Home – New Forums Money matters The scary world of accounting for small business

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  • #988550
    MissProjects
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    Hi all! So I am only about 5 weeks in to my business and I have to say its been quite a ride so far! A good one.

    The one thing that I guess will be a ongoing learning experience is the do’s, dont’s, how’s, and who of accounting for small business.

    I went down the road of registering a Pty Ltd – on advice of an accountant. This accountant had done my personal tax for me in the past and I always got a good return.

    My question is – how do I know, being the one searching out advice and help with the accounting side of things know I am either:

    a. Being totally ripped off (I know that this accountant charges a fair bit more than what I have paid elsewhere for personal tax and the fees thus far have been considerable)

    b. Being charged the going rate

    c. Receiving the right information for what I’m paying

    Or do I just suck it up!

    I am working my way through using Xero as my accounting program. Is the ongoing month to month type work including BAS associated activities something that can be run by a bookkeeper type person? Do I need to fork out huge $$$$ every quarter for an accountant to do my BAS?

    Appreciate anyones experience or input starting out and how they managed their finances.

    Cheers,

    Mel

    #1167670
    akagrp
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    Hi Mel

    As an accountant ourselves always difficult to comment on other colleagues fees

    Many of us have different solutions to fit with the clients needs and budgets, and we are also big believers in educating our clients on the aspects of everyday accounting/tax which then allows them to make the decision to either outsource or keep in house.

    We offer our clients Fixed Fee Solutions for all accounting/tax work and can offer bookkeeping services at also for a set fee each month depending on volume.

    Re your question of operating as a company, accounting fees wise the only extra charges would be for attending to Annual ASIC Fees, which is not a high cost

    Feel free to PM or Email if you would like to receive a fixed fee comparative

    But always recommend having the conversation with your accountant of how can I keep my fees down while I’m still a startup as many ways to do this and you are on the right track with using an online accounting system like Xero

    All the best with the new venture, they tend to be roller coasters without the right advice/insights

    #1167671
    Past-Member
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    As said, most reputable accountants have fixed fees up front for those services.

    For my own small business, I use Xero, do the 3 monthly reports in Xero and transfer the figures to the online BAS submission at the ATO at the Business Portal https://bp.ato.gov.au – you must register for an AUSKEY https://abr.gov.au/AUSkey/AUSkey-explained/ to submit your own BAS. You can get help for both of them by phone as well. They are very helpful and it is free.

    However, I always use my accountant to submit my annual tax return and check that everything has been ok for the year and do any adjustments if necessary.
    Cheers.

    #1167672
    MissProjects
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    Wow – thanks everyone! Really appreciate your feedback so far. Will get in contact over the weekend no doubt!! Great to hear what others do and offer to see if I’m on the right track or not.

    Cheers,

    Mel

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