Australia’s tax reform is constantly changing with new tax rules and regulations. Maintaining compliance with tax regulations is challenging for businesses of all sizes. It becomes very hectic for SMEs as they have to drench with paperwork and deadlines. Thanks to Sage Accounting Software, tax compliance has been made easy for small businesses.

With several tax reforms in Australia, businesses must be prepared to adapt their accounting practices accordingly. Sage Accounting Software is a leading cloud-based accounting software offering comprehensive compliance solutions to help businesses stay on top of the latest tax changes.

This software helps to automate and streamline tax processes, making it easy for businesses to comply with the latest regulations.

Recent Tax Reforms in Australia

The Australian government has implemented several tax reforms in recent years, including:

Single Touch Payroll System

As per the STP system, Employers must provide real-time payroll information to the Australian Taxation Office. Through this facility, ATO can monitor employee income and guarantee that companies withhold the appropriate amount of tax.

For Small Businesses

To support the expansion and success of small businesses, the government has instituted several concessions and incentives. These include an automatic asset write-off for companies that buy qualified assets and a reduced tax rate for small enterprises with annual revenue of less than $50 million.

For Foreign-based Income

The government has implemented a new Diverted Profit Tax (DPT) to foreign-based income, including a. The DPT is intended to discourage multinational corporations from transferring profits offshore to avoid paying taxes in Australia.

Sage Accounting Software: Your Guide through the Tax Maze

Now that we’ve touched on the changes, let’s talk about Sage Accounting. It’s like having a helpful friend in the world of taxes. Here’s how:

Real-Time Reporting

Sage Accounting’s superpower is real-time reporting. It helps you keep the government in the loop about your finances.

No More Headaches with GST

Calculating GST can be confusing, right? But with Sage Accounting, it’s like having a smart calculator. It does the math for you, ensuring you’re on the right side of the tax rules.

Your Tax, Your Way

One cool thing about Sage Accounting is that it can be customised just for your business. It’s like having your financial assistant, making sure you’re doing taxes the way that suits you best.

STP Made Easy

STP compliance might sound like a chore, but it’s a breeze with Sage Accounting. We’ll show you how it simplifies the process, leaving you with more time for what you love—running your business.

Superannuation, Super Simple

Calculating superannuation doesn’t have to be a headache. Sage Accounting removes the confusion, ensuring you follow the rules without stress.

Conclusion: Sage Accounting Software is Your Tax Hero

In the world of Australian tax changes, Sage Accounting isn’t just a tool; it’s your superhero sidekick. This blog has peeled back the layers of recent reforms, showing you how Sage’s solutions offer more than just features—they provide a strategy to seamlessly integrate changes into your daily financial operations.

Stay informed, stay compliant, and let Sage Accounting guide you through the maze of Australian tax regulations. A reliable ally can make all the difference in a world of constant change. Sage Accounting software is that ally for businesses navigating the complex landscape of Australian tax reforms.

How much did you spend on your latest equipment upgrade? How much did you disburse on the office upgrade? To keep track of these financial transactions, you’d understand the importance of a bookkeeper, or shall I say, a professional Xero bookkeeper.

A bookkeeper is no longer a luxury for your business but a requisite. To manage your business effectively, save yourself from tax penalties, and avoid unwanted cash crunch situations at any juncture of your operation, you’d know what’s going on at the fundamental financial level. Not only it helps you make wise financial decisions but it also tracks your cash flow accurately.

Staying unaware of your business expenses acts as a hurdle, thus preventing your business from reaching its full potential. Hence, it’s high time you partner with an experienced Xero bookkeeper and use their expertise in levelling up your financial game.

What is Xero bookkeeper?

If you’re a small or medium-sized business owner, Xero is what you’d be looking forward to. It’s currently the best cloud-based accounting software that’s also apt for your bookkeeping needs. Its products are based on the Software as a Service (SaaS) model. Currently, Xero is operating in over 180 countries.

