Xero Bookkeeping with Bilanz for Business

Chat to us about how Xero can work for your business and receive 15% off plans!

• Run your business on the go – Easily add contacts, reconcile, create quotes and send invoices from
anywhere.
• Manage your cash flow – Schedule payments and batch paying suppliers.
• Simple payroll solutions – Input timesheets, calculate leave, pay employees and automate super.
• Directly connect to your bank – Process transactions and get paid faster.
• Manage Projects – Drive profitability with simple time tracking and job costing in Xero Projects.
• Dashboard – Get a snapshot of how your business is tracking in real time.
• Add on marketplace – Explore 700+ time-saving apps that connect with Xero.

Bookkeeping is more than just data entry or keeping the books ‘in order’. Bilanz for Business, based in Perth improves overall business management. We work with you to implement processes that will efficiently and effectively streamline areas of business

Online Invoicing:

  • Create and customise invoice templates, email within Xero and accept payments using the Xero platform.
  • Xero integrates with PayPal, Stripe, Square and other payment processors
  • Create and convert quotes to invoices
  • Schedule repeating invoices automatically.
  • Drag and drop features with Invoices
  • Automatic payment reminders can be set up. Saving you time by not having to chase up customers to pay on time. You can turn this feature on or off at any time.
  • Attach files to invoices, such as a document or photo of work completed.

Inventory Tracking and Purchase Ordering:

  • Create quotes and invoices, manage inventory levels. Create alerts for reorder quantities.
  • Convert purchase orders to bills for payments or invoices for your customers.
  • If you stock more than 4000 items you can integrate other applications from the Xero app marketplace easily.

Smart Reconciliation

  • Bank transactions automatically feed daily into Xero (once set up), allowing for reconciling against the bank transaction directly using the bills and invoices you’ve previously entered into the accounting software. Xero starts to identity repetitive transactions and automate them by providing you with suggested matches that you can approve or deny. Time is saved by eliminating the need to sift through records for information.

Mobile Capabilities

  • Create and send invoices while on the go!
  • Capture receipts for expense tracking
  • Reporting on the go
  • Reconcile transactions and monitor spending
  • Manage and add clients convert quotes into invoices as tap of a button

Stay in touch with all things Bilanz for Business:

Superannuation

Superannuation

With quarterly superannuation payments due on January 28th for the last quarter (payments are always due 28 days after the quarter ends). It seemed like an appropriate time to discuss superannuation in more detail. If you run a small business with employees who are 18 and over, and earn more than $450 before tax in a calendar month. You are legally obligated to pay a minimum of 9.5 % superannuation your employees ordinary time earnings (OTE).

superannuation_dates

Ordinary Time Earnings (OTE)

Commissions

Shift Loadings

Allowances but not overtime payments

Rostered Days Off (RDO)

In Lieu of Notice

Bonuses (except for in respect of overtime only)

Certain Leave

Always check with your accountant or certified bookkeeper to ensure that you are calculating the correct amount of superannuation based on Ordinary Time Earnings. There are a number of ‘ordinary time earnings’ that must be taken into consideration during payroll and superannuation contributions.

Bilanz for Business, located in North Fremantle, Western Australia, has experienced bookkeepers and accountants available to help answer any super related questions. Part of our service that we provide is to manage your business’s superannuation payments, on time, every time. For small businesses in Perth, Bilanz can provide crucial forecasts and help to manage cash flow so that there is adequate cash available in order to pay each quarter. Don’t get stuck in a financial deficit each time super is due. We offer competitive pricing for Payroll Packages (Which includes superannuation reconciliation and reporting).

Jane Betschel, head of customer marketing and direct sales at MYOB states that for the businesses that do make superannuation payments, almost a quarter (24 per cent) of operators surveyed revealed they had issues meeting payments due to cashflow issues.

“We know that cashflow is one of the big pain points for businesses, particularly small and medium sized enterprises,” Betschel said. “Owner operators may sacrifice their own super payments to ensure that payments owing to staff are met. They may also decide to pay bills that will keep the doors open today, at the expense of future, personal financial security.

