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The High Demand of Accountancy in Covid-19

During the Covid-19 Pandemic, many youngsters and IT sector employees are suffering from a great job crisis. The deteriorating conditions are forcing the workers to handle the work from home through online connectivity or leaving the job due to the less demand for work. Indeed, the year 2020 has brought some terrible situations, especially for the private sector employees.

What study and researches are saying? 

A job survey has been done by the leading recruitment firm/organisation ‘Hays’ that says almost one in five workers are losing their jobs or facing trouble regarding their employment. But the profile of Accountancy is still in high demand.

According to the recent survey of Hays, the financial aspects like budgeting, data analytics, and accounting are quite high demand. These three jobs profiles are the most-trendy among the hiring agencies.

What do experts say? 

“We are currently observing slightly more hiring in some specific area. The hiring agencies are currently focusing on Accountancy. That is why we are noticing a slight upward in a graph of jobs”, Nick Deligiannis, the managing director of Hays (Australia and New Zealand).

He said, “The current situation and the Pandemic have changed everything. Every sector has been affected badly due to the current crisis. Most of the companies are now going towards the rebuilding phase and showing interest in the Accountancy profile for economic growth and management”.

“Approx. Forty percent of the firms are showing the cue to invest or fill the accountancy profile for 6 to 10 months to cover up the losses or manage the ratio of loss and success through smart strategies”, he added.

What skills are required now?

Undoubtedly, the Covid-19 has brought the entire private and government sector on the online platform overnight. Today, most meetings, assignment distribution, work submission, and conferences are happening online.

Zoom and Google-related online video conferencing applications are getting immense popularity and importance. And firms have fully recognised the necessity of digital literacy. That is why they now prefer the profiles which are well aware of the online world and digital process.

Now, let’s check out some areas in which Accountancy is now getting the immense popularity-

  • Taxation

The Accountant of a firm is responsible for planning taxation liabilities. During this tough time, companies are trying to rebuild and manage their economic structure and tax management areas where companies try to save a healthy amount.

  • Budgeting

It is quite apparent that this year commercial giants will try to make their plans that can benefits firms, and they are going to do some genuine strategy work that will manage their expenses and cost ratio. Accountants and management employees are mainly responsible for figuring out some great plans that can benefit the firms.

Conclusion:

These are the prominent reasons that suggest to us why we are observing the high surge in Accountancy jobs. If you are also planning to make a career in Accountancy or have some excellent Accountancy skills, then upcoming years will be great for you.

Be positive despite the challenges with these quick tips.

The whole world has been suffering from a challenge that has never seen before. And not only the Pandemic, but the year of 2020 has also brought numerous things that can easily strew the stable mind. Although, amid the great crisis, the people worldwide are defending and fighting against the virus war to safeguard the future.

It is quite understandable that the upcoming future will bring some significant challenges and obstacles that it would be hard for us to deal with them. The Bourgeois or small entrepreneurs would find themselves in a substantial hurdle. Still, there is only one thing that could help us: the positivity of our mind and serenity of thoughts.

So, let’s find some great ways to maintain the positivity of our mind and possibly strengthen our chances of triumph-

1) Accept the Rejections

Rejection and Failures are among the most significant events of our life that give us the biggest lessons. They teach us how to handle the toughest times of our lives and, most importantly, win the big battles against the contrary situations. It would be better for us to remember and embrace the failures to attain success and have positivity in mind.

2) Exterminate the Negative Approach

There is a popular cliché about life: ‘your recent actions are the reflection of your mental approach.’ A contrary approach is one of the biggest reasons why people find themselves amid the dilemma most of the time. So, it would be best for you to eradicate the negative approach that is dwindling your personality.

3) There’s always a solution

No matter how challenging the situation is through which you are going or facing your life’s hardest battle, it would help if you ever remembered that there is still a solution for everything. Raising your hands against odd situations or feeling defeated from challenges is the most natural thing, but having a sign of courage and striving against the challenges makes you a courageous man. Reach out to someone and have a conversation because these things are what genuinely are going to help you.

4) Meet some experienced people

We all are on a voyage of life. Some are handling and enjoying their journey well, and some of us are facing a few problems in the journey of life. So, try to meet and find someone who has already faced these challenges from which you are suffering. Share your issues and find out some learning from their stories.

