accounting & taxation
We are a professional services firm offering complete business solutions for all businesses and their owners.
Qualified accountants & bookkeepers will process your compliance work using state of the art technology and software and produce meaningful financial statements showing accurate results for the business.
BAS and income tax returns will be prepared and lodged ensuring that you pay the minimum tax in accordance with legislation.
ATO Debt – If you owe money to the ATO or are behind in your lodgements, contact Graeme Beveridge for assistance before it is too late.
Accounting – Accounting and Bookkeeping functions are similar but different in many ways.
A bookkeeper’s main duties include – recording transactions, maintaining ledgers and reconciling bank accounts, processing payroll, preparing draft BAS returns etc.
An accountant’s main duties include: – reviewing the financial records that the bookkeeper has prepared, reviewing and lodging BAS returns, preparing and monitoring Budgets and Cash Flow and preparing a profit and loss statement and balance sheet on a monthly basis and reporting to the business owners and/or external accountant. Preparing draft income tax returns when required.
Whether a particular business requires both a Bookkeeper and an Accountant will depend on the size and complexity of the business.
An external Accountant (such as CYB) can fulfil either a bookkeeping or accounting role (or both) depending on the circumstances however the main function of an external accountant is to ensure that the internal bookkeepers and/or accountant are doing their job properly and to ensure that appropriate financial statements (balance sheet and profit & loss statement etc) are prepared in a timely and accurate manner in order for appropriate discussions to take place with the business owners on a regular basis.
Depending on each situation the External Accountant can also take on the role of Business Advisor – see our Business Advisory section for more details.
The days of meeting with your Accountant once a year are long gone – providing you have the correct relationship with your Accountant.
CYB can provide one or more of the above 3 functions depending on the circumstances of the business. The aim is for as much of the work to be performed in-house as this is the best way to keep costs down.
CYB will also provide advice and training to ensure that the internal bookkeeping and accounting functions are appropriate.
LET'S TALK ACCOUNTING & TAX.
See our range of services below, and click through to read more on each area. If you are unsure please reach out, our team us here to support you. Talk to Graeme Beveridge today to determine the most appropriate course of action for your particular business !!
ACCOUNTING SOFTWARE
CYB has been a Silver Partner with Xero since 2013 and for most clients, Xero is the most appropriate option. We are, however, happy to use different software where appropriate. Prior to 2013, CYB used MYOB and is still an MYOB Partner.
Accounting software has come a long way in the past 10 years and these days, with the ability to have your bank transactions automatically downloaded to Xero each day (Bank Feeds) as well as using a programme such as Hubdoc, your invoices/receipts are able to be uploaded direct to Xero on a daily basis using your phone camera or scanning and emailing.
Hubdoc creates an electronic version of the paper copy which can be automatically linked to the supplier or payment and you never have to worry about keeping paper copies as well as being able to produce copies of invoices etc instantly if and when required – either for the business owner or the ATO (heaven forbid !!).
What the above advances means is that with some basic training almost anyone can process and maintain accounting records in a way that not only reconciles your bank transactions but codes common transactions automatically and produces meaningful draft financial statements. Very hard to get your accounting software “out of balance”.
The other advantage of programmes such as Xero is that your External Accountant can keep an eye on your accounting records in real time as they will have access to Xero. If they see anything that concerns them they can pick up the phone or email the business owner to discuss any issues.
The end result is that bookkeeping functions should be able to be dealt with inhouse at the business.
TAXATION & OTHER RELATED MATTERS
Graeme Beveridge has been a Registered Tax Agent since 1975.
Where required, CYB:
- Reviews the accounting records or draft BAS statements before they are lodged with the Tax Office. In some instances, CYB prepare the BAS Statements.
- Prepares and lodges the income tax returns for the business and the business owners.
- Ensures that other related matters are dealt with e.g. fringe benefits, superannuation contributions, ASIC requirements (if a Pty Ltd company), workers compensation, insurances.
The main role of CYB is to ensure that all statutory obligations are complied with and to guide the business owner to ensure that the business is profitable and secure whilst ensuring that the minimum amount of income tax is paid in accordance with legislation.
CYB is prepared to provide a fixed fee for the accounting, taxation and other related matters once the scope of required work can be determined.
At CYB we appreciate that we will not always know the correct answer to a technical question however we have access to some of the best tax experts and we are not afraid to seek their advice.
