Australian tax office has huge database of information regarding the industry operations and have benchmarks of performance in various industries. They use various financial ratios in order to compare the performance of individual business with that of industry performance.
You need to ensure that you select correct industry code along with your tax return in order to ensure that you fall under correct business code.
These benchmarks are expectations of ATO from individual businesses and expect the same level of performance than that. Business operating out of benchmark may attract the attention of ATO.
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Many of my prospective Australian clients ask me if it is Legal to Outsource my Bookkeeping work?
The answer to same is definitely yes.
You can outsource bookkeeping work offshore to get benefits of outsourcing provided you take adequate care and inform the owner of the information regarding the outsourced work.
A written letter of approval is required from the client giving a consent for outsourcing the work to third party.
However the organization outsourcing the accounts is required to take due care and needs to do due diligence in order to ensure all the pieces fall in correct place.
Here are some of the points which the outsourcer needs to in order to reap all the benefits by outsourcing the job offshore:
- Quality of services:
The Outsourcer needs to be assured of the quality services from the outsourced organization.Quality control procedures should be in place with the third party service organizations to ensure qualitative work.
- Integrity of third party service provider:
The outsourcer needs to ensure that there are proper non disclosure agreements in place for avoiding misuse of information.
- Professional Expertise:
The outsourcer needs to be ensured of the professional expertise of the service organization.
- Resources of the Service Provider:
The performance of the third party service provider would depend upon the resources of the service provider and the infrastructure available with the service provider.
- Monitoring of work:
Outsourcer needs to monitor the work in order to ensure that the objectives of outsourcing are achieved.
Best luck for your new outsourcing relationship!!
The article is written by Rushabh Shah, he is operations manager at Rayvat Accounting. Rayvat Accounting provides Outsource Accounting and bookkeeping services at low cost to Australia and US based clients. For no obligation free trial of Accounting services contact us at firstname.lastname@example.org
“Tips for better management of your Receivables”
Here are some tips for better management of your receivables:
1.Prompt recording and invoicing:
Record sales as quickly as possible and ensure that the invoices are delivered to client as soon as the product is sold or when the service is completed.This helps in faster conversation from cash after sales transaction.
Customers should be made to adhere to the credit policies and should be followed up immediately after the invoices are sent.
3.Outsourcing of Receivables:
In case the present staff is not able to effectively manage your receivables it would be a good decision to outsource to third party vendors. This would have a dual advantage of lower cost as well as increase in efficiency.
4.Follow-up of Receivables:
Timely follow-up of the receivables would help in faster collection and reduce the amount of bad debts. You can hire an agency to have a timely
follow up of receivables.
Business should do regular ageing analysis and thereby getting an overview of where the receivables management stand.
Business should also analyze the present credit practices of competitors to know the recent trends in collection.
Automation of business process can prove to be cost advantageous. We can provide Automation with Software’s like intuit Quick-books freeing up your majority of time. Quick-Books can do automation for you.
8.Quality of Receivables:
Business should ensure that the receivables are of high quality and would not default. Various tools like bank guarantee, letter of credit etc. can be used for reducing the default risk of receivables.
9.Mode of payments:
Business should accept payments in as many ways as possible which makes it easier for the business to pay on time.
We at Rayvat Accounting would help you to manage your receivables effectively. You can drop a mail at email@example.com for a free analysis of your present process and how can we help you manage your receivables at competitive rates.
Accounts Receivables management becomes an important aspect of your business when the it is in growing phase. Accounts Receivables Management can act as a savior when the business is facing working capital crunch.
How we manage your receivables:
• You can consider us an extended member of your team.
• We would document all the calls made on your behalf and all email communications done for your business.
• The staff is fully trained in managing your receivables
We would give you a complete report of:
1. Ageing of your receivables
2. Follow up done by us
3. Responses of the clients
4. Report of Disputed Amounts
Advantages of working with us:
1. Cost Benefit: We provide services at highly competitive by outsourcing model.
2. At Rayvat Accounting we shall provide you timely reports to help you analyze the current status of your receivables.
3. Better Receivables Management can help in better working capital turnover and thus help the business to thrive.
4. In most of the cases the receivables are left untouched due to overworked staff and business
5. We shall comply with fair policies for converting your receivables to cash by realistic, prompt as well as pragmatic approach towards receivables management.