5) Conversate with Positive people

Negative thoughts and stress are nothing more than a weak state of your mind. So, try to rekindle your mind and soul by having an optimistic conversation. Try to share your problems and find out some ways through positive stories.

Conclusion:

Positivity and Negativity are only the approaches of our minds. In which, one leads to the serenity and peace, and another goes towards the shambolic state. So, it’s up to you where you want to reach and love to enjoy life.

Five ways to enhance your Time Management Skills

We all know how badly the current Pandemic has strewn our time and lives. In most of the major states, people have passed their valuable time while sitting at home during the lockdown restrictions. Despite the Pandemic and lockdown, we are all getting busy and returning to our hectic daily routines by doing online work or by working outside to strengthen the economy.

Time management has been the major and one of the most significant subjects to talk among people for decades. We don’t know whether it is the repercussion of technological advancement or lack of time management skills. However, time management has become genuine suffering for the people because of their personal and work life. If you are also the sufferer or want to enhance your time management skills, you have indeed landed on the right page-

So, let’s check out some exciting yet easiest ways through which you can be able to attain the unattainable time management skills-    

1) Make a strict schedule

Having a tight yet prominent work schedule is probably one of the great ways to start the time journey on the right path. Having a schedule chart in your table or wall will keep alarming your mind to stick to your planned manifesto. A schedule not only reminds you about the work but also enhances your skills to complete the daily task in a timely and responsible manner.

2) Prioritise

After attaining or knowing the first step about time management, it’s time to get familiar with the concept of ‘Prioritise.’ Like the daily errands of your life, you also need to prioritise work based on their prominence. It means your most urgent action needs to be done timely or have a deadline to complete. So, like this, you need to make a list and prioritise all your work instead of doing without planning.

3) Elude from distractions

Distractions can be your biggest enemy for not letting you complete the task. That is why most people do yoga and make their mind positive to avoid unfortunate distractions during work time.

4) Be Accountable

Accountability towards work is one of the best ways through which a person can improve his/her time management skills. Liability and responsibility towards work will help you complete the task or work on time and manage some time to complete the work you have promised.

5) Start to say ‘No.’

Saying ‘no’ is one of the first steps to help you stick with your schedule or preplanned work. Procrastinating or indulging in activities that are going to waste your time surely needs to be paused.

Conclusion:

Time is the most precious and prominent thing for those who want to be successful and have a desire to achieve something great in life. It would be best for you to try out the mentioned ways to improve your time management skills and share some pleasant moments with your family.

Some Essential Tips for End of Financial Year and Reminder for 2020

2020 is the most challenging time for everyone, including business owners too. This pandemic attack and business crisis make tax planning for the EOFY more crucial than the previous year.

There are many keys and obligations that every business entrepreneur needs to know to minimise the tax flow. Some may have opted for manual listing and reduce the ATO tax audit process to reduce the tax.

According to the report, the Australian Taxation Office or the ATO will implement some tasks during the tax payment time. So, we have outlined some of the best tips to help you be ready for the tax return policy of 2020. The tips will also assist you in dealing with tax returns and payments.

Avoid Extra EOFY Spending

Spending extra money to maintain the tax records would not make sense if you have less cash flow. This is obvious that cash flow plays an important role, but the coronavirus pandemic outbreak has already cut down the cost and revenues.

So, instead of spending money on unnecessary tasks won’t make you pay extra. Moreover, it will help you to save some extra and reduce the tax payments.

The Update on Single Touch Payroll

It is important to note that small businesses with less than 20 employees need to pass through the single touch payroll from the end of the financial year.

However, due to this pandemic situation, the date has been extended so that you can start the STP earlier than the end of this date.

The Stocktake

The business that deals with goods and services sell and buys records need to maintain the stocktake during the EOFY to pay the tax. The increase and decrease in the stock and calculation would be easier to maintain the tax return on the business profit.

Say if your business has a turnover of $10 billion or below it, then you can quickly access the stock rules that say not to opt for stocktake for the tax filing. However, if the value is different, you need to have the stock takes and pay the tax. For this, you can also opt for three methods.

