By PowerBuy // 10 September 2013 // Related Categories: Tips

Time to get your accounts in order

Article written by Pam Pitt for MYOB.

“Hey, boss, the ATO is on the line for you…they want to come out and do a TAX AUDIT!!!” Do you have nightmares about a phone call like this? Make sure you keep your accounting in check with these five tools:

1. Organising receipts

How good are you at collecting, recording and keeping all receipts for tax deductions? If you do get audited, then having proof of every expense claimed is essential. 

If you are time poor then Shoeboxed is a brilliant tool to help you organise your receipts, dockets or invoices. All you need to do is send them through, and Shoeboxed will scan, do the data entry and send back a file containing all the information ready to be imported straight into your MYOB file.

2. Keeping records the right way

Are you are keeping your records in accordance with ATO requirements? Not sure? Well, here is a Record Keeping Evaluation Tool from the ATO to help you understand your responsibilities.

3. Tax calculators

If your accounting package doesn't help you figure out how much tax to withhold for your staff then see the ATO's PAYG Withholding Tool. If you are terminating a staff member then this calculator will help you calculate their benefits and final payments.

4. Benchmarking your business

The ATO has published industry data on ATO Benchmarks to help you compare your business with others. They also help you calculate your own benchmark figures. These figures are great for comparing your business performance against your historical data and against your competitors, to enable your business growth, not just for tax purposes.

5. Accounting software

You may need to upgrade your Accounting Software to benefit from the latest tax tables and auditing tools. For example, XERO has a number of tax tools to help, such as:

  • Share access to your latest business numbers with your team & your accountant – so everyone is up to speed. - Xero accounting software lets you work anywhere.
  • Bank feeds automatically import and categorise your latest banking, credit card and PayPal transactions. - Just click OK to reconcile.
  • Create and send professional invoices & get paid online. Manage cashflow by scheduling bill payments and sending invoices automatically.
  • Manage all aspects of your business by using powerful add-ons for CRM, inventory, timesheets & job management, plus other specialised tools that seamlessly integrate with Xero online accounting.
  • Payroll, fixed assets, expense claims, budgets, complete financial reporting – all done beautifully, when and where you need it: at work, home, or on the go.
  • Login anytime, anywhere on your Mac, Windows, iPhone or Android. It’s simple, smart and occasionally magical.

If you need to upgrade your accounting software contact we can give you advice however we suggest you talk to your accountant to make sure the product is suitable to your requirements.

 

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