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MYOB – Opening 3 Companies at once using Windows 8

 

MYOB – Opening 3 Companies at once using Windows 8

MYOB – Opening 3 Companies at once using Windows 8

Client emailed “I used to be able to have 3 company files open at once – so if I have one open and then try to open the next company, the first company closes. How do I go back to having several open? Or is it not possible?”

Answer – When you have the first company open, it is handy to save the MYOB icon in the task bar at the bottom of the screen (from the Start Page Right Click on the MYOB icon in the Apps list and pin to task bar), then back in normal computer screen, Right-click on MYOB in the task bar, and the option comes up to open the program again. This will allow you to open another file without closing the first one.

Need help? Not sure? Call for FREE 30min advice / Strategy session today!

Call 0407 361 596 Aust and also get FREE“Avoid these GST mistakes” – there’s 18 that the Tax Office see regularly – get them right!

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Business Tax Tips – ATO Working for Less Red Tape for Small Business

Business Tax Tips – ATO working for less Red Tape for Small Business

ATO working for less Red Tape for Small Business

Is it possible that the Australian Tax Office (ATO) is already working to make tax obligations and dealing with the ATO more efficient? Yes it is! And it includes one government account, software that directly interacts with the ATO for social security and compliance management, standardised chart of accounts, tailoring individual tax returns to the age of the person (eliminating irrelevant questions) and more! Terry Hayes reports at Smart Company

The ATO has a vision (no, not a dream – this is closer to reality than you might think) of significant improvements in the way in which taxpayers and businesses deal with their tax obligations.

The intention is to make the whole process of dealing with tax obligations and the ATO more efficient.

It’s not pipedream stuff, and its aim is totally admirable. What the ATO has in mind is not that far away, so SMEs should take heed.

ATO second commissioner Geoff Leper says the ATO has a vision that by 2020:

  • There will be a whole-of-government account, which will provide businesses with a complete view of their taxation relationship with the ATO;
  • Businesses will use software to keep their records [no doubt many already do this, but the ATO is keen that this is expanded];
  • The software will automatically provide the interaction needed between the ATO and those businesses and/or their advisors for tax and government programs (e.g. social security, etc) compliance;
  • Using a standard chart of accounts, developed in consultation with industry, businesses will be able to keep records, deal with their bank and meet their tax obligations;
  • The use of standard business software will enable the seamless provision of the data to the ATO; and
  • The ATO will use the standard chart of accounts to determine a business’s tax obligations.

In the not too distant future, the ATO is thinking about other changes including:

  • Tailoring an individual tax return to the individual’s specific circumstances – e.g. if you are 30 years of age, why does the current electronic tax form ask you to complete the label relating to the Seniors Tax Offset? The current tax form is a one-size-fits-all approach which is inefficient. The ability to tailor the form to an individual’s specific circumstances could save time and make compliance easier.
  • Using so-called natural systems – how can the ATO use the systems that entities use for their own business purposes to generate the information needed for tax purposes? For example, payroll data, where the use of standard business reporting software can reduce the compliance burden for business without compromising the quality and accuracy of information required by state and commonwealth governments.
  • Reducing (or even eliminating) the burden for compliant individuals with simple tax affairs by generating “push” tax returns – Leper said the ATO has substantial amounts of information about taxpayers and for those with simple returns, it estimates that on current policy settings, the ATO could initially offer a “push” tax return for as many as 1.4 million people, and in fact is aiming to do so from 2014.

For more about the ATO initiatives becoming known as Standard Business Reporting (SBR) see the full article.

Need help? Not sure? Call for FREE 30min advice / Strategy session today!

Call 0407 361 596 Aust and also get FREE “Avoid these GST mistakes” – there’s 18 that the Tax Office see regularly – get them right! Email info@accountkeepingplus.com.au or call 0407 361 596 Australia


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Business Finance 101 – Current Ratio – What does this financial ratio show?

 

Current Ratio – What does this financial ratio show?

Current Ratio – What does this financial ratio show?

There are several financial ratios including the current ratio which show the proportion of current assets to current liabilities. The current ratio is known an indicator of a company’s liquidity. Put in another way, it shows when there is a large amount of current assets in relationship to a small amount of current liabilities there is some assurance that the obligations coming due will be paid.

As an example if a company’s current assets amount to $500,000 and its current liabilities are $250,000 the current ratio is 2:1. If the current assets are $600,000 and the current liabilities are $500,000 the current ratio is 1.2:1. Clearly a larger current ratio is better than a smaller ratio. Some people feel that a current ratio that is less than 1:1 indicates insolvency, and the preference is at least 2:1, or over 2.

When benchmarking a company, or comparing your own, it is wise to compare a company’s current ratio to those in the same industry. It is also worth keeping a close look at the trend of the current ratio for a given company over time. Is the current ratio improving over time, or is it deteriorating?

The composition of the current assets is also an important factor. If the current assets are predominantly in cash, marketable securities, and accounts receivable, that is more valuable than having the majority of the current assets in slow-moving inventory.

Need help? Not sure? Call for FREE 30min advice / Strategy session today!

Call 0407 361 596Aust and also get FREE “Avoid these GST mistakes” – there’s 18 that the Tax Office see regularly – get them right!