  • Calculate the cost
  • Marketing goods sales value
  • The replacement values

Manage the Payroll Tax

The payroll tax has been applied to all the business entities with the Australian Payroll that may exceed the business limit. Thus, you must prepare for tax addition to wages and salaries tax. The payroll expenses must involve;

  • The contribution of the employees to the superannuation in the absence of the employees
  • The benefit of fringe based upon the taxable values that offer the fringe benefit.
  • The fees of the contractors and the sub-contractors

The ATO Audit Activity

The ATO activities have been increasing immensely to automate the audit activities. The increasing audit activities are for payroll tax, PAYG withholding, GST, and trust distributions. Instead of this, opting for the single record-keeping procedure will do the audit procedure more accurately and save your lot of debts too.

The Last-Minute Tips for Tax Deduction

  • Make the write-off debts load earlier in your system
  • Make a write off of the stock damage
  • Make the review of the scrap and the assets that may have obsolete equipment
  • Pay for the repairs, materials and office stationery and other marketing goods
  • Be sure about the contribution of the superannuation that is made to reduce the tax deduction

Final Thoughts

The end of the financial year needs to deal with a lot of tax payments. But for a tax deduction, you need to have these tips for managing those tax works for the end of the financial year.

The Checklist that Businessmen Need to Keep Ready for EOFY

When there is an end of the financial year in Australia, the business individuals already face busy times. So, it’s better to be ready with the checklist that helps to determine the business tax returns policy and give you instant relief from the debt management burden.

However, it is essential to know what things you need to focus upon and what not may create trouble for the business entrepreneurs. Here we will provide you with the checklist that you need to focus upon and follow for the EOFY in 2020.

Organise Your Payables and Receivables

Before you come to the end of the financial year, make sure to organise all the payments that you receive and the payment receipt that you receive from the goods and services that you sell. It will help you evaluate the business tax return payments and how much you need to deduct the payments.

Make Investment in Assets

The checklist to be done in the EOFY includes investing in some valuable assets that you need in the next year before the EOFY. It will help to save the tax. So, it’s better to accelerate your investment before the EOFY ends.

Go for an Audit

The audit would be great if you haven’t opted for a cloud inventory software management program. The audit will help to ensure that what assets you have in practice are in the files. The reason for opting for an audit is that a manual spreadsheet is prone to errors and doesn’t give you an overall idea about the products and their tax and another cost.

It’s better to have an automated cloud-based management system that saves your time and effort on the audit.

Understand Tax Deduction

By organising the expenses, receipts, and expenditures list, it will help you in claiming the tax deduction. You probably have already claimed for the business tax return deduction for the expenses you made at the end of the financial year or the business’s daily deals.

Still, it’s better to create a checklist for a tax deduction. Another option that you can follow is to go straight to the Australian Taxation Office tax deduction page and make sure to go through the details given in the category.

Here, you can maximise the tax deduction permissible that helps to reduce the tax.

Create a backup of Business Data

This backup plan of the business data will only apply if you have opted for the cloud-based software program. The end of the financial year would be a great opportunity to deal with the expenses and save the data from reducing the tax payments.

Thus, saving them in your backup accounting system will save a lot of time and effort that you waste in the manual collection of data and compiling it up in the file for a business tax return.

Create a Financial Report

At the end of the financial year, creating the financial report will help make the profit and loss statement, the cash flow statement, and the balance sheet formation. This will help to run the data and EOFY smoothly. Moreover, the report will help to summarise the financial condition of the business and also keep a record of the budget.

Be Sure About Bookkeeping Errors

The more you will be concerned about the bookkeeping errors, the less you will have to work at the end of the financial year. So, it is essential to maintain the bookkeeping record and re-council errors. Along with this, make sure to pay attention to your credit card bills and bank account record at the end of EOFY. This will help to ensure you about the transaction errors.

Final Thoughts

During the end of the financial year, you need to manage a lot of things to pay the business tax return on all the valuable assets. But by having a checklist, the tax payments and billing would be easier to maintain. Make sure to keep a check on the tax changes to have a clear idea about the EOFY and tax payments.

Role of an accountant in uprooting modern slavery in supply chain management

Is your supply chain fair? Surprisingly, most of the enterprises are not even aware of modern slavery in their supply chains.

