Booksmart Accountants are your go to local Accountants in Cranbourne. Whether you are an individual, small or medium size business owner, your local accountant will offer you a more personalized service than a bigger accounting firm. Local accountants are able to build stronger personal relationships as they are devoted to their clients. With local accounting service, you will have direct access to the accountant, at all times rather than someone from the firm.

An accountant can usually leave a hole in your pocket and their fees can vary. Smaller accounting firms usually have to be more proactive than their counterparts, thus they also then to offer more competitive prices for their accounting and bookkeeping services. Local accountants can help small business owners and individuals to keep their cost spent on managing finances to a minimum, and this money can be used elsewhere- either to cover expenses or investments.

Trust is an important factor when choosing an accountant as they will be having all the details about your finances. Trusting someone with your finances as a business owner is a lot of risk that one needs to take. Local accountants are usually known by people in the community. Most local accountants are usually referred and recommended by your close circle and the mutual, so you are aware of whom you are dealing with. This makes trusting your accountant easier. Recommendation and reputation of local accountants helps to get into business with a trustworthy accountant.

Local accountants are also convenient and easier to reach than having an accountant from a larger firm deal with your finances. Local accountant tend to pay more emphasis on client satisfaction and customer service due to their smaller size. Losing a client for a smaller firm is a greater loss than for a larger company. Along with this, the convenience of their location helps you save time, which can be used in other essential tasks such as developing and growing your business. At the same time, your accountant will also be just around the corner, in case of an emergency.

If you need further assistance with accounting and bookkeeping, contact us at 1300 300 106.

An accountant can do wonders to your small business. Accountants would not only deal with your money but there are many other benefits for having an accountant for small businesses.

Small business owners need to put extra efforts into running their business. Developing and growing a small business requires time. Time is probably more important for small businesses. Small businesses require time to move ahead, build strategies to expand and always keep up with the competition around them. However, due to the budget, small business owners are also restricted with time as there are multiple tasks and activities that they need to focus on. Accountants help them to create a better work life balance by looking after their finances. The tasks that an accountant will look after for small businesses are: bookkeeping, tax returns, deciding on financial targets. These tasks usually take a lot of time, but are crucial for the success of small business.

Small business accountants can be really handy to manage the finances and smartly manage the money, by keeping it to the minimum that is possible. It is easier for accountants to spot where the money is spent unnecessarily. An accountant will ensure that there is a strict watch on the expenses, so that you don’t end up paying extra for resources, which are often neglected as expenditures. Along with this, small business accountants can also look after tax returns. Tax returns usually seem simple, but only an accountant can help you to minimize the tax that you pay and maximize the tax refund for you. This will help you to use the tax refund for investment, investing for growing the business or to pay off expenses. Small business accountants can be a great addition to your business as they can also provide small business advice which will help you run day-to-day business operations smoothly.

Are you a small business owner, in need of an accountant? Feel free to contact Booksmart Accountants at 1300 300 106.

Staying in good books of ATO is really important to avoid paying unnecessary fines. When it comes to work related tax claims, ATO finds that a lot people tend to make mistakes or intentionally lodge false claims to maximize tax refunds. Booksmart Accountants have listed down some crucial avoidable mistakes as we know lodging tax returns is a tricky activity, especially if one isn’t aware of what exactly can be claimed as a work-related tax claim.

When making work related car claims, it is important to only claim the car expenses which weren’t reimbursed by the employer and those car expenses that were paid by you. A taxpayer also needs to make sure that the trips were made as a part of the job, thus is directly related to earning the income. While making these claims, the taxpayer should have the records to support these claims.

When making work related cloth claims, the taxpayer needs to ensure that the claimed is made for eligible clothing which are specific to the occupation, protective gears or a uniform. Casual clothing, even if worn daily to work cannot be claimed. When calculating cloth claims, the taxpayer should consider washing, drying and ironing of this work related clothing items. The calculation should be based on $1 per load if it is only work-related clothing; otherwise it should be 50c if the work related clothing is washed with other laundry items. Along with this, the taxpayer also needs to maintain records of the days when the clothing was worn in a year.

