Whether you are an individual or an owner of a small business firm, the time for your scheduled yearly taxes will always prove painstakingly problematic unless you’ve got someone with sufficient knowledge and expertise at hand to help you. Those well established businesses have this matter under control most of the time, but for new startup businesses or even individuals, it can prove to be quite problematic. The main reason behind this would be that any errors which might occur will undoubtedly cause you to suffer financial damage.
The first and logical step towards the resolution of such problem would be to hire a trained professional, a team of skilled accountants in Macgregor to do your work. By relying on their expertise, you can be stress-free and rest assured that the matter will be taken care of. Although it may sound as simple as that, there is more to it, and you should look into the specific traits and capabilities of such individuals before you hire them.
Look for these traits
First thing to look for is a type of an accountant who is willing and familiar with the type of business you are running. This is important for several reasons, as they will be able to deliver the work more efficiently, and furthermore, you could at times gain some valuable advice or insight about your financial situation, details which you didn’t even notice in the first place.
Second thing to look for is the time period during which they are available for work. It is common practice today that most accounting companies close down early and open only for the next tax season. A preferred choice would be to get cheap accountant in Brisbane that are available through a larger time period, this is especially necessary for small businesses and firms, and keep your records in check will only make the final filing for taxation easier.
In addition to all of these traits, it would be favorable if the person you are hiring to handle your finance had previous experience with the IRS. This will make sure that they have the necessary experience needed to handle any task and that they know the inner workings of the system, such knowledge can prove invaluable to any business.
Finally, there is the human factor. The question is how much can you trust the person selected? Often times you can’t be really sure as to who exactly will be doing the work, and it is therefore immensely important to communicate your demands straight from the get-go of any business relationship.
If you a businessman who understand how important customer needs, especially when they need money in cash, it is important to think how to get that service. For some businesses, they have to facilitate customer needs with the ATM machine facility. IT is a good way to give customers all access to get their money in cash.
However, if you do not have own your own cash machine, it is time to develop your business with ATM machine. When the customer knows about your business, they probably spend some cash in your business. Most of customer wants to get their money when they are buying gas, shopping, paying the electric bill, and other activities. Since your business does not have an ATM machine, the customer probably looks for two other competitors. Getting customer money is a great deal of your business. However, many people want to get their money back when they come to pay monthly billing. If you do not have a good way to facilitate or serve their needs to get the money in cash, they probably leave your business. So, it is important to have an own ATM machine to attract more customer to invest their money in your business.
Having an ATM machine is a great way to business marketing strategy. There are many benefits for businesses when they have ATM machine includes; increase people traffic. Almost eighty percent of Bank increases their business traffics through the ATM machine facility. When people want to get cash, they prefer getting to the ATM machine, stand in the line to get cash from the machine rather than go to the Bank. Many customers, who want to get cash in future days, always look for a business that has an ATM machine facility. Second, it can develop and boost business sales revenue. Today, many people are using ATM to shop in a department store and spend some of money for their needs through an ATM machine. Third, ATM is a good way for the customer to reduce credit card expenses. Most customers will get money or withdraw cash from ATM and pay in cash rather than using a credit card. By increasing the number of transactions in cash, it will reduce the number of credit card fees transaction each month.
Lastly, businesses who install ATM machine facility will earn more surcharge revenue from ATM transaction. Many customers are going to the ATM machine to get back or withdraw their money in cash. Every customer withdraws money from ATM, they will get charged with the ATM transaction fee. For a business owner, it is a good opportunity to get more surcharge revenue from an ATM. In high traffic ATM transaction, it can earn up to thousands of dollars per month for surcharge business revenue.
Accounting is one of the crucial part of accounting process that actually is the process of maintaining a proper record for the financial transactions. Usually the purchase, sale, payments by individual or even by the organization and receipts are included in transaction and the one who performs this duty of accurate recording is called bookkeeper. Day-to-day recording is entered in a “daybook” and the bookkeeper is expected to make it certain that all the entries are recorded in the very right daybook, customer ledger, supplier ledger and the general ledger. So, when it comes to the accountant, income statement and balance sheet are prepared on the basis of these ledgers and trial balance sheet provided by the bookkeeper.
Types of Entry Systems
There are basically two styles or types of accounting;
1.Single entry bookkeeping services in Perth
2.Double entry bookkeeping
Both of the said types differ at recording the transaction and have their own advantages and disadvantages.
Single Entry Accounting
As is vivid with the name that in this simplest form of record keeping of financial transactions, there is a single entry in transaction log or journal for each transaction.
This type of approach is much similar to that for a check register where the individual tracks the deposits, checks and balance for individual checking account. So, it is sufficient and preferred approach of record keeping for small business because
·It is simple
·It can be easily understood
·it can be implemented without the professional or trained bookkeeper
·It does not require highly sophisticated software etc
As it has been said earlier that it can be a great help for small businesses but not for those on a large scale because of the below mentioned reasons.
·It does not provide sufficient data to evaluate the financial position of the company
·It focuses on revenues and expenses only
·There is no error checking facility with single entry system
Double Entry Accounting
In process of double entry accouting, there are two entries made for each transaction that are credit entry for one account and the equal debit entry for the other account. So, it works on the duality principle that help to have the balance sheet in a way that increase in assets will be offset with the decrease in expense and vice versa and we get
Assets-Liabilities = Capital
this system of entry is a preferred approach of accounting for large business because;
·It gives correct information about the profit and loss
·It helps preparing the financial statement right from the accounts
·It has built-in error checking facility
Though it requires professional or trained bookkeepers but now a days, a lot of softwares are available that make the whole process quite easy, quick and more accurate.
To know more about xero bookkeeping in Perth, go to this link