Today, the whole world is combating with the COVID-19, whose outcome hasn’t just been on health but has devastated effects on the economy of each country of the world.

Within a few weeks of it, business houses got shut, manufacturing units got closed, and the international supply chains were adversely affected. But do you know because of lock-downs almost all over the world, more and more people are still subjected to exploitation due to desperate conditions.  It is called modern slavery.

Australia hasn’t been fortunate enough to be safe enough from deadly outcomes of the outbreak of Coronavirus, with the unemployment rate escalating to twice the earlier existing figures. This new type of modern slavery will increase to unanticipated and devastating levels, with people being kicked out of jobs and needing work regardless of being exploited.

A brief idea about Modern slavery

Do you know slavery was abolished centuries ago? The definition of today’s slavery or modern slavery is altogether different and extensive-term. “Modern slavery” constitutes traditional slavery itself, along with involving servitude, compelled labor, human trafficking, debt bondage, forced weddings, fraudulent recruitment for services of labor, and child labor.

Imagine the situation of underdeveloped and developing nations, when developed nations like Australia are vulnerable to modern slavery. The smallest continent of the world has an estimated 15,000 people who are the victim of modern slavery currently. There have been numerous instances in Australia recently and in the past of sexual slavery, wage fraud, and sham contracting.

Reporting the risks

Various measures have been taken in Australia to help companies in recognizing the risk associated with modern slavery. Under the Modern Slavery Act 2018, with effect from 1 January 2019, organisations with origin in Australia or having operation therein, having over $100 million of revenue, are bound to report on the risk of practices of modern slavery in their operation.

Almost 3000 organisations in Australia have come under this norm. Other than this, as per the Act, organisations are needed to inform about the actions and their implementations in identifying and stoppage to modern slavery. All these companies are under the compulsion to submit their report to the government.

With the world still not been able to get rid of COVID-19, it is high time to focus on supply chains having a critically tough time in healing the wounds of an injured and collapsed economy.

How can accountants help?

Author of Modern slavery compass, DR Katherine Christ CPA, developed a tool to aid the organisations in reporting under the Modern Slavery Act. A finance professional plays an important role in the process of reporting.

“Accounting is rested with the responsibility of reporting and management process as per the Act. An accountant must play an important role here as it involves vigilance and reporting. If you strive hard to see, you will find that modern slavery exists in the supply chain. It is vital to maintain transparency with stakeholders and need to acknowledge it and should work with the contractors and suppliers to bring out the changes for victims.

Many infrastructure procurement executives remarked that the finance team of a company plays a noticeable role in the successful reporting of modern slavery.

Deepen Somaiya, an infrastructure procurement manager, remarked that “Accountants can bring a huge difference in the lives of people after discovering their potential, especially through the supply chain.

 Checking the supply chain

 As per the Act, only businesses with turnover exceeding the limit of $100 million are under the liability to report. But small and medium-sized enterprises (SMEs) are also important to put control over slavery in the supply chain.

There have been debates all over the world regarding the inclusion of SMEs under the compulsion of reporting about modern slavery in their supply chain.

What should be the steps of businesses on recognising modern slavery in their supply chain?

It varies from situation to situation. It is vital that you do not neglect the impact on humans. The first move on discovering the incident of modern slavery would be informing the concerned authorities to liberate the survivor and to take stringent action against the culprit.

It should be done diligently to avoid any threats to the life of the survivor along with that of the one who is informing. In Australia, the interest of the survivor is well protected in identifying modern slavery in organisations.

“In an example of modern Australian slavery, organisations are advised to contact cops ensuring proper scrutiny of the matter, and the culprits are held accountable for it.”

 Giving Prime Priority to People

 

Victim- centered approach shall be adopted without default, and the boycott of the supplier would not provide a solution for the problem. Modern slavery refers to risks to victims, not to businesses. Boycotting the supplier or company would be of no help or assistance to the survivor. This program has been utterly based on labor.

Creating impact

 

After reporting for four years on the UK, South 32 is now about to submit its first mandatory report under Australia’s Modern Slavery Act this year. The main motive of it is to bring change in the life of people in the list of the supply chain. South 32, too, joined the wagon to create the impact.

