Most of us have been acquainted with cloud-based technology such as Google Drive and Dropbox and understand that how handy it could prove to be for mass-handling of information when you want it shared amongst a set of team members. Cloud accounting is no stranger too.Software is used to send information and common data to the “cloud”, wherein it is processed and sent back to the users.

With many business owners now switching to cloud accounting, the major benefit from this cloud-based accounting system has been realized as that of freedom from installing and maintaining individually installed software on different systems. Moreover, businesses with multiple branches and remote offices in distant locations can utilize this technology by use and access of same software version with same data within its own organization or in collaboration with other organizations.

As compared to on-site accounting, cloud accounting provides more flexibility in terms of accessibility as data can be accessed from any device just with an internet connection and of course an account and its password. Apart from access feasibility, cloud accounting gathers information from different users and updates financial database automatically. Thus, it also eases the reporting of real-time financial information that would be visible throughout the organization.

In terms of safety and security concerns, cloud accounting provides a better method of accounting. In case of theft or loss of company laptops and computers, the companies are threatened by theft of financial information as well. In contrast to that, cloud accounting leaves no trace of financial information on the devices. Information access is password protected and encrypted. Thus, even in case of stolen laptops, it is highly unlikely to know the password to this encrypted database. Each individual that shares this information within an organization through cloud accounting software is provided access through a unique password. Thus, no more usage of USBs, flash drives and hard drives that could be easily stolen or lost!

Whether you’re in business, or simply want to track your family budget clearly and efficiently, cloud based accounting software is affordable, convenient and easy-to-use.Booksmart Accountants understand the importance and confidentiality of information and data handled within the organization and thus, we provide secured cloud accounting to small businesses and even to individuals looking to handle their family budgets.

What comes to your mind the first thing when the word ‘budget’ is mentioned during a casual conversation with a friend or colleague? Pain? No more vacations? No more shopping? If you are among the ones who relate budgeting to these thoughts, you are doing something wrong!

Budgeting isn’t about putting a stop on your lavish expenses. It is more about ‘measured expenses’. Budgeting must begin the moment one gets their first pay because it is through budgeting that one can be aware of where their money is going. Maintaining a personal budget is as much necessary as opening a bank account. Tracking your expenditure can be a tedious task but helps you keep a track of your weekly or monthly expenses to help you plan your savings. Thus against your idea of putting a stop on vacations, budgeting actually helps you in planning those vacations. Isn’t that such a great idea?!

People get surprised (or shocked!) when we add up their daily expenses, even if a dollar was spent on their morning coffee every day. These little expenses would surprise you as they make a big share of your expenses. Keeping a track of these little expenses help you understand your earnings vs expenditures and thereby help you in maintaining a steady bank balance and support your saving plans, so start today by recording your expenses on a daily basis. We’d suggest carrying a small notepad and start noting all the expenses just for a short period of time, say a month. By the end of this period, you’ll know your expenses and would be able to compare with your earnings. If you hate carrying around notepads, a notepad app in your phone could be handy and can be used anytime and at any place. Start budgeting today!

Personal budgeting can be an easy task and does not involve many complications. Simple Excel sheets and/or a calculator may suffice all your needs. However, it’s not easy when you own a business, be it small scale or large. No business can run without a budget (and of course the employees and other resources). But budgeting forms a major aspect of every business. It is the first step towards the growth. From planning the next move to overcoming past losses, budgeting helps in recording you money inflow an outflow so that you can predict where your finances are heading in the upcoming months and years.

If your business needs budgeting or if you want to discuss your personal accounting needs, BookSmart Accountants are there for you. We help small businesses keep a check on their business performance by evaluating key focus areas such as cash flow, profitability, liquidity etc. so that you as a business owner understand your business performance. We also provide taxation, accounting, compliance, auditing services to public and private businesses as well as individuals located in Melbourne, Australia; offering our clients the choice of onsite and offsite meetings for their convenience.

Call us at 1300 300 106 to discuss your financial needs today.

The finance industry comprises of one of the most detailed and diverse roles, i.e., accountancy, and hence the need of a competent accountant to manage such a significant and detailed part of any business.

The role of an accountant comprises of advising clients with their financial expenses in terms of taxes, profit/loss records, annual progress records, etc. with unbiased information and within legality of the associated authorities. They need to ascertain that their advice follows the limitations and boundaries of the government policies and framework depending upon the type and industry of business. Once a business appoints its accountant, he/she plays a crucial role in performing financial functions related to collecting, bookkeeping, analyzing, presenting and even forecasting accurate financial information related to the operations of the firm.

