Switching to Accounting on the Cloud

Ahhhh ‘the Cloud’… where is it and what does it do!? You may be unaware but you probably already adopt a number of cloud technologies in your business today – these are systems where you can access your data remotely. Dropbox, Adobe Creative Cloud, Microsoft Office 365 or even a Google App… these are all on ‘the Cloud’, and as you would have noticed they are greatly beneficial to your business.

Here at Bilanz, we work with a number of Cloud Accounting Softwares. But what is Cloud Accounting you ask? Well, the good news is that it works in a similar way to the other cloud systems. You use it the same as normal accounting software however the data isn’t stored on your own computer, instead the data is stored remotely on secure severs. The benefit to using cloud-based accounting software is that it eliminates the threat of vital data being deleted, corrupted, stolen or lost. This means that you can access your information anytime from anywhere, whether it be from your laptop, phone or tablet. Information is readily available, reducing your IT costs and giving you, as a busy small business owner, an all access pass to your accounts, bookkeeping and invoices.  

So what is the Cloud?!

Walk in to any small, medium or large business a few years ago (and some still today) and you’d see some type of IT server. This server device might have sat under a desk, or in a bigger business there would be a dedicated room in the corner of the building full of them. Unless you were the IT person this was strictly forbidden territory. Fast forward to now and many businesses no longer need this infrastructure on their premise. Whether or not they realise it, they’ve moved to storing and accessing information using the internet, and so we have the Cloud.

How does Cloud Accounting fit into all of this and is it easy to convert to the cloud?

Just like other cloud based applications, Cloud Accounting has really taken off in the last few years and for good reason. Transparency, ease of use and latest accounting tools are allowing businesses to spend less time worrying about their books and more time focused on optimising their business in other areas, such as selling more goods, delivering quality service or managing their general operations more efficiently. Bilanz CPA Accounting Manager: Andi Moneta enjoys using Cloud Accounting because of the “flexibility and efficiency that Cloud accounting allows. Cloud software offers the latest in powerful accounting tools and applications while allowing for the convenience of being able to work from anywhere with an internet connection”. 

Cloud conversion easy as 1,2,3.. and we can show you how!

Although it is possible to convert to cloud accounting at any point, most business owners find it easy to start fresh with a new accounting system by converting at the beginning of a fiscal year (new *fiscal year, new me.. right?!). Now is the best time to start using a cloud based accounting system and we are showing you how easy it is to set up at our Bookkeeping Basics & Software Set up Workshop on July 25th, 2019 (4-6pm) at our fun office in North Fremantle. Check out our Workshops/Training page for more information or get FREE tickets now at Eventbrite!  

How to navigate the End of the Financial Year

The end of the financial year wraps up June 30. That means from July 1st, it’s tax season. Sole traders and partnerships- you’ll need to lodge by October 31st, or if you’re lodging through a registered tax agent, they can advise on the date. Small companies generally need to lodge by February 28th, though – again – if you’re going through a tax agent they will let you know when to lodge. Whenever your deadline is, there’s a lot to get through, and there’s more to it than tax. Make the most of this busy time and keep stress to a minimum with these tips!

Single Touch Payroll

Recent research from Xero found one in five small businesses (20 percent) wrongly believed that STP did not apply to them. All companies are encouraged to register for Single Touch Payroll (STP) by July 1st 2019, which is a new reporting requirement introduced by the ATO. Small businesses should work to transition to STP with their accountant and bookkeeper in order to become compliant now! Bilanz Bookkeepers are Single Touch Payroll Certified with Xero, making it easier than ever to transition now.

If you’re interested in learning more about how Xero works for STP. Contact Bilanz today to set up an obligation free – one on one training session.

Purchase large assets before July

Thinking of purchasing assets for your business?

The instant asset write-off threshold has been increased to $30,000 and extended to 30 June 2020.

If you purchase an asset (new or second hand) costing less than $30,000 and it is used or installed ready for use from 7:30pm AEDT on 2 April 2019, you can claim a deduction for the business portion. Another thing to consider this EOFY is an in-depth review of all fixed assets.  Have a look at any unwanted assets and consider whether they’re worth keeping around. Sales of unused assets can generate cash and reduce storage costs. Or you might want to look at hiring out items and equipment instead.

Get organised and choose the right professionals to help you do that!

Over the course of a year, your business will accumulate a decent paper trail… even if you’ve moved to the cloud. Sorting through bills, invoices and paperwork can be extremely time consuming if you’re not currently organised. In order to avoid being bogged down next year – choose to plan ahead by chatting with an accountant or bookkeeper.  They can advise on all the necessary records needed and keep everything streamlined for you moving forward. It’s very important to pick the right accountant or bookkeeper. Always look for someone who has the relevant qualifications and are registered with the correct professional body.

Check the Tax Practitioner Board (linked below) to make sure they are a registered agent for lodging Income Tax and BAS. Did you know Bilanz is a registered BAS Agent ready and willing to help your business succeed!

Lodging your Business Activity Statement? check here for registered BAS agents in Perth.   

Hopefully these tips helped you in some way as you navigate this EOFY (we also heard wine helps too)! As always, we are only a phone call or email away. Please do not hesitate to drop us a line at business@bilanz.com.au if you have any questions about EOFY or our Xero, Quickbooks or MYOB Bookkeeping services! Finally, download this handy checklist below to ensure you’re staying on track: Good Luck!