As mentioned earlier, many companies are not even versed in their modern slavery practice. Efforts have been invested by alliances in industries to bring out the impact than mere stocking up paperwork for suppliers. Supplier risk assessment questions have been drafted with assisting and guiding notes.

The first report is expected to get out anytime this year, but will the Act’s requirement be successful in making changes in the supply chain? It will be answered best by time, and the introduction of the Act is the first important step in Australia.

We need to wait and watch for a few years from now to understand the impact of steps taken to abolish modern slavery from the roots. Along with more stringent norms from the end of government, it is vital that society, too, plays a vital role in fighting the battle with modern slavery practices.

Insights into how accountants can level-up their advisory roles

Accountants are not all about maintaining and updating the company’s records for every financial year, assessing the company’s financial status, and auditing, or filing taxes.

The role of accountants is not just confined to the department of accounts only; they can instead enter into the territory of business advisory and assist companies and clients on a progressive track of profitability and goodwill.

Let us have an overview of the scope of the role of an accountant as an advisory-

  1. Accountants can aid their clients to maximize their profits.

Do you know that there is always a hidden cost in foreign exchange and FX rates laid down by the bank? Banks always conceal quite a good mark up on FX rates. Likewise, subscription services are levied over foreign exchange. These hidden costs adversely affect the business’ profitability by declining profit margins and eventually, the liquidity in the business concern.

An accountant can unveil these hidden costs and help a business to avoid paying for such hidden costs.

  1. Accountants can help a business to go overseas or global.

Global expansion is not an easy task, and financial services in foreign markets are the big hurdle that restricts companies or clients from opting for international expansion. Do you think it is an easy task to set up a bank account overseas and tackle time zone challenges? No, it is rather challenging.

But an accountant can be of great help in getting the financial services activated in places like the UK, US, and overseas without wasting much of time of yours and let the business establish and earn at earliest.

  1. Enhance the productivity of companies

New–fangled technology has enabled accountants to get away from the piles of account books and get things done more effectively, fast, and flawlessly. It is thereby reducing the probability of errors and unwanted cost to the business.

Technology is a boon to accountants as their task gets over in comparatively lesser time. This is how they can pay attention to value-added projects and help their clients or companies procure more all-inclusive productivity.

  1. Accountants can help in switching to agile and easy to execute systems.  

The technological advancement from the stage of manual maintenance of accounts to incorporating software systems has paced up the flawless work in the company, along with getting things done swiftly. Accountants can guide companies to switch to agile and straightforward to execute systems and, in a way, assist companies in using their resources more competently.

Adopting an all-in-one kind of solution can help small and medium scale companies (SME’s) minimize the waste of time and better use of resources to achieve the targeted profits.

Time management of Successful People| How they do it

Have you heard about multidimensional people who manage work and home front remarkably and come out with flying colors in every walk of life? At times, we all wonder how that guy has achieved so much at such a young age.

Success or productivity is not about age; instead, it is how an individual manages time. Would you like to peep into the things one needs to do to improve his productivity? Would you like to know the cause of lag between accomplished and unaccomplished folks?

Have an insight over the distinct style of time management of successful people underneath.

1- Focus on your priorities

Productive folks know what matters most and things that should be primarily emphasized on, which could be a choice between family, work front, or personal glee. Trying to do everything will eventually land you up nowhere. These people with expertise focus their time on quality i.e., what is most important and whose impact would affect most.

Just like productive folks, you too should try to make a list of things that, if not done timely, would lay an adverse impact on social, family, or personal life of yours.  Go through the list from top to bottom and likewise accomplish your tasks from top to bottom.

2 – Don’t let the distraction hamper your focus

After being clear cut about their priorities, these productive people don’t let distractions affect their priorities. Despite obstacles at the workplace, they remain focused, and in the process, know to say ‘NO’ to all that hinders them from their goal. Interruption neither from family, workplace nor from within let them deviate from fulfilling their aim.

Reserve early hours of the morning for most important things as the disturbance is usually less in the morning. Be straight forward in your office and communicate your messages of not being disturbed at all.

3 – Course-correct when things go wrong

Man proposes, God disposes, isn’t it? Sometimes, something very urgent strikes, which could turn out to be more important than your topmost priority of the list.   The productive individual takes a pause, does the urgent work first, and adjusts the remaining time for the priority. These folks reserve the time for their priority and make sure that they remain undisturbed while executing it.

