‘Accountant’ is a term that gets thrown around in the business world all the time. And if you have involvement in business, you are probably aware that most businesses will need to use one at some point. However, you are not alone if you are unsure about the difference between the many types of financial wizards we call accountants, visit apmaccountants.ie and you’ll find the right one for your needs.
As a business owner, you’re required by the Australian Taxation Office (ATO) to keep records for a minimum of five years, in plain English, and in a way the ATO can access if they need it. A simple advice from a small business consulting services group is that you should find out what records you should keep, and evaluate how well your business is keeping records by using the ATO’s record keeping evaluation
Less time doing bookkeeping means more time running your business! When do you need a bookkeeper? These are some of the signs you should look for when deciding to hire a bookkeeper: Doing the books is taking you away from working on your business. The business transactions have substantially increased since you first started. You’re not sure that records are being kept correctly. Your tax and/or other compliance is getting
Fuel tax credit rates change regularly. They are indexed twice a year (in February and August), in line with the consumer price index (CPI). Rates may also change in July for fuel used in a heavy vehicle for travelling on public roads. This is due to changes to the road user charge, which is reviewed annually. In July, rates also change due to an annual increase in excise duty rates
Why change? Xero have channelled over $100 million into their cloud accounting platform over the last two years, made hundreds of product updates, and added powerful new features and integrations. Because Xero lives online, these updates and new features are delivered automatically (unlike the clunky and expensive upgrades required for desktop software), and so many of them may have gone unnoticed by many. And it’s not just talk – Forbes ranked Xero as the World’s
From 1 July 2015 taxpayers will only have two methods available to calculate and claim their work-related car expenses – the cents per kilometre and log book methods. Additionally, the sliding scale of deductions available under the cents per kilometre method based on vehicle engine size will be removed and replaced by a flat rate for all vehicles. The change is expected to result in budget savings over the forward
In the early stages of owning a small business, many people find they also have to be the bookkeeper. This can mean less time spent doing what you love. Even if you have a dedicated bookkeeper, finding a way to stay on top of the latest numbers can be tricky. Your bookkeeping software plays a huge role in determining whether the process is quick and fun, or tedious and time