the accountants, and it has delivered the enhanced deed printing and stamping services.

During the lockdown period- NowInfinity has integrated the e-signature platform that satisfies their clients’ demand- rapid, convenient, and responsive solutions.

In the future the digital signatures are going to become part of the financial services as even today, there has been increased acceptance.

If people will embrace these technologies and also maintain the digital transportation momentum then it will improve the efficiency of the business and not just that it is also future proof for their business.

Do You Want To Know Some Ways To Manage Your Work Anxiety?

Nowadays, people have so much stress because of work. There are so important moments that you have to face while working, which can cause some nervousness and then anxiety.

If you handle something big, you take so much pressure because you want that to go fluently and smoothly. There can be any situation such as a big presentation, a difficult or big conversation with a manager, and many other things where people have experiences stress.

If you talk about professional life, then there are so many things at stake, from the financial to the social prestige of a person. They get so pressured about these things, and they face the fear of rejection. They think that if they cannot provide everything and perform well, they will not be able to get even the necessities of life. There is so much competition, and people want to be the best.

There should be some stress because that is the good thing, and it shows that you are challenging yourself and want to do well. But if you are taking excess stress or pressure, it can be bad for your mental health. You may ace panic attacks, rapid breathing, restlessness, heart palpitations, obsessive thinking, and many other things. That is why it is important for the person to perform well.

To manage the anxiety at the workplace, the employer has an important role in reducing the anxiety level o their employees; they should provide support to their employees. They can reduce by creating a culture of belonging and wellbeing of the employees and also investing in employees. They can also support mental wellbeing, and all these things can be easy if they use the Anxyz, where all the things will be confidential.

Here are some of the strategies that employers can consider to reduce the anxiety level or overcome the anxiety of the individual, and those are mentioned in the following points-

Practice constructive Worrying– People have so many worries, and it is time that you should work on that. If you will not, then these worries will stay in your mind, and you will not concentrate on other things. You should sit and think about all your concerns and identify the solutions to your problem. If you do this session weekly simultaneously, it will help your brain, and you will know that these are the worries that you need to solve.

These things will leave you relaxed and calmer, even if you write your worries or concerns, it can also help you in processing your feelings, and you will feel good.

Give the mind a good workout- Your body needs a workout so that you can be physically fit, and the same goes for your mental health. If you want your brains to be fit and there are no worries, you need to exercise daily. You can do the cognitive exercise and work on that; it includes meditation, which will keep your mind peaceful, and also the deep breathing exercise.

Through this, you will be able to sharpen your memory; you will know how to respond in different situations, increase focus and ability to reason. It will make you will well and calm. There is no extra time you need to do that; you can easily do these exercises sitting on your desk for about three to five minutes.

Think or visualize the best outcome- A person gets anxious most of the time when something big is going to happen. For example, you may feel nervous before the big presentation, an exam, or even an interview. If you are feeling stressed about these things, then the best thing that you can do is visualize the whole situation in your mind and the best possible outcome that you can get from there.

It will help you in getting some relaxation and put a smile on your face because you are thinking about the best thing that can happen to you in that situation.

Shifting of focus to the audience- There are most people who have a fear of talking with the audience a large audience. This is because they cannot speak with the public, and if you are facing this, you should shift your focus and try to concentrate on the performance. People talk with themselves so that they can be perfect, funny and liked by other people.

Instead of that, if they will just shift their focus to the audience, it does not matter whether there is one person or more than 300 people. You should talk about what is important, which means you need to should share something that you want them to know.

Seek positive feedback- If you want to reduce the anxiety level because most of the time, people face work anxiety, but they do not know about the things that they have, which is unique. And that is why people should ask their colleagues about that and ask them what the qualities they like about you are and how it is beneficial for them and why you are important. You will definitely get some confidence and feel good.

Upskill- People are not born with the skills; they have to develop them with time and work. While you make progress in your careers, your responsibilities increase, and you need to develop the skills. You have to develop the skills like leadership and communications, but no one will tell you about that. But you should learn them and get the right knowledge about it.

Be comfortable with anxiety- Anxiety is the normal thing that can happen to anyone; if you meet someone for the first time, it will even create anxiety. There can be so many stressful situations, you can remove them, but you can find a way to handle or manage the anxiety. If you see the anxiety and problem in your life as a big monster, you will never feel good; instead, make them your friends and start living with them, and you will find a way to manage those things.

5 Important Skills That Is In-Demand By The Employer

If you are looking for a job in a high-profile company, then there are few skills that you need to have. Even if you are working in the same company, the way of working has now changed, and there are many skills that the employer requires. The employer wants to see their employees work hard and also wants them to work smart.

In the year 2020, since the pandemic has begun, the people in Australia have developed new skills to work, and now it’s not about the pandemic people are just adopting that way of working. And they are focusing on their new skills. And just because of that, employers are nowadays looking for people who can work with these transferable skills.

The skills that employers are looking for in the employees are mentioned in the following points-

Emotional Intelligence- This skill states that the employee should have the ability to understand, manage, and express their needs and of other people who are working with them or for whom they are working. They should express that with the demonstrated self-awareness.

