Ingrams Accounting Group

02/12/2025

Good to know

01/12/2025

Advice from the ATO

🚨 Has this email landed in your inbox?

This is a scam impersonating the ATO that asks you to complete a ‘DocuSign’ to release your refund.

The ATO will never use DocuSign to finalise a tax refund.

For more information, go to: ato.gov.au/scamalerts.

21/09/2023

Clients in Australia often have various questions when it comes to bookkeeping for small businesses. Over the coming days, we are going to answer one at a time.

Question 5

Should I hire a professional bookkeeper or do it myself?

The decision to hire a professional bookkeeper or handle your bookkeeping yourself depends on various factors, including your business's size, complexity, financial expertise, and the time you can allocate. Here are some considerations for both options:

Hiring a Professional Bookkeeper:
Expertise and Accuracy: Professional bookkeepers are trained and experienced in maintaining accurate financial records. They are knowledgeable about accounting principles, tax regulations, and financial reporting, which can help prevent costly errors.

Time-Saving: Bookkeeping can be time-consuming, especially for complex businesses. Hiring a professional allows you to focus on other critical aspects of your business, such as growth and customer service.

Compliance: A professional bookkeeper can help ensure your business remains compliant with tax laws and regulations, reducing the risk of penalties or audits.

Financial Insights: A bookkeeper can provide valuable insights into your business's financial health, helping you make informed decisions and identify areas for improvement.

Scalability: As your business grows, a professional bookkeeper can adapt to handle increased complexity, ensuring your financial records remain accurate and up to date.

Peace of Mind: Knowing that an expert is managing your finances can provide peace of mind and reduce stress.
Doing It Yourself:

Cost Savings: Handling your own bookkeeping can save money, especially for small businesses with limited budgets.
Control: You have direct control over your financial records and can access them whenever needed.

Learning Opportunity: If you have the time and willingness to learn, doing your bookkeeping can help you gain a better understanding of your business's finances.

Simplicity: For very small and straightforward businesses, DIY bookkeeping may be manageable and cost-effective.

However, if you decide to do it yourself, consider the following:

Time Commitment: Bookkeeping can be time-intensive. Make sure you have the time to dedicate to it without neglecting other crucial business tasks.

Learning Curve: If you're not familiar with bookkeeping and accounting principles, there may be a learning curve involved, which could lead to mistakes.

Accuracy: Mistakes in bookkeeping can have financial consequences. If you're not confident in your abilities, it's better to seek professional help.

Complexity: As your business grows, bookkeeping can become more complex. DIY bookkeeping may become overwhelming, and errors could become more costly.

In conclusion, the decision to hire a professional bookkeeper or do it yourself depends on your individual circumstances. Many businesses find that a combination of both approaches can work well—for example, you can handle basic bookkeeping tasks and consult a professional for more complex matters. Ultimately, the goal is to maintain accurate financial records, ensure compliance, and make informed financial decisions that benefit your business.

Contact the Ingrams accounting team if you need help with your bookkeeping.
03 9826 6000
[email protected]

20/09/2023

Clients in Australia often have various questions when it comes to bookkeeping for small businesses. Over the coming days, we are going to answer one at a time.

Question 4

What financial records do I need to keep, and for how long?

Proper record-keeping is essential for small businesses in Australia, serving both operational and legal purposes. Financial records are categorised into several key areas, each requiring careful maintenance and adherence to specified retention periods.

Income and expense records, including sales invoices and receipts, must be retained for at least five years. These documents are vital for tax reporting and understanding profitability. Similarly, bank statements and reconciliation reports should also be kept for five years to ensure accurate financial tracking.
Businesses with employees must maintain detailed payroll records for at least seven years, encompassing pay rates, hours worked, and superannuation contributions. Taxation records, such as income tax returns and Goods and Services Tax (GST) records, also require a minimum five-year retention period.

Assets and depreciation records are critical for tax deductions and capital gains tax calculations, warranting a five-year retention period after asset disposal. Superannuation records related to employee contributions and compliance must be kept for seven years.

Contracts, agreements, legal documents, business licenses, and permits should be maintained for the duration of their validity. Insurance policies, loan agreements, and audit reports necessitate record-keeping for the respective durations of these arrangements.

Maintaining these records is vital for tax compliance and instrumental in informed decision-making, financial planning, and risk management. Small business owners in Australia should prioritise organised and accessible record-keeping practices to ensure both operational efficiency and legal compliance. Consulting with financial professionals can help navigate specific requirements and streamline record-keeping processes.

Contact the Ingrams accounting team if you need help with your bookkeeping.
03 9826 6000
[email protected]

19/09/2023

Clients in Australia often have various questions when it comes to bookkeeping for small businesses. Over the coming days, we are going to answer one at a time.

Question 3

What are the legal requirements for bookkeeping in Australia?

In Australia, businesses with an annual turnover of $75,000 or more (or $150,000 or more for non-profit organisations) are required to register for the Goods and Services Tax (GST). This involves charging GST on taxable supplies, issuing tax invoices, and submitting regular BAS (Business Activity Statement) reports to the Australian Taxation Office (ATO). Proper bookkeeping is crucial for accurate GST reporting.

Contact the Ingrams accounting team if you need help with your bookkeeping.
03 9826 6000
[email protected]

18/09/2023

Clients in Australia often have various questions when it comes to bookkeeping for small businesses. Over the coming days, we are going to answer one at a time.

Question 2

Why is bookkeeping important for my small business in Australia?
Bookkeeping plays a crucial role in the financial management of any business, including small businesses in Australia, for several reasons:

Compliance with Australian Laws: Proper bookkeeping ensures that your business complies with Australian tax laws and regulations. This includes accurate record-keeping for income tax, Goods and Services Tax (GST), and other obligations.

Financial Decision-Making: Accurate financial records are essential for making informed decisions. They provide insights into your business's financial health, helping you identify areas of growth, cost-cutting opportunities, and potential financial challenges.

Tax Reporting: Bookkeeping is essential for preparing and filing accurate tax returns. It helps you claim all eligible deductions and credits while avoiding errors that could lead to penalties and audits.

Cash Flow Management: Monitoring income and expenses through bookkeeping allows you to manage your cash flow better. You can identify times when your business may need additional funds or when you have extra cash available for investments or debt repayment.

Contact the Ingrams accounting team if you need help with your bookkeeping.
03 9826 6000
[email protected]

17/09/2023

Clients in Australia often have various questions when it comes to bookkeeping for small businesses. Over the coming days, we are going to answer one at a time.

Question 1

What is bookkeeping, and why is it important for my small business?

Bookkeeping is the systematic recording, organising, and tracking of financial transactions and activities within a business. It involves maintaining accurate and up-to-date records of income, expenses, assets, liabilities, and equity. These records typically include invoices, receipts, bank statements, payroll records, and more.

Bookkeepers use various accounting principles and methods to ensure that a business's financial data is organised and readily available for analysis and reporting.

Contact the Ingrams accounting team if you need help with your bookkeeping.
03 9826 6000
[email protected]

07/09/2023

Xero is a powerful accounting software, and with the right tips, you can optimise your bookkeeping process. Here are five tips to help you do better bookkeeping with Xero:

Tip 5:

Stay Updated with the Mobile App: The Xero mobile app allows you to manage your finances on the go. From sending invoices to capturing receipts or reconciling transactions, staying connected through the app ensures you can handle bookkeeping tasks anytime, anywhere. This is especially helpful for business owners who are frequently on the move.

Contact the Ingrams accounting team today to help you with your Xero transactions.

03 9826 6000

[email protected]