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Category Archives: Outsourcing
Outsourcing accounting is the latest trend in the accounting sector. But before you start analyze and get a clear-cut idea of the capital and the savings involved. When appointing an outsourcing service vendor, you must evaluate and compute your savings on overhead expenditures. At first, you need to determine the total cost, either you want to establish and manage an onshore or an in-house team of accountants. In your analysis, include staff allowances, supply, equipment, maintenance and development costs as well as other relative expenses for infrastructure, office zone, work force etc. in your computation. Along with these, analyze and estimate the expenses and perks you will be receiving by outsourcing your accounting tasks.
Here is a brief checklist:
- Include non-fiscal gains of outsourcing during cost estimate. Draft all the benefits you will be getting on outsourcing.
- Seek a reliable and legitimate outsourcing service provider. Look for the experience and skills you desire for assisting you in your accounting functions, plus, their fee and the services they provide. Consider all these aspects and then go for the appropriate outsourcing service provider that suits you best.
- Look for a service provider who offers not one but a range of services. An accounting firm that provides many services is more proficient in dealing with more complicated accounting exercises.
- Make sure that they retain a high quality level. Your accounting tasks should be outsourced to that outsourcing firm which maintains exceptional quality in work. This really helps in process management and providing your business a competitive edge.
- Work with an accounting firm which offers enough security measures for the confidentiality of your company’s data. Their security standards must be at par with the industry standard and constantly upgraded as well.
- Review the work history and track record of the outsourcing firm. Look for firms that are experienced and have a number of happy clients that employ their services. Choose a firm that delivers work on promise of quality and time deadlines.
(Accounting Outsourcing), Connect Accounting is an Australian firm, providing services to Australian Chartered Accountants for the past seven years. Connect offers a wide range of accounting services, including annual financials, SMSF audits, tax returns, work papers etc. Connect, works with commitment and delivers on promises.
Retain all these details in mind and select the not just the best, but the one that suits you the best.
We actually love this strategy of Super Fund Outsourcing, but there are positives and negatives to this situation and you will need guidance from your legal, accounting and SMSF Specialist Advisor. Many owners of small to medium enterprises use this as an effective strategy but others do a half-baked job and leave themselves exposed.
- Direct control of your super investments and a real understanding of where your money is invested.
- The fund will pay only 15% tax on commercial rent paid
- If the premises is sold no capital gains tax may be applicable once you are in pension phase and 15% or less if earlier.
- You can be your own landlord with secured tenancy which allows you greater certainty when fitting out or installing equipment.
- Keeps liquidity in the business to fund other costs.
- There are thousands of dollars in setup costs and there are sometimes higher fees involved in getting a loan through your SMSF.
- If a member of the fund dies without the proper insurance in place the fund may have to pay out death benefits leading to a rushed sale of the commercial premises.
- If sold to a third-party then there is a possible loss of tenancy to the business which could destroy it.
- There are strategies that can be built to avoid the cons, it is best to speak to an adviser so that they can see what is best for your personal situation.
The MYOB Accounting Software is one of the most prominent software in use within Australia and New Zealand to maintain businesses bookkeeping and accounting records. MYOB is a heavily feature loaded software package which is proficient in handling most small to medium enterprises accounting requirements depending on what client expectations are and how much information is required to be extracted from the accounting software. Most business owners and managers acquire MYOB with the view of it being a measure to help maintain compliance with the tax offices requirements when it is capable of providing so much more useful information which can help an owner/manager gain the edge over market rivals.
With the new generation of cloud accounting software gaining momentum the PC based file that MYOB has traditionally used is becoming outdated. Still if a business does not require taxation updates from year to year, once purchased the MYOB software doesn’t require any further payment for maintenance or subscription.
The set up of MYOB software is very easy and also provides the ability to import a chart of accounts from Quickbooks and existing MYOB data files to step up the process. The main interface is simple to use with basic headings and map lines for each individual heading to provide guidance of basic bookkeeping processes. Data entry requires minimal bookkeeping or accounting knowledge. The MYOB software programs includes inventory management, time billing, job tracking, multi currency usage and strict security controls over users. MYOB also enables you to execute standard accounts processes like invoicing, maintaining debtors/creditors ledger, payroll, GST tracking and bank reconciliation
The best feature of MYOB is its vast reporting facility. apart from the many different reporting options that MYOB provides, the ability of extracting out and personalize the report is more outstanding. This time saved is like dollars saved. Also the ability to export reports into a Microsoft Excel format makes it more easy to customize.
Connect accounting (Australian Accounting Outsourcing) is a prominent accounting firm in Australia and an experienced MYOB user. Connect deals with accounting outsourcing work for Australian businesses. Connect is quite familiar with the pros and cons of the MYOB software and has the capacity and capability to fetch the maximum and best results through it. Connect Accounting can help you setup your MYOB software or can indeed handle all your accounts for you with the best industry standards, smart technology and a smarter workforce.
|Australian accounting outsourcing|
SMSF or the Self Managed Super Funds, is a long-term savings arrangement, which has gained popularity in the recent years.
The major benefit and reason for SMSF’s rise is its aspect of giving you the power and resources for property investment. It favors you to convert your funds into assets. But a major concern is that you can’t just invest your money into anything. Though It has many gains, but there are also lots of rules that you need to be aware of. The assets you invest on are supposed to be for business only and not for personal use, or you might incur hefty penalties.
The best would be, to let an expert handle your SMSF (also known as SMSF outsourcing) than paying for errors or being in the fear of making one. Connect Accounting, provides outstanding service and support for your SMSF. Just pass us all the required stats and worries, and gain full and efficient control over your numbers.
Accounting outsourcing is a cost-effective and a reliable way of saving funds and making sure that the finances of the business are being managed well. The small-scale and medium-sized businesses have book-keeping and accounting requirements which fluctuate from time to time. At the year end and tax time, the requirements are even more and the businesses need complete help during these busy times. Accounting outsourcing services like SMSF (Self Managed Super Funds) and Offshore services fulfills all these requirements and in this way, the businesses do not need to hire new accountants from outside.
How you can avail the accounting outsourcing service? Well, this is not difficult at all! You have to just provide the source documents to the external accountancy firm, like bank reconciliations, revenue, expenses, payroll, inventory etc. The accountancy firm will do the rest of the job. It will make sure that your tax paper work, book-keeping, month-end reporting, year-end reporting etc. get completed on time and in an efficient & accurate manner.
What is the need of hiring an accounting outsourcing company?
Saves time – The accounting outsourcing company completes the job on time on your behalf.
Reduces problems of management – You do not need to manage accounting personnel from outside. Thus, it removes the problem of giving huge remuneration, incentives etc.
Lower capital cost – The accountancy firm makes use of its own hardware, software and other resources. Thus, you do not have to purchase expensive software programs and hardware required for completing accounting tasks.
Outsourcing Accounting helps many companies cut costs. Accounting outsourcing companies such as SMSF Outsourcing are established to solve your accounting needs in a professional yet affordable manner.
Australian clients include a number of BRW Top 100 Accounting Firms.
Connect Accounting undertakes the full range of accounting and superannuation compliance tasks, including:
- Accounting and taxation compliance work for companies, trusts, partnerships,sole traders and individuals
- BAS, interim accounts and other regular accounting functions for small and medium sized business.
- Self-managed superannuation funds
- Preparation of working papers and files for the audit of Self Managed superannuation funds.
- Work papers.