A person can show their skills by telling or by showing that how you have supported or collaborated with the colleagues. You have to show them that you had used these skills when you were facing the challenges, and there you have expressed your feelings relevantly.

Resilience- Resilience is the skill through which you will be able to demonstrate and identify your capacity to recover from the situation and adapt to the changes taking place. It will explain that you are fine with those changes and able to adapt them without any problem.

If you want to show it to your employer because you have so that they will know how skilled you are, you need to talk about that. You have to identify your experiences, talk about them, and adapt them and once you do that, just bounce back from that challenging situation.

Technology Literacy- It is simple from the name as this skill includes the confidence that you have in yourself about using the different technologies that will help you or assist you in work. You have the ability through which you can learn the different technologies.

To show this skill to your employers, you have to demonstrate the knowledge you have about those technologies and your skills in using the different technologies that will help you in your work.

Agility- Agility is the skill that shows the ability to be productive in the environment without making any strategy or process, and also they have the ability to the axis between the task and ideas as the environment changes.

To show this skill to others, you need to find the time when you have to pivot the priorities and also change the way of working.

Proactivity- Proactivity skills demonstrate that you should have the ability to learn new things or new skills, and you are looking for new opportunities that will benefit your work.

If you want to show this skill to other people, you have to do some work that you do not normally do, which means you should do the tasks or projects outside of your normal work and show people what you have achieved from it.

Top Common Mistakes Australian Taxpayers Are Likely To Make On Tax Returns!!

The ATO announced tax cuts in this current year’s tax time, which means taxpayers in Australia are likely to receive an average of $2820 or more from their tax return. Aussies whose earnings are less than $126000 are likely to get $1080 as a tax cut. However, many people are expecting to receive more extra cash into their accounts.

This is because Aussies are making common mistakes that could prevent them from receiving even higher returns or, in extreme cases bearing a fine. Vanessa Stoykov, financial commentator and money expert, said the lockdowns had limited the cash flow for Aussies, which means this year, people are likely to save their tax returns.

On the other hand, most people are likely to lodge their returns. Still, you should know that even a simple mistake could result in getting audited, which further can delay the process of depositing that money into your bank account or lead to bearing fines.

So it would be better for you to do it right. If it is possible, you should hire a professional accountant for lodging your return because they are well versed with the working of the tax return system and help you avoid any unwanted errors.

And their fees are deductible on the next tax return. According to the Australian tax authority, people are likely to make three mistakes during tax time.

  1. Forgetting To Mention Some Of Your Income

Leaving out some of your income earned from a side hustle or a part-time job can become a major issue because the ATO officers are also focusing on these kinds of incomes. That means if you have earned some income from doing freelance work, babysitting, or anything else alongside your full-time job, it’s essential to mention both full-time and part-time income before lodging.

No wonder many people are considering the gig economy to provide for their families during the pandemic time. You should know that the ATO is well aware of these types of side hustles, which means they are keeping a close track of the gig economy with the help of matching data.

People working in a gig economy work as individual contractors. That means whether you do freelance work, odd jobs, drive people around, or rent out your car, or sell products online, you have to include all those income in your tax return. But the good news is you are allowed to deduct your expenses from this income.

  1. Claiming Tax Deductions On Personal Expenditure

Another major mistake that most people do during tax time is claiming their deductions for personal expenses. You should understand the fine difference between what things are and are not included in lodging as a deduction. For instance, most Aussies try to claim the expenses for distance traveled from home to work.

However, it should be claimed for traveling from one workplace to another. You should remember that the cost incurred on daily commutes like a car or train rides is not deductible. You have to pay yourself. The ATO is concerned about the expenses incurred after you begin your daily grind and ends when you leave are private.

But the expenses incurred like petrol or train fares are not claimable. However, there are some exceptions to this situation. If you don’t have a fixed place and are required to carry equipment or bulky tools, and you have to travel to different locations during the day, you might be able to make some serious claims. Be sure about those claims because the ATO keeps a close track of those exceptions.

  1. Lethargic In Keeping Expense Records Or Receipts

One of the biggest mistakes that most Aussies make before lodging their returns. You should know that the ATO can ask you to provide the evidence and receipts of the last five years or from the late, you have started lodging your claims. Lodging for something you don’t have any valid receipt or evidence of can be a great red flag against your claim. So, it would be better for you to put together your documents and receipts.

Our Offices

Dockland Office
Level 10,
401 Docklands Dr
Docklands, VIC 3008

(03) 9015 8540

View on Map

Sydney Office
Level 20 & 21 tower 2 Darling Park ,
201 Sussex St, Sydney NSW 2000

(02) 8973 7505

View on Map

Brisbane Office
Level 27,
480 Queen St
Brisbane, QLD 4000

(07) 3011 6316

View on Map

Geelong Office
73 Malop Street Geelong VIC 3320

(03) 52982000

View on Map

Adelaide Office
Level 21,
25 Grenfell Street,
Adelaide, SA 5000

(08) 8423 4554

View on Map

Perth Office
The Forest Centre,
Level 29 & 30,
221 St George's Terrace,
Perth, WA 6000

(08)9288 0603

View on Map

Available 24/7
1300 NXTGEN (698 436)


Translate »
Book Appointment