ICL Group – Small Business Accounting For Tradespeople

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You must hate it. You had a full day of working or building and now it is time to do the paperwork. You are exhausted, but know the accounting has to be done. It doesn’t have to be done by you, though.

Tradesmen and builders have challenging physical jobs. You spend the entire day out helping people, trying to find enough time in your schedule to get to everyone. The last thing you want to do at the end of the day is to spend a couple more hours on accounting.

ICL Group in Adelaide Lets You Focus On Your Trade

Imagine having a team of accountants and their support team to eliminate the bookkeeping. You would no longer need to learn about bookkeeping methods, payroll taxes, PAYG, superannuation, and other essentials for proper reporting of your business income.

You could focus on what is important, your customers and employees. Freeing up a few hours of accounting time each week lets your bill more of your time, too.

Do you already have a person on your staff who does the basic accounting entry, but you are stuck with reports, taxes, and other time-consuming tasks?

An easy way to overcome those challenges is to use the Xero Cloud-based Accounting system. Your employee enters all the tickets from your day’s work and then ICL Group (https://iclgroup.com.au/) can take over. The cloud-based system means both you and your accounting partner can see the data at any time. You can both look at the data simultaneously while discussing issues over the phone, too. This can eliminate your need to run to your accountant’s office, or them coming to you.

The Personal Tax Side Of ICL Group

There is one other consideration you should think about as a small business owner. You don’t only have to worry about your business taxes, you have more challenges in your personal accounting and taxes, too. By working with ICL Group,  you have a single company that can help you with both sides. They can even advise you on the best ways to cut tax costs for the business and yourself.

Tell Us Your Biggest Accounting Challenges

The starting point to overcoming accounting problems is to have a detailed conversation with a professional. ICL Group offers free consultations so you can find out what is the best ways to save money and eliminate your accounting challenges.

This consultation focuses on your needs and your business. Every plan is custom built to meet your needs. Your business is unique and has its own set of challenges. The one thing that is consistent with other businesses is accounting and tax regulations. ICL Group makes sure your business is compliant while making your life easier.

Are you ready to unload accounting from your busy schedule? It is usually the best choice for tradespeople to make. Every hour spent on accounting is the time you could be billing for your services. Schedule a free consultation to find out how easy it is to free up your time and get better information from your accounting system at the same time.

What You Should Know About InterAcct Business Consulting

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What you should know about InterAcct Business Consulting is that while strictly speaking it is a cloud accounting company, it actually offers more than crunching numbers. If you would let them, they can actually help you achieve your business goals through their business consulting service.

This is because the people behind the company have a knack for interpreting figures and not just crunching them. More important, they get the larger picture. They know that a business is worth it only if you are able to live the lifestyle you want, instead of being a slave to your business.

If you take a look at the company’s website on http://www.interacctbc.com.au/, you will see that it has a four-step approach to helping their clients, including:

  • Establishing client goals
  • Identifying problems
  • Choosing strategies
  • Implementing strategies,
  • Measuring and reviewing results

The company has a reputation among transport companies. Most clients are impressed at how the company is able to present a clear balance sheet with consolidated profit and loss figures.

The figures enable clients to identify strategies that enable rapid growth in their business. It also allows them to identify where they need to concentrate their resources.

If this is your first time to hear about InterAcct, you should know that they are more than accountants. You can seek their counsel on a wide range of issues from taxation laws to hedging and everything in between.

They are proactively introducing cloud-based software and they have an incredible turnaround time to complete reports. You can look forward to cash flow projections and budget to actuals analysis. You can also expect to be able to drill down on what drives your profitability at a micro level.

The thing about InterAcct is that their expertise and experience has mostly been spent in the transportation industry, however, this doesn’t mean they are not able to tackle work for businesses in other industries with equal competence. The strategies they recommend are simple and easy to implement.

While they are not the only business consulting companies around in Australia, they are one of the more reputable ones.

So, no matter which business you are in, if you are ready to make your business work for you instead of yo working for your business, you should go ahead and contact InterAcct Business Consulting.

Again, their website address is http://www.interacctbc.com.au. Their office is located in Port Lincoln SA. You can schedule an appointment with them right on the website by filling up the contact form.

