SMALL BUSINESS

SMALL BUSINESS ACCOUNTING & TAXATION IS OUR SPECIALITY

Elegance Accounting can help your small business with accounting and taxation tasks.

It is common for small business owners to have limited resources that may result in failing to comply with the growing effect of the numerous regulations and compliance requirements.

Hence, Elegance Accounting’s role is to ease the burden of compliance and provide operators with advice and assistance in performing their accounting and taxation tasks.

Solving your Accounting and Taxation issues

Cash Flow

Cash is king and the lifeblood of any business. In other words, the lack of it is the biggest hurdle facing small businesses. Past experiences indicate that even a lucrative business small or large may go bankrupt because of cash shortages.

Reasons for cash flow issues can be the result of slow paying or uncreditworthy customers, high overheads, declining sales or revenue, poor bookkeeping and the attitude of spending the GST owing.

Therefore it is quite important to prepare a budget at the beginning of the financial year and monitor the business performance regularly against the budget.

Although the budget may not be achieved, it is a guide that will help in identifying issues of concern. Whether it is a decline in turnover or overspending, monitoring those issues and try to remedy them will be definitely useful.

One important area of concerns is the GST owing, which is always spent by owners who tend to forget that they are only custodians for the money. In fact, it should be kept aside, and failing to budget for it can be a nightmare for some, which may lead to trouble with the Australian Taxation Office. 

Transactions Recording

Maintaining a good recording of all transactions is very important. A bookkeeper and an accounting system such as MYOB or Xero may be the solution; however, this may not be financially affordable.

If this is the case, then it is quite useful for operators to record their transactions at least once a week or fortnight depending on the business size and number of transactions.

Using Excel for this purpose is quite useful and economical. Below is a sample document that can be used to undertake this task; it can be downloaded and modified to suit everyone’s needs.

We can help

The above may not be easy to manage by the occupied operators. We can help you tackling all of the above and eliminate any associated problem, which will reduce business pressure and stress.

Elegance Accounting is providing several services such as Bookkeeping, payroll, Budgeting, BAS, Automation, Tax return and advice, and others.

Similarly, we can also help to obtain finance in order to grow or even buy your first home either for you or your grown-up children.

Further, we can undertake the task of maintaining the records of their self-managed super funds (SMSFs) from bookkeeping to lodging the annual tax return and auditing.

Likewise, for those who export overseas, Elegance Accounting can help them obtaining an export grant from Austrade, which can be a good cash flow that helps in performing functions such as marketing and others.

If you want your small business to run smoothly headache-free, we are the best tax accountant to support you.

Small Business and the Australian Economy

Small businesses are the engine of the Australian economy. The fact that they make a large contribution to jobs and growth and cover all industry sectors make them very important to the economy. This is the reason all governments (federal, state and local) provide them with a lot of assistance and support.

The following topics are addressed in the websites under “Useful Links” to encourage, support and help small business operators to succeed in their businesses:

  • tax concession
  • digital business
  • insurance
  • intellectual property
  • government grants
  • dispute resolution

 

The list above is not exhaustive, and there are plenty to examine. Please visit https://www.business.gov.au/

Contact us today to receive a highly professional service

Our office is conveniently located in Burwood, allowing us to support small business throughout Melbourne. To request our services please call 03 9808 1111 or 04 3984 1952. Alternatively, drop us an email at info@eleganceaccounting.com.au and we shall respond as quickly as possible.