By Melissa Probert, Associate Director.
Many years ago, accounting software and solutions were often an off the shelf product that operated as a stand-alone system or possibly with a point of sale system. Today the rise of cloud-based solutions with a built in API (Application Programming Interface) has enormously expanded the range of options and advantages that these systems can offer and the time and efficiency savings that can be achieved with a well-planned app stack.
By Ben Spiers, Associate Director.
Everyone talks about spring cleaning their homes, but do you also spring clean your business?
Spring cleaning your business is a great way to refresh and reset, to enable you to refocus and push through to Christmas and set a plan for 2022. It's also a great way to bring your team together socially, as well as ensure everyone in the business is working towards the same goals.
With the end of the financial year, it is the responsibility of the governing body (Board or Committee) of your not-for-profit (NFP), to consider the regulatory reporting obligations that the NFP is required to meet.
by Mike Sweeney, Director
The Australian Federal Budget was handed down on 11th May 2021 and it included a number of new reforms as well as extension of existing tax concessions. The highlights we have extracted from the budget papers are below.
by Vanessa Sweeney, Practice Manager
If you are operating a company, partnership or Trust, you must have a separate bank account for tax purposes. If you’re a sole trader or setting up your own business, opening new bank accounts for it may seem like one more headache that you don’t need. But separating your business and personal finances from the start can save you time and money later, here’s 3 reasons why.
by Vanessa Sweeney, Practice Manager
There are a range of wage subsidies available to business to assist with the cost of hiring new employees. With many businesses looking to hire new staff but still feeling the effects of the COVID-19 pandemic, any reduction in employment expenses can be helpful. Some subsidies may only apply to certain employers and employees and all have strict criteria that must be met to ensure existing employees are not displaced or disadvantaged. We can assist you to determine eligibility for these subsidies and in some cases apply on your behalf, please contact us if you have any queries or would like information specific to your business or circumstances.
We have been assisting many of our clients with adoption of the new accounting standards including AASB 15 Revenue from Contracts, AASB 1058 Income for Not-for-Profit Entities, AASB 16 Leases and AASB 9 Financial Instruments. With the release of these new standards, our clients now have to recognise their revenue under entire new frameworks, they have brought in Right of Use Assets and Liabilities on the face of the balance sheets, subsequently have had to update their calculations to reflect the impact of COVID-19 and have had to change the way they account for financial instruments in line with AASB 9. The accounting environment is ever-changing and recently even more so.
by Ben Spiers
The current JobKeeper scheme runs until 27th September 2020, however the Government has extended the JobKeeper payments by a further 6 months, to March 2021, providing additional support for businesses that continue to be impacted by COVID-19.
Whilst many businesses have been able to redesign the delivery of their product or service to their clients, many are still struggling. So, what does this mean for you as an employee or an employer?
The federal government financial stimulus packages in response to COVID-19 have received a lot of publicity (you can see our summary of the 22nd March update here) but state and territory governments have also released their own plans for economic assistance. Clients may be entitled to further economic support so please see below for a summary of the key points of these packages and check the links attached for further information. In addition, your local council may be offering their own assistance package so be sure to check their websites or contact our office at reception@leegreen.com.au to discuss your individual circumstances.
