Your Profit and Loss is more than just numbers on a page, and if you were to really examine it you will find it provides some really valuable insights into your business. It's often surprising how much you can tell about a business from it's numbers.
Assistant Treasurer Michael Sukkar has called on the ATO to show more gratitude towards accountants who do a lot of heavy lifting on behalf of their clients.
They both work with financial data; they’re both essential for managing a successful business. Yet the roles and duties of a bookkeeper and accountant rarely overlap.
No business owner looks forward to a letter from the taxman requesting a closer look at the books. If you’ve received an audit letter – an official request by the tax authority to review your accounts and confirm your taxes have been paid to date – don’t panic. Prepare.
Many small business owners think they’re saving money by handling their financials themselves. While it’s a real asset to learn bookkeeping basics, cash flow management and your tax obligations, hiring an accountant to oversee your finances has many benefits. Leaving your books to a pro will free up time so you can focus on serving your clients and implementing plans for growth. Here are a few ways an accounting professional can help you save money that you can reinvest back in your business.
Not all tax agents are created equal. Just like in every industry there are the good ones and the not so good ones and you as the taxpayer could be placed at an unnecessary risk because of the risk rating of your Tax Agent.