Why Business Should Move To Cloud Accounting.

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The internet has changed the way, so many things are being handled, and accounting practices are no exception. The invention of accounting software significantly improved things in this are about cloud accounting has the potential to make things better. The cloud is a platform that allows data and software to be available to users online anytime and introducing it to accounting has brought a host of benefits to business that start using it. Cloud accounting addresses some major flaws seen with traditional accounting software and here are some of them (source: MBCO):

Security.

You do not want people to breach your accounting data, and cloud services offer top security. While there are many concerns about storing data in the cloud, this is one of the safest places to store your data. Looking at the traditional accounting software, one could easily access your data once they gained access to your computer. With cloud accounting, no one can check out your information unless they have your login details. The data is not stored in any physical location such as a hard drive, and it is protected by various access control measure meant to keep out unauthorized people from accessing the information. Your data is also safe from natural disasters that can easily destroy a computer or hard drive and make you lose valuable information.

Real-Time Updates.

Cloud accounting is fast and efficient since the changes in the data are updated in real time. If an accountant comes and works on the data, you can immediately view the changes by just logging into your account. Through this, you can have a clear and updated view of your company’s financial situation, and this will help you to make informed decisions regarding the financial status of the firm.

Flexible.

Modern-day cloud accounting software is flexible and suited to any company’s needs. You do not have to use a specific software layout or structure on your company just because it worked on another firm. You can work with the service providers and have them design a custom fit software suited to your specific needs. This makes accounting easier since you can work with what fits your business.

Organization.

A huge benefit of cloud accounting is that you can organise your data easily and allow each department to access what is important to them. This way, different people will be working on your accounts and keying in entries in their department without interfering what others are doing. You can update your expenses, locate invoices and track profits easily.

Go Paperless.

The time where you had to keep paper records are gone and the best way of decluttering your office is through cloud accounting. It is well known that organising paperwork can be a hard task and cloud accounting offers a way out of this. You can import the paperwork straight into the software and process the date from there.

Some of the benefits of cloud accounting for businesses have been listed, and there is no reason why you need to stick to traditional accounting software. The cloud will help to improve the relationship with your accountant since it will be easier to collaborate with them even when they are working. One notable accounting firm that you can reach out to is mbco.com.au and check them out and see the fantastic services they have.

Types Of Bookkeeping Services

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Book keeping can sometimes prove to be a burden mainly because there is a lot of record keeping that is involved and sometimes the processes can be a bit complicated especially if you have no accounting background.  There are a number of organizations that assist people with book keeping or rather they offer book keeping services. The book keeping services that are usually offered by most organizations include;

  1. Monthly Bookkeeping Services

This is a basic and straight forward method of handling books of accounts, records and also tax filings. Monthly book keeping services also involve providing daily, weekly, monthly, quarterly, semi-annual and annual reports that include the revenues and expenditures which will help in financial analysis.  This financial analysis will help provide you with a financial overview of how your company is doing in terms finance and accounting.  Monthly book keeping services also entail monitoring of bank accounts for fraudulent transactions, creation and preparation of financial statements, planning and analysing tax burdens, giving alerts for overdrawn accounts or suspicious transactions and also creation and implementation of a budget

  1. Tax Preparation Services

Tax preparation basically involves going through all taxation documents, forms and receipts in order to prepare an accurate tax return.  In addition to this it also includes using the various tax rules to come up with favourable results.  It involves a number of deductions and filling forms. This is a very essential service and should be done right.

  1. Payroll Bookkeeping Services

There are some businesses which have a large number of employees which makes it hard to maintain a proper payroll system.  Having an effective and efficient payroll system is very crucial for every organization.  It is highly recommended that the payroll system is correct and is done on time to ensure smooth and essential running of the business.  Payroll is a very crucial system because if tampered with it could result to both civil and criminal charges.

  1. Financial Services

Financial services mainly include preparation and analysis of financial statements.  The various financial statements that are usually used include statements of comprehensive income, cash flow statements, statements of financial position, statements of shareholder and owner equity and any other financial statements.  The financial statements should be prepared in a way that is simple and easy to analyse. In addition to this the financial statements should be accurate and should be able to present the finances of the business relating to the past, present and future

  1. Corporation Set Up

Book keeping services also entail setting up corporations, whether it’s a sole proprietorship kind of business or a partnership or limited company incorporation is a very important process. Most book keeping organizations usually provide this service.

