|There are many accounting packages on the market. However, we found that Xero and MYOB generally provided all that is required for most small businesses. And accordingly we will usually recommended one of these two packages.|
|If there is a need or a desire for a more specific or complex software package we have the experience to assist in choosing the most appropriate product.|
The key to keeping costs down is for basic accounting work and coding to be processed accurately by the client. The result reports should be accurate if everything is processed correctly into the computer system. And then completion of the BAS is simply a matter of transferring the relevant totals to the BAS return.
We have found that the following procedures offer the most cost efficient and practical way of dealing with these issues. However, this may vary depending on the particular circumstances of the client.
The financial year is divided into 4 quarters for most businesses. A BAS return is required to be lodged at the conclusion of each of the quarters. (September, December, March and June).
As a general rule we conduct a brief review of the client’s computer file (Xero / MYOB etc) after the September and December quarters. At the conclusion of the review, we usually lodge the BAS return electronically on behalf of the client as this only takes a matter of minutes to complete. Usually a pre-30 June tax review is conducted when the March quarter is reviewed. This ensures any necessary tax planning is undertaken prior to the end of the financial year. It is too late after 30 June to do things that will affect the tax position for that tax year.
Where possible, when we review the June BAS we also endeavour to complete the annual income tax returns. This ensures that the client is always aware of where they stand early into the next year so that they have time to organise payment of any resulting income tax etc.