Technological advancement is making it easier for ATO to recognize the false claims, thus it becomes essential that taxpayers are fully aware of what they are entitled to and are able to maximize refunds by remembering the above tips.

If you need further assistance with tax returns to maximize refunds by avoiding these mistakes, contact us at 1300 300 106 to have a conversation.

Most of our daily, small habits can actually lead to losing a lot of money. However, it’s these small shifts which could help in transforming our savings. Booksmart Accountants have listed below some ways in which you might be losing money or merely neglecting your spending habits.

Buying bottled water

We have a habit of buying bottled water which can cost up to five dollars. The tap water is available at every restaurant and it free of cost. At the same time, it is essential to make carrying a bottle of water a habit to save a huge sum. Here’s the math: If you spend $5, 5 days a week for 52 weeks, you are spending almost $1300 a year on bottled water!

Gym memberships

Majority of the people get excited about staying healthy, join a gym and then slowly stopping visiting the gym that often. Gym memberships are only worth the money you spend if you visit them regularly. Unfortunately, due to this, you might be spending more money on a single gym visit and you could be better off being on a different plan which is more suited for you needs. This daily habit will eventually save you more money.

Cigarettes

Cigarettes are not only bad for your health but also seem to leave a huge hole in your pocket. The average cost of cigarette is around 25 dollars for a pack. If a person smokes the whole pack in 2 days, the person is spending almost $5000 dollars a year on cigarettes. Along with this, a smoker also has to pay higher premium on life insurance, health insurance and income protection insurance compared to non-smokers. A daily habit, as smoking, is not only linked to poor health but also linked to poor finances. Therefore, it becomes essentially to either completely quit or reduce the consumption of tobacco.

ATM fees

The habit of carrying cash is slowly reducing with most of the places accepting cards. Thus, if you are someone who doesn’t plan in advance and ends up paying ATM fees for every transaction, especially when using other bank’s ATM, you are almost spending $300 dollars a year on ATM fees. One easy way to reduce this cost is to withdraw a large amount of money at one go and to also withdraw money from bank’s fee free ATM.

If you need further assistance with effective budgeting, contact us at 1300 300 106.

Bookkeeping helps in keeping a record of the financial transactions of a company. Bookkeeping is the first part of a company’s accounting process. An accurate and reliable bookkeeping ensures that the latter steps of accounting, such as classifying, reporting and analyzing these transactions take place effortlessly. A strong foundation of bookkeeping will assure in building a healthy and successful business. Booksmart Accountants have put together the top reasons which prove the power of bookkeeping for a business, be it of any size:

Assists in business planning

Bookkeeping forms the basic step for business planning as it provides the business with balance sheets and profit & loss statements for knowing the financial status of a business.

Helps in preparing financial reports for Investors

Bookkeeping keeps track of the financial transaction and provides a business with all the information required to prepare graphs, charts and data analysis which is a crucial requirement for the financial report which is presented to investors.

Satisfy tax obligations

The business is able to retain information and documents through accurate bookkeeping, which is a reliable source for meeting tax requirements. Updating the books regularly ensures that lodging of tax return is an effortless process as it keeps records of expenses.

Organised cash flow

Bookkeeping helps to manage and evaluate the cash flow which makes running of a business easier. One is able to pay the suppliers on time, track the money spent, and know the exact flow of money, be it incoming or outgoing.

Helps in future planning and a time saver

Properly updated books help in planning ahead for the business as it provides easy access to all the information required to know about the company’s future investment. As bookkeeping provides easier access to financial transactions, it saves a lot of time when one is researching on an important data or is looking for a specific transaction made on a day.

If you need assistance with updating your books for building a healthy business, feel free to contact Booksmart Accountants at 1300 300 106.

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Individual tax returns from $110 - $130