  1. Accounts Receivable And Accounts Payable

It is very essential and important for a company to keep track of its operations especially when it comes to the issues to do with accounts payable and accounts receivable. This can be sorted out by book keeping service providers.

These are the various book keeping services available. For more information you can visit the Miss Efficiency site at https://missefficiency.com.au/.

The Benefits Of Using An Accounting Firm For Your Small Business

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If you have a small business you are already juggling a lot of different balls. Between finding clients and preparing invoices you probably don’t have a lot of time to deal with the accounting side of your business. The accounting part of your business is one of the most important parts of your business and it is very important that you have your finances under control. If you need help you might want to work with an accounting firm. Read on to learn the benefits of working with an accounting firm for your small business.

When you choose an accounting form like Embrace Accountants you are getting a partner. The accountants are going to be working with you and they get to know you. They start to get a feel of what your business needs are and they can help you reach your business goals faster. You are always going to know where you are at financially and the accountants can help you out in a variety of ways.

A good accounting firm is going to use the latest technology to help you get your data on the cloud. This makes you more efficient and you never have to worry about lost data. It is also easier to look up data and generate reports when you use cloud technology.

The firm should also communicate with you on a regular basis. You need to make sure that the firm is going to keep you up to date on any financial issues that you spot. They should also give you advice for free and respond quickly when you have any questions or concerns. You need a firm that won’t keep you waiting when you have questions and who will respond to communication quickly.

The pricing is another important aspect of choosing an accountant. You want to make sure that the pricing is clear and that you know how much the services are going to be. You don’t want to be wondering how much you have to pay or what the true cost of the services are. You really don’t want to end up with a surprise invoice because that could cost you big time. With the right accounting firm you won’t have any financial surprises at the end of the day.

It is also very important that you work with an accounting firm that has a lot of experience. You need an experienced team to help you and you want people working with you who know what they are doing. You can’t take chances and you need people who are going to understand your business and have experience with your type of business. You are building a relationship when you work with an accounting service and you want it to be a long term relationship instead of a short term one. Using an accounting firm is going to save you time and it is going to make your life easier as well. You won’t have to worry about any costly accounting errors when you use Embrace Accountants.

How Technology Can Help Your Business

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Today’s interconnected digital world has certainly changed the manner in which we conduct day to day business. But has yours changed along with these trends, or are you still utilizing equipment from a decade ago?

The technology today is designed to make business more productive or simply doing more in less time with fewer employees and less overhead as well as more product and service offerings thanks to the internet, digitization and other technological marvels. In this read, we are going to take a look at how technology can help your business grow (source: MSI Taylor):

Enhanced Business Collaborations

Nowadays, you do not need to board a plane to meet a potential client when voice over internet protocol or VoIP is available. You can use this technology with either laptops, tablets or smartphones to connect with co-workers, partners and clients from almost anywhere in the world.

This form of connection helps saves on travel costs, maintains robust client relations, facilitates in-house collaboration and also enables faster cash flow.

Information is Available From Anywhere

Your technicians require easy access to parts inventory, the on-the-road sales team requires schedule updates constantly, managers require the ability to control workers access on a need to know basis and various departments require access to client information either in the workplace or in the field.

In the business climate today, information is more often than not what companies sell. Making relevant information easily accessible will certainly improve day to day business activities.

Boosting Employee Morale

Using equipment from 10 years ago is certainly a morale buster as it slows down what your team can do. Outdated cell phones, aging computers and hand-written billing in this competitive economy are just time wasters and time is money.

Keep Clients Happy With Technology

Utilizing customer relations management software helps you track orders with a single click, quickly track project progress and manage downstream hurdles before they become substantial problems. A satisfied client base can stabilize and grow your business.

So, what is the best way to take advantage of this technology revolution?

  1. Develop a Tech Plan

A reputable IT consultant can help create integrated systems that create more payment gateways, sales and call for less labor through digital automation. This ensures that everything works together.

  1. Find The Tech Support Level You Need

Depending on your business size, you may want to get an outside firm for tech support once in a while or a full-time employee who is dedicated to keeping your business technology in sync and up to date.

