Category Archives: Finance

Did you know about Benchmarks of Australian Tax Office for your business?

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.
Benchmarks of Australian Tax Office

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.

For More Information Visit Us : Accounts Outsourcing Services

How long am I required to keep my tax records for Australian business

Documentation is at heart of accounting. However question arises as to the time period for which the tax records needs to be maintained.

record-keeping-for-small-business
How long to keep bookkeeping documents :

There is a requirement that you need to keep your tax records for five years from the date you file your tax returns.

However there are certain cases in which you are required to keep the tax records for enhanced time period. For example in case you are availing depreciation on assets, you need to keep records for more than 5 years. You need to keep proof of purchase of asset for period more than 5 years.

Medium of Storage: You can keep the records in electronic form as well. However the same should be easily accessible and should be in English Language.

You need to have a good record keeping system in place in order to avoid any trouble in future. Absence of record keeping can lead to heavy penalties as dis-allowance of tax deductions.

For More Information Visit Us : Accounts Outsourcing Services

Redesigning your Business Process by Outsourcing your Books of Accounts

Outsourcing bookkeeping to Rayvat Accounting is similar to business process engineering model where there is a complete shift in the manner of how the business is done.

In Business process Re-engineering, there is a fresh pondering on the present business and how the process has been done of late.

Business Process Re-engineering (BPR) is basically rethinking and radically redesigning an organization’s existing resources.

BPR is all about redesigning of the workflow and methodology to a more better model which can decrease cost as well as increase in overall efficiency of the business process. The ultimate purpose of re-engineering is to optimize the overall performance of business and generate superlative profits for the business.
Business Process Re-engineering in Accounts Outsourcing
Moving to Outsourcing model can be beneficial to your business if it has been implemented in planned manner.Are you planning to Outsourcing your books and still thinking of when to start on Outsourcing model?

Well we recommend to move on to Outsourcing with start of new financial year. This would have a benefit of easy and smooth transition to outsourcing carrying with a switch in the work methodology.

However we recommend early transition which would give us time to settle the process and make it worthy for you.

Call us to know more how we can redesign your Accounting business processes and help you to excel in your business.

For More Information Visit Us : Accounts Outsourcing Services

Catch the Benefits by Outsourcing Tax Returns of Small to Large Size Business

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.

Cross border transfer of work to virtual environment in era of Cloud Computing

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.

For More Information Visit Us: Accounts Outsourcing

Benefits of Outsourcing Payroll Processing

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.

For More Information Visit Us: Accounts Outsourcing

IFRS & Global Reporting

International Financial Reporting Standards is widely used in professional world nowadays.

IFRS is known as a well designed language which is used for business dealing. So across the international levels, the Accounts Outsourcing can be easy to understand by anyone. International accounting standards are the source through which the shareholding and trading can be increased at international levels especially for those companies who are dealing with the foreign countries. They are gradually replacing many different national level accounting standards. It is easy for the accountant to maintain the books by using these generally accepted accounting standards.

“Conversion is more valuable than a technical issue in Accounting.”

It applies when the balance sheet and profitability statements are prepared in the company. IFRS has already been applied to more than 100 countries and it might spread all over the world soon.

There are different methods of calculating profits and hence to remove this inconsistency in accounting areas, countries all over the world are making uniform standards which are used in Accounting in each and every nation. Designing of IFRS involves enough time, efforts as well as money.

However there are many benefits to society by IFRS in terms of transparency, accountability and compatibility.IFRS is going be a benchmark for reporting in coming days and all the countries are expected to move to IFRS in coming days.