At BookSmart Accountants, we help you save your business, time and money as we provide our clients tax-planning strategies, budget forecasting, setting up of goals, etc. We provide high-quality professional tax accounting and bookkeeping services to ensure that you focus on other aspects of growing your business and leave your financial worries upon us. Our job role includes but not limited to:

  • Preparing budgets and implementing cost saving strategies
  • Analyzing profit/loss incurred by the business over a selected period of time and producing statements to record this information from time to time
  • Preparing and filing tax returns at the end of each financial year along with providing recommendations on maximum tax savings
  • Managing bookkeeping and accounting practices and maintaining procedures for accounting

Fur such an imperative aspect within an organization, the risk of hampering with large information associated with financial operations can be significantly high and must be taken care of. Due to these crucial tasks, it is evident that every business, be it small scale or large scale, requires an accountant to manage these financial decisions and information. In case of specific requirements such as tax management, one can even choose to appoint a tax agent who would support all queries related to filing taxes and minimizing these taxes as most business-owners pay higher taxes than they are meant to.

We can help you with all your tax related enquiries and can support your business by providing accounting and bookkeeping services. We provide taxation, accounting, compliance, auditing services to public and private businesses as well as individuals located in Melbourne, Australia

Our range of business accounting services includes:

  • Structural business advice
  • Tax planning
  • Tax return preparation
  • Corporate secretarial services
  • ATO negotiations
  • Audit consultation
  • Accounting and bookkeeping services
  • Compliance planning and management
  • Cash-flow
  • Performance monitoring
  • Business health assessments
  • State tax matters
  • Payroll taxes
  • Financial statement preparation
  • Budgeting advice and forecasting
  • Management accounting

Contact us at 1300 664 796 or visit our offices located in and around Melbourne to talk to our professionals. We also offer after-hour appointments suited to your convenience.

Making mistakes while handling tax return documentation during a busy office routine can bevery complex and tediousa task. On few occasions, people tend to make mistakes. Things can go wrong; it’s not rare for humans to make mistakes. But don’t worry, there is a solution to every issue and we are here to assist you with such mistakes made while filing your tax return.

The first and foremost step you need to take when you realise a mistake has been made, is to inform the ATO before they find out, because you don’t want to get penalised for a silly mistake, do you? It is always safer to be honest and accept your mistakes rather than repenting with penalty later. It is beneficial to inform ATO about the requirement of an amendment in your tax return as soon as possible. The longer you wait, higher is the chance of getting your mistake noticed and be penalised for an unintentional error.

ATO provides amendment form service to individuals. So you can either submit an online form or simply discuss your requirements over the phone and see if they can help. This form can be downloaded here: https://www.ato.gov.au/Forms/Amendment-of-income-tax-return-for-individuals/

However, in order to avoid committing such mistakes in the first place, you need tax accountants to sort all your documents and records to file a smooth income tax return for you. At BookSmart Accountants, we help you gain control of your personal finances. We are an experienced team of tax return specialists Melbourne employees trust.Our specialized software ensures we understand the unique tax obligations and entitlements specific to your industry and we ensure you pay the minimum amount of tax payable while staying in the good books with the ATO.

Our individual services include:

  • Tax return preparation
  • Salary packaging advice
  • Property and investment tax advice
  • Prepare and lodge BAS statements
  • Negotiations with ATO (debt, disputes and audit matters)

At BookSmart Accountants, our taxation accountants can support you regardingall queries like these. We also provide our customers with after-hours appointment service to suit busy professionals.

BookSmart Accountants can help you lodge your next tax return. Contact our office today by calling 1300 300 106.

Do you think piling up records in a corner of the office space is enough to keep your business up to date? Well, you might want to reconsider when you read this.

While most small business owners may think it’s easy to throw together big numbers ontax agent’s desk at the end of the financial year, they might be unaware of the complexities associated in case of mishandling these records.Doing it alone might save you money initially, but could land you into trouble if things were not done the right way. You need qualified professionals to help you keep a check on the ongoing updates while you run your business without stress. They can also assist you with keeping track of the progress over the years and provide you comparisons that could support the development of your next business plan. It is important to record every dollar spent and earned while running your business in order to be assured that you are headed in the desired direction.

So how about saving your time and effort for running and improvising your business and leave the nerve-rackingtask of maintaining your records and handling these complexities upon us! Our experiencedBookSmart Accountants can support your small business by providing the best advice and service as per your needs to help it grow better within the industry.

Give us a call today at 1300 200 106to discuss your needs and we promise to help you in the best way possible.

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Individual tax returns from $99 - $120