The right professional can help keep your systems at optimal performance while maintaining various layers of data security. Information needs to be available in real time and you should do your best to keep it secure from employees that don’t require access and also hackers.

There are numerous ways to use technology to grow faster from cloud computing, online banking, virtual online conferencing and so much more. If you are not utilizing the latest tech for your business, then you’re just falling behind the competitors that do.

Why Using Professional Wealth Management Services Is Crucial For Financial Security

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Planning out your finances in order to meet retirement expectations, investment desires, and recreational spending is complicated. Many people are unable to properly organize their finances in order to meet all of their financial goals. Because of this, there are unfortunately many people that have been unable to fulfill goals such as having enough money for retirement. It’s for this reason that using trustworthy wealth management services like keypointbc.com.au is so critical to ensuring the future financial security of you and your family.

Secure Savings for Retirement

Planning out for retirement is something that requires lots of expertise and financial acumen. Many people mistakenly believe that planning for retirement means simply saving a certain amount of money each month to put towards a retirement account. However, the reality is that such things as regulations and interest rates, as well as many other factors, play a huge role in determining the best course of action regarding retirement planning.

Professional wealth management services (such as tax accountants in Southport) will involve advisors that have years of training in providing high-quality and tailored advice regarding saving and investing for retirement. These advisors will be able to create a detailed plan that will ensure the future financial security of anyone and their family once they reach retirement.

Ensure Effective and Efficient Investment Portfolio

Investing in the modern age has become a lot more complicated than many decades before. Due to the rapid flow of information through the internet, knowing how to create an investment portfolio that is able to combine the risk tolerance as well as desired returns of a person is very hard. Those that are not trained in creating investment portfolios will likely create a portfolio that won’t be able to meet their expectations in terms of risk and return.

Wealth management advisors understand all of the different variables that are critical in ensuring that an investment portfolio performs according to expectations. These advisors will have in-depth knowledge of the markets and investment products to provide the best advice to their clients regarding how to create a winning portfolio. Anyone that wants ensure that they can actively build wealth through their portfolio should consider consulting a wealth management professional.

Plan Financially Logical Goals

Many people have goals regarding what they want to spend their money on, such as a new car. However, many times, these goals are founded on flawed financial reasoning. It’s for this reason that many people end up in debt and living lives that are outside of their means. Hence, this is where a wealth management service can provide high-quality assistance and advice.

Wealth advisors can help clients with any kind of financial goals that they may have, such as buying a new sports car. However, they will be able to help their clients achieve this goal with sound financial reasoning and planning. This way, the client will be able to get what they want without having to cause unnecessary financial distress and burden. Hence, by combining planning for retirement, investment and spending, wealth management services can vastly improve the financial security of their clients.

Here Is Why You Need To Hire A Bookkeeping Service

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Accurate and up-to-date financial records are crucial to the growth of a small business. But the daily tasks of maintaining the books fall to the bottom of the to-do list of a small business owner. In fact, they have more important tasks to take care of almost on a daily basis. These tasks are important for the growth of the small business. That is why you should consider outsourcing the bookkeeping functions to a qualified third-party service in the area. Here is why you need to outsource the bookkeeping functions of your small business to a reliable service provider in town.

Outsourcing your accounting functions will allow maximising your resources. When you try to save money by doing your own bookkeeping functions or delegating it to another key employee in the company, you are expending valuable time and energy that could have been used for core functions of your business such as marketing, sales, and customer relations. Outsourcing the bookkeeping functions will free up your time so that you have enough time to promote your business and take it to the next level. In fact, this is very important for a small business.

A third-party bookkeeping service will give you a clear insight into the actual financial position of your business. When you depend on internal staff to maintain the books, they may become emotionally involved with the day to day activities of your business. That way you may not get the actual picture of your financial position. An external service provider isn’t emotionally involved in the business since they have nothing to personally do with your business. They won’t just pat you on the back and say that everything is okay when they are not. That is why you should work with a third-party accounting service for your small business. They will help take your small business to the next level in no time.