If something unavoidable comes in between, make up the plan B for priority.

4 – Invest time

Productive people plan by investing time. These people are highly disciplined in identifying the time that should be used for planning. These folks would get back in a better way to identify things that should be done at what time and in which manner. Beforehand planning gives you enough room for your most important things to lesser important things to do.

Keep the planning time during weekends when you are on an off, and you have an idea of things to be carried forward from the past and new things to be done in the next week.

5 – Regular breaks for mental and physical recreation

It is firmly believed that the more pause you take, the more productive you become, resulting in improved performance. The duration of the break doesn’t matter; it should rather be completely pacifying and full of leisure.

If you are planning to take a break during work, fix a lunch date. Setting the alarm for a break is a good idea during which you could do some shoulder and neck stretch or exercise for release of stiffness below the neck, or you could take a walk to water filter and accomplish your quench along with a small break from your system. Vacations annually or six-monthly too, are a thing to do in their list.

The bottom line is productive people take breaks and gear up for the next venture with more endurance and energy.    

How to make your Meetings more Productive

On asking many individuals from the corporate world to describe their life at work in a few words, the answer we got was meetings, meetings, and meetings.

It is extremely true, do you know the majority of officials are always occupied with a lineup of meetings one after the other regardless of the productivity of meetings.  Most of the meetings end up with the staff snacking up after exchanging a few words on the purpose of the meeting.

With the outbreak of pandemic COVID -19, the new era began as the world switched to virtual meetings through video platforms. Unfortunately, the result is just the same, bringing no difference in official meets’ productivity results.

Do you know the quantum of work can be done in a 6 hours meeting? Is it possible for a group of people to work continuously for a long period? The figures reveal the story otherwise, as only 10-15 % of meetings end with a solution or agreement. On the contrary, most meetings are either adjourned for some other day or conclude with no outcome.

Do you know the majority of meetings as per facts and figures are a waste of time and resources?

Half of the day of an executive is occupied with meetings. It is being found in a study that nearly 71 % of folks at the managerial level believed that meetings are useless and inefficient. Surprisingly, in another survey, it was found that only in 30 % of meetings did the meeting’s purpose be discussed. It is indicating that in 70 % of meetings, the participants get involved in other work.

All that is anticipated is the estimated cost of unproductive meetings is extremely high, which businesses are incurring unknowingly or helplessly.

Where there is a will, there is a way, and companies need not bear these so-called unavoidable expenses of an unproductive meeting, which at times elevates the loss to millions.  The culture of business houses needs to undergo change as regard meeting is concerned, and so has to be the purpose of the meeting. The objective of the meeting should be mentioned, and so should be the role of those who are supposed to be a part of the meeting.  

To know more about the productiveness of the meeting, have a look at the points underneath that contribute to making a meeting a success-  

  1. Plan in advance and be prepared with all the homework

Not just in context with a meeting, but with proper and beforehand planning, half of the battle is won. Ineffective meetings are the outcome of weak and improper planning. It is recommended to send the purpose of the meeting and relevant information beforehand to expected members to avoid any wastage of time in acquainting the members regarding the purpose.

To make a meeting lucrative, make sure to involve the elements of PAO, i.e., purpose, agenda, and outcome. Meetings should either be for information purposes, for a decision, or for finding a solution to any conflict or issue.

 2. Work upon the duration of the meet as per its purpose

If a meeting’s duration is fixed or has time constraints, wastage in chit-chatting or in other irrelevant things during the meeting can be avoided. It gets mandatory or urgent to complete the work before the time for members of the meeting. Moreover, we human beings, deliver the best work when either under stress or have time restrictions.

 

3. Go for breakout groups.

The major hindrance in virtual meets is an obstruction in the voice as it often cracks or gets lost.  If you are opting for a breakdown feature, it is suggested to conduct meet with two or three employees. Segregate the members as per their role, topic to be discussed along with those with a high-speed internet connection. This type of allocation in a group can surely make the meet productive.

 

4. Scheduling of meeting as per its purpose

Meetings that don’t require deep thinking or much of brain work and rather just information or updates are to be shared should be scheduled in the second half of the day when the brain reaches the stage of saturation. Whereas meeting requiring decision making or finding a solution to business issues shall be scheduled in the morning as almost everyone is fresh and charged with mental and physical energy to think and decide in the best interest of the company and employers.