6. We shall always ensure to maintain reputation and goodwill of your enterprise.
We would surely reduce unnecessary ageing of your receivable by outsourcing your receivables and thereby better management of working capital.
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Bookkeeping is the term which is used to manage accounting division of any organization. It is a disciplined process generally happening in monthly bases consisting of preparing reports, entering transaction into the journals and making the money adjustments. Purchasing of Bookkeeping software and to train the people for bookkeeping is can be a costly process.
Such companies, who do not have the capability to manage bookkeeping services, can take the benefit of outsourcing bookkeeping. Accounts Outsourcing can save money on overhead and insurance, payroll taxes, employee benefits etc. As an Australian Bookkeeping Company, we provide you the wide range of service for outsource bookkeeping.
Small businesses often face the challenge for growing the business and costs piling up. Once considered to be done by huge companies, outsourcing bookkeeping services as a non-core function is now being done broadly by many small businesses. For Easy Bookkeeping Services for Small Business, it is better to find a qualified Professional Bookkeeper or Bookkeeping Consultant who can keep all records of accounting with accuracy and help you to avoid the potentially expensive mistakes.
By hiring a professional bookkeeper with experience and training, you can focus on marketing and operational aspects to run the business. It will help you to increase the profit and concentrate on streamlining operations.
Have you ever been wondering How to do Bookkeeping? We are providing you some guidelines that run your bookkeeping and your business smoothly. The guidelines which company should take care while doing the bookkeeping are mentioned below:
• Keep and file the all important business documents up to date.
• The money which comes into or out of the business should depart through the bank account of business or the petty cash.
• Keep the financial records and accounts of business and personal separate.
• Stay on the top of customer invoice.
• Keep the use of software if you want.
Virtual Bookkeeping can help you to take the benefit of saving your costs by outsourcing to us. We provide you the bookkeeping services which would help you to increase the profit in your business.
There are ample of applications available having a variety of capabilities and features based on business requirement.
The few example of applications are QuickBooks, Quicken, Net suite, MYOB etc.
QuickBooks is widely used by Accountants worldwide. QuickBooks is accounting application which includes services that aid with receiving customer payments, making superannuation payments, remote payroll assistant and outsourcing, bank integration as well as integrating Google tool for marketing.
It may be customised internally by the organization or the company using it or may be purchased from the third party package. QuickBooks Bookkeeping can improve email functionality through Outlook express and Microsoft Outlook. The application has the capacity to generate more than 100 reports that permit the business owners to go through year over year income and expenses trends. Setting up this application right from the beginning will save your time and allow you to get more information through it.
MYOB is an important accounting program for Bookkeeping in Australian Market. It has its own powered services which gives the services that aid with bank integration, bill paying, Accounts Outsourcing management as well as receiving the payments. It is very easy to use and flexible. In MYOB the data can be hosted in local network as well so the owner can always access it even if the internet is down.
Both QuickBooks and MYOB include a company data auditor which makes the checking system before tax is prepared. Both programs give the recurring transaction. Both programs enable you to modify and delete previous pays if it is required. The security in both programs is good.
Rayvat Accounting provides you the Bookkeeping Services for your SME business on both this applications to help you know your business better by better accounting.
The process of preparing the income Tax Return for a person other than the taxpayer is called as a Tax return preparation. It may be done by the person who pays the tax with or without taking the help of online services or any kind of software. Also it may be done by the certified accountant, an attorney or an enrolled agent.
Preparing an income tax returns on your own is little bit a tough task. Organization looks forward to manage their Tax Return Preparation by outsourcing experts. Timeliness, cost, efficiency, profits are considered as most crucial factors in outsourcing return preparation. More and more accounting firms and CPA are opting for outsourcing tax return preparation. Online Tax Return is also available. For standing in the market in line with current demand, Rayvat Outsourcing offers you the tax return preparation service.