You get the best experience at an affordable cost when you hire a third-party service provider. On the other hand, you only pay for what you use. You can expand the bookkeeping functions depending on the growth of your business. You won’t be able to hire a qualified in-house accounting team for the price you pay for a third-party accounting service. Make sure that you hire the best service provider in town for the project. With hundreds of bookkeeping services in town, choosing the right one isn’t easy. You should be doing the necessary research when choosing the best accounting firm to handle your accounting functions.

Look for a reputable, experienced, and highly skilled service provider with good customer feedback. In fact, you shouldn’t forget to check the customer feedback on the potential accounting firm before hiring them for the job. Choose a provider that is well acquainted with your type of business. These are important factors that you need to look for when choosing the best bookkeeping service in town.

Ignite Accounting is a top-notch bookkeeping service operating in Springwood in Brisbane, Australia.

Questions You Need To Ask Before Hiring A Financial Planner

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There are many benefits of hiring a financial planner to help you with your finances. To realize these benefits, you have to ensure that they are capable, reliable and can get the job done. They need to be skilled at it and also trustworthy. You have to ensure that they have all these qualities for the sake of your assets. We will look at some of the initial questions that you need to ask them to know if they will deliver on what they promise.

What Is Your Financial Planning Process?

They need to have a well-defined plan or methodology that they will follow to the latter. Financial planning is not a product. It is a process hence they should have a way to use the information that they will gather about the finances and also goals of a person into a definite plan. If they cannot explain to you what they will do, then they should not be given an opportunity to do it for you.

How Will You Help Me In The Areas That You Don’t Specialize In?

It is common to find a professional who is an expert in a particular area and not others. Your planner will be no different; they will not have expertise in every single area hence they need to ask the right questions to find the right solutions. They will need to have access to other networks and services which will enable them to address any challenges that you will face.

How Will You Communicate With Me?

When telling these plans to a layperson, most of them will have a hard time understanding the content hence the professional should know how to handle it. The strategies, recommendations, and products that will be involved will need to be explained very well in a way that everyone will understand. Doing this is an art and science. It requires someone who has the experience and also skills for the task at hand.

When it comes to financial planning, you need to be careful to get the service you will be paying for and not lip service. You need to ask the right questions since your assets and finances are in their hand. If you do not know where to start from with this, you could check out Innovatus tax agent in Springwood. They do financial planning and will give you all the information you need and all your questions answered. You will love it.

The Benefits Of Using An Accounting Firm For Your Small Business

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Running a business is a lot of work, especially if you do most of the work yourself. Between filling orders and finding new clients, you probably don’t have much time left in the day to do the things you need to do. One way to make things easier is to use an accounting firm to help you keep track of your finances. At Ascentwa.com.au you will find a team of talented accountants who are ready to help you meet your business goals. Read on to learn about the benefits of hiring an accountant for your accounting needs (source: self managed super funds by Ascent Accountants).

One of the best things about hiring an accountant is that it is going to save you a lot of time. You are probably already spread much too thin and when you hire an accountant you have more time in your day to do the things that are important for your business. You also have peace of mind because you know that your accounting needs are going to be taken care of.

You can’t afford to make any mistakes with your accounting because errors can cost you money. You could end up having to pay taxes and penalties if there are too many errors. When you use an accounting firm you don’t have to worry about errors and you know that your accounting is going to be right. You will know if your business is on solid ground or if you are struggling when you work with an accountant.

Using a professional accountant also means that you are getting an expert to help you. Having an expert on your side is very important and it will ensure that you get help when you need it and you won’t have to worry about a lot of problems. They are going to know just what to do to help you and it will be a lot easier to get things done when you have experts working hard for you.

Using an accounting firm can save you money because you won’t be making costly mistakes on your own. Accounting mistakes can cost you money and this is something you have to avoid if you want to be effective in your business. You need an accounting firm that you can count on and that is going to work hard to give you quality results.

You can save money because the accounting firm is going to make sure that you get all of the tax breaks that you qualify for and they will also make sure that you get the other breaks that you qualify for. They keep costs down by making sure that your business is going to be running smoothly and that it won’t have a lot of problems going forward.

You know that your bills are going to be paid on time when you use an accounting firm and it will be a lot easier to run your business when you have a good accounting firm on your side. The cost is worth it and it will make things easier.