This is a reality for many small businesses.

superannuation_process
Process for reconciling Superannuation, an example provided by ICB.

The Consequences Of Paying Superannuation Late

Missing superannuation payments even by one day can cause serious financial strain on a small business and subjects you to the Superannuation Guarantee Charge (SGC), which is not tax deductible.

The charge is made up of:

  • SG shortfall amounts (including any choice liability calculated on your employee’s salary or wages)
  • interest on those amounts (currently 10%)
  • an administration fee of $20 per employee, per quarter.

Director responsibilities for Superannuation:

A director that fails to meet the Super Guarantee Charge by the due date, then becomes personally liable. The ATO can initiate legal proceedings with Directors in order to recover the money owed. Don’t get caught out with missed payment dates. Ensure you have a reliable bookkeeper or accountant to keep you aware and up to date on payments.

Bookkeeping for business and payroll/superannuation management can be very time-consuming – it may be too much to do for a small team and yet not enough to employ a full-time bookkeeper. Bilanz bookkeeping and payroll management service are cost-effective so that business owners can focus on growing their businesses instead of focusing on the paperwork and legalities behind payroll, super and tax. We can assist you onsite or remotely and from as little as a few hours a quarter.

 

Get in touch which us today via the ‘Contact Us’ Page and we will be in touch with you as soon as possible.

Why you need to hire a BAS Agent for your business

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GST, PAYG, Wages Payable, Super Payable, Wages expense, Super expense, ATO…. the joys of owning a business… these are the things you dreamed about when you were thinking about running your own business right?!.. hmm maybe not! The reality is that not only do you need to focus on the basics of business, sales and making a profit – now we’ve thrown in all the above to take into consideration for your ever growing to do list! FUN!

But wait, good news!! We live in a world of endless opportunity, and lucky for you the option to outsource the management of your business’s activity papework and statement submissions to the ATO is a viable and (might I add) time-saving opportunity.

Lets Discuss!

What are the benefits to hiring someone to manage your Business Activity Statements.

Reconciliations:

Each quarter we ensure your BAS is correct by reconciling the GST, PAYG, Wages Payable, Super Payable, Wages Expense, Super Expense and ATO integrated accounts. For reference we have added the BAS filing schedule below:

bas filing dates quarterly

Safe Harbour:

When lodging BAS on your own, you can easily make mistakes which can incur fines from the ATO. However, a BAS agent is covered by the Safe Harbour laws, which adds an extra level of protection for you. For example if you fail to lodge a document on time or there is an error in your statement resulting in a shortfall of tax you may be protected by administrative penalties imposed by the ATO if you’re going through a BAS Agent..

More time to Lodge:

Additionally, when you lodge BAS on your own, you must pay by the due date. Under the BAS lodgement program, an Agent gets extra time to lodge which means you do too!

Code of Conduct:

You have confidence knowing that you’re working with someone who is knowledgeable, professional, honest and confidential. Registered BAS Agents are bound by a code of conduct and must always reflect these attributes . In any case the Agent breaches the code, you can report it to the Tax Practitioners Board.

Qualifications and Ongoing Study:

There are a number of minimum qualifications that  need to be met in order to become registered. This includes: 1400 hours experience, at least a Cert IV in bookkeeping, PI insurance, be apart of a professional membership and partake in 45 hours worth of study every 3 years in order to stay registered. These requirements enforced by the law ensures the Agent is knowledgeable on new updates to GST and tax laws, industry changes and complex topics so you don’t need to be!

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Bas qualifications

Bilanz for Business has a superb team of BAS agents in Perth who can assist you in your business and help take the pressure off – so that you can focus on the rest of your to-do list!

Finally, if you’re wondering how to verify BAS Agents. Make sure to check the Tax Practitioner Board and type in the business name to see if they are a registered agent: https://www.tpb.gov.au/registrations_search

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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”. 

accountant cpa perth

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!