Top Five advantages of bookkeeping in Cloud-based Xero in 2021 | Xero bookkeeper

Cloud-bookkeeping has become a welcome change for the accounting industry. This is because it has automated manual tasks, thus leaving more time to spend on what matters.

 

Let’s jump in and explore some of its game-changing advantages.

Cloud bookkeeping and automation go hand-in-hand. In the past, the accountants and bookkeepers spent hours entering financial transactions data from paper bank statements. Today, however, this scenario has completely changed with cloud accounting solutions like Xero.

Due to this, businesses can support more clients in less time through automation brought in by cloud-based software like Xero.

It opens the doors for real-time financial reporting

The financial success of any business depends upon how efficiently it manages its cash flow. Earlier, accountants & bookkeepers used to conduct day-to-day operations through guesswork.

This lack of timely access to key financial information is what either makes or breaks a company. However, cloud-based software has changed this. They provide businesses with auto-updated and real-time information about the financial health of their company. In other words, business owners again take the driver’s seat.

In a nutshell, a Xero bookkeeping will let you know where the money is going and where it’s coming from, 24 hours a day and seven days a week at your fingertips.

It has streamlined business-client collaboration

Cloud lets business owners and their clients access every minute piece of information anytime and from anywhere. Be it while on the go, at home, or in the office.

Moreover, all documents stay secure in the cloud and are accessible from anywhere. Hence, cloud-based accounting software like Xero improves business-client collaboration.

Cloud-based software keeps on improving

The biggest positive of every cloud-based software is that its updates happen on the fly and costs nothing to the business. Thus, as the cloud software updates and improves, it likewise enhances your bookkeeping & accounting experience and results.

Backup!

Manually backing up is a pain! However, this isn’t the case with cloud platforms where every backup is automatic. In the best of cases, it happens as part of your accounting and bookkeeping workflow.

So, this is why the majority of the SMBs are striding towards cloud-based software such as Xero.

What does a Xero-certified bookkeeper do?

A Xero bookkeeper is an asset for your company. Their main responsibilities involve recording and processing your financial transactions, payroll, return statements, among others. Their day-to-day tasks may also include maintaining accounts for the entire organisation referred to as the general ledger.

Besides, the following are the other key tasks a bookkeeper can help your business with.

Preparation & lodgement of business activity statements (BAS)

According to the Australian Taxation Office (ATO), if your business has registered for GST, you must lodge a business activity statement (BAS).

It’ll help you report & pay your:

• GST,
• Pay As You Go (PAYG) instalments,
• PAYG withholding tax, and
• Other business taxes.

Xero bookkeepers helps in your expense tracking 

Expense tracking is vital for your business to ensure you’re getting what you paid for. Hence, the bookkeeper will assist you by recording & reconciling every purchase order and receipt of delivery.

Besides, the Xero bookkeeper will regulate who’s spending how much and observe any non-useful or excess expenditure.

A bookkeeper assists in payroll processing

This is the primary task every business finds difficult dealing with. Payroll processing involves checking the employee’s timesheets, reimbursements, and payroll tax and keeping accurate employee records, including their account details.

Hence, having a Xero-certified bookkeeper can take this burden off your shoulder besides ensuring high accuracy throughout the process.

The bookkeeper helps with financial reporting

To improve your business’s financial health, you’d have all the information regarding its profit & loss, balance sheets, budgets, and cash flow. The bookkeeper will provide you with precisely this. Besides, you’ll get to know what areas need improvement(s) and which areas are performing well and could be taken to the next level.

So, these are the top benefits of a professional Xero bookkeeper and the values they add to your business operations.

The final takeaway

Bookkeeping and accounting are the key business processes that define the growth and success of your business. If you’re looking to outsource them, Outbooks is your right partner.

We provide a multitude of Xero bookkeeping and accounting services to empower your business, such as data entry, account receivable & payable, account management, and much more.

Contact us today to book your free trial, and you focus on the work that matters to you, and we’ll take care of the rest!

Let’s connect on +61 451320102

Or

info@outbooks.com.au