The benefits of Accounts Outsourcing Tax Return Preparation are marvelous and they are mentioned as below:
• Arrangement for outsourcing can accommodate new engagements that come up during periods of peak demand
• Increases the speed of Tax return preparation
• Increases the domain knowledge for financial process
• Data is secured and confidential
• It also helps you to focus on critical business aspects like new customers and financial analysis
• Fast turnaround with no defeats
Rayvat Accounting specializes in Tax return preparations work. It will help you to manage your tax return.
In era of cloud computing, remote operations, majority of the work would move from onsite to the virtual environment. This would also result in work being transferred cross border in order to gain from the cost advantages between eastern and western countries.
It has been almost a decade for the Information Technology work (like software development ,web development) has moved to virtual world leaving back the barriers of location.
It is beginning of a new era for cross border accountancy just like the Information Technology Sector.
However there are challenges for Accounting Sector which needs to be addressed. Some of them are:
a) Network security
Bringing the data on network can have increased risk of eavesdropping and compromising on confidentiality of client information
b) Knowledge expertise
Accountants have specialized knowledge of certain definite national laws and regulations.
In order to go cross border new expertise has to be gained.
c) Legal requirements
SOX and other regulations have stringent requirements for outsourcing of accounts related work.
d) Professional and ethical conduct of accountants.
Local regulations of the CPA’s govern the professional and ethical conduct of the accountants.
e) Managing Cultural Diversities and knowledge of International Laws
There might be communication gap due to different cultures.
I would like to invite member’s comments who hold any view regarding cross border transfer of work.
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In this competitive world, companies have to face the challenges for reducing the cost, remove all the extra expenditure as well as to meet regulatory requirements. Rayvat’s provides the flexible and modern account payable services to their customers. It has the ability to convert the account payable procedure to the automatic system which is already determined by business rules. So the processing cost would be decreased, improved the controls and increase the business intelligence.
An Account Payable Service plays a significant role in financing and accounting. It is the transaction of present accountability on the sound cash flow management which is in demand for keeping a pointed eye on expenses and account payables. It is the largest burden for the Outsource Accounting Firm which has the number of vendors. For any small or medium organization, if the management of account payable is not supervise properly, than it would be affect the process off functioning the accounting and the reputation of the company. It provides you the advantages of cutting the skilled staff and periphery technology without having any investment and maintaining the expensive software.
Outsource Accounting Payable Services focused on transforming the customers’ whole payment activity by automating the processes of transaction management, documents managements, duplication elimination as well as disbursement services.
Outsourcing Accounts payable services has many benefits as mention below:
• The invoices will pay before the due date comes
• You have the rights to use monthly, quarterly or annual reports
• Reduced the invoice discrepancies and disputes
• Vendor relations can improve
• You can provide 24X7 secure web access to the customers
• It will diminish the operating cost caused by external and internal audits.
For stay in the market at good position, the company will have to hire the account payable outsourcing. You will get quality work in cheapest rates if you do so.
For a small business, Payroll Processing Service can devour the marvelous percentage of an entrepreneur’s gross income until and unless one knows how to approach the payroll aspect in a best way. It is too difficult to manage especially for the owners who work in limited resources and budgets. Errors occur when the owners administer the Payroll services by their own. If the paychecks will not go on time, consistently, the confidence of the company can break up. And when the morale drops, the productivity, sales and the income drops. This in turn will harm business.
So to avoid number of complications, more entrepreneurs are hiring their Payroll Service Providers and lessening the burden of in-house payroll. There are unique advantages for Payroll Outsourcing like reduction of cost, lower risk potential, confidentiality of data, no penalties, direct deposits of money etc. Employment and wage laws change frequently. It is possible that the entrepreneurs or the owner do not know about the law changes as well as they do not have time to understand the new laws. Thus they may be choose the outsource payroll companies. In this way, hiring the Outsource Payroll Service company is always beneficial and it will help the company to reach at higher peak.
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