5. Be prompt, punctual, and strict as regards as time is concerned.

It is a common custom to start the meeting late for one or another reason. The organization pays for every second you spend while working in an office and imagine the loss if a group of people assembled for meetings starts the meeting late by 10 minutes.  You may not be versed with the fact that just a few minutes late in the commencement of meetings cost millions to organizations.

6. Keep your phone on silent mode or far from you

Mobile phones are the biggest distraction in virtual as well as face to face meetings.  Notification beeps or calls do attract the attention of people no matter how seriously they are attending the meet. Eventually, the mobile phone is browsed when things get a bit boring in the meeting by members. It amounts to not just wastage of time of all in the meet but is ultimately the loss of the company.

Tax Tips to Prepare for EOFY 2020

The mid-year means the end of the financial year in 2020. And its time to be prepared to line up the business and personal finances. Many hurdles strike in the finance managing pathway when it is the end of EOFY.

Thankfully, you have these tax tips in your hand that help prepares for your tax times and deductions faster. Here, you have these handy tips that you should follow to prepare for the EOFY.

Get Your Paper Work Done

The first tip to make a stress-free tax EOFY is getting your paperwork done before the time. And for this, you need to have the tax accountants record essentials on your fingertips including;

  • GST returns and BAS record
  • Selling and purchasing receipts ready on your desk
  • Other records like BAS statement, tax returns, and super contributions for the employee.

Manage Debts Deductions

This is perhaps the most vital aspect of tax accountant planning as it will help you to remind the exact business expenses and deduction. For instance, many business entities use the instant assets of the Federal Government to write off concessions.

This is the high time to purchase some new business assets that you may require in the coming financial year. The reason behind this early purchase is the tax shall not be deducted if the payment has been made in this early year.

Manage Online Banking Records

The best way to smoothen up the EOFY process is to make the tax accounting record. However, the perfect way to manage the tax accounting record is to fill the online tax return statement.

During EOFY, we need to make the bank statement prints and fill the tax returns and current balance statements of the business loans and investments that we made.

However, this year you need to make all the statements manually or online and make things less complicated.

Maintain the Vehicle Logbook

For small business individuals, it’s essential to maintain the vehicle logbook with a minimum record of three months. The record will contain some essentials odometer for June 30th, 2020, including all the invoices and all business expenses receipt for your vehicles.

But to keep it accurate and simple, you can also opt for the online tax return apps and other tools to organise everything.

Prefer Online Tools for Tax Accounting

To make EOFY tax easier and make BAS business activity statement easier, you need to keep a separate record of the business banking and personal banking. It makes the tax filing process less stressful.

Moreover, by separating these processes, the risk of accidentally claiming the deduction will be less possible. However, keeping a track record would be easier with the help of online banking tools. In some places, banks also provide online banking tools like online invoicing, third party access to the accounts, bank feeds like QuickBooks, etc.

Advance Payment of Business Expenses

During the COVID-19 pandemic crisis, every business aspect, whether its owners or employees are opting for the ways that help to save money. So, the easiest way to save some extra money is to cut the cost during the tax payments.

For this, you can prepay your pending bills before the EOFY ends. For instance, if you wish to purchase new business assets that have values less then $350, make this purchase before June 30th. This will help to save the tax.

Claim the Super Contribution of Government

This is the time to know the Federal Government initiate contribution to the superannuation payments. If you settle down on the following requirements:

  • Create low income
  • Create the non-concessional contributions
  • Earning a minimum profit of 10% from business or employment

If you meet with this requirement, you can apply to the government super contribution of around $500.

Final Thoughts

The tax accounting for the EOFY 2020 would be easy if you follow these tips mentioned above. It will help to manage the record and reduce the tax payment effectively. Moreover, you will be ready to receive the tax benefit from the government federation.

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Melbourne Office
Level 19,
180 Lonsdale Street
Melbourne, VIC 3000

(03) 9015 8540

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Level 20 & 21 tower 2 Darling Park ,
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480 Queen St
Brisbane, QLD 4000

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Adelaide, SA 5000

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