Stuart Iles Partners FAQs

If you lodge your own return you must lodge it by the 31st October.   If you have used a registered tax agent in the previous year you may be able to lodge your return via your tax agent up and until mid May.   Late lodgment penalties may apply if you are a late lodger.

You can claim telephone costs to the extent that the calls are work related.  To substantiate your claim you should keep a log for one month of all calls both incoming and outgoing to establish a percentage of work related calls.  

Accountants help business owners and individuals with their accounts, which include analyzing and recording financial records, preparing tax returns, and associated paper work. Along with performing regular tasks and reporting, accountants even function as strategic business advisors to help you earn more profits. Working all year round, accountants prove themselves as the company's financial backbone. With the help of  accountants, you can reach your goals more quickly, plan well to achieve them, and then execute the most profitable plan. Accountants provide strategic advice and find out the best ways to save money and boost revenues. Under the guidance of an accountant, you can run your business with confidence and clarity. 

First, check the online credentials of the accountant when you are looking for one. Choose a Qualified Accountant, a registered tax agent.  The prepared financial accounts will help you prepare your tax and provide management information. 

First, as the business owner, you should understand the responsibilities that you want your accounting firm to provide for your business. Hire a bookkeeper when you need monthly financial statements and bookkeeping tasks. Hire a Qualified Accountant or a tax consultant when you need planning advice, preparation of tax returns, auditing and review of your financial statements.

These are the instances when you should hire an accountant for your small business.

1. You need business advice while writing a business plan
2. You need advice regarding the legal structure of your business
3. You are ready for delegation
4. You need to deal with the government
5. You are being audited
6. You are applying for a business loan or an overdraft
7. Your company is growing and accounts need special attention
8. You need an accountant's advice before taking on a franchise
9. You need an accountant's advice before buying a business
10. You need an accountant's advice before selling your business

The five best cloud Accounting software the accountants use for the small business firms include -

QuickBooks Online - Best Overall

Xero - Best for all the Micro-Business Owners

FreshBooks - Best for the Service-Based Businesses

Quickbooks Self-Employed - Best for the Part-Time Freelancers

Wave - Best Free Software

Answer - Follow these three organizations -

i. Australian Taxation Office - https://www.ato.gov.au/  

ii. Commonwealth of Australia. - https://business.gov.au/

iii. Stuart Iles Partners - https://www.sipaccountants.com.au/

Small businesses need bookkeeping and accounting services for accounts receivable, accounts payable, credit sales reconciliation, bank reconciliations, and monthly financial statement preparation. Small business owners need advice from accounting firms for payroll, bank account reconciliation, and small business tax preparation. Bookkeepers can handle basic accounting tasks of the business before the information is submitted to the Accountancy firm for undergoing more complicated tasks. 

Follow these points thoroughly -

1. Be focussed on customer service
2. Build a better and trusted word of mouth for your business
3. Keep all your  detailed records securely
4. Plan on productive strategies to expand your marketing efforts
5. Develop a better online presence
6. Reduce excessive and unwanted business costs
7. Do not forget to go mobile
8. Make sure to go in the Cloud
9. Recruit skilled and employees with potential
10. Keep on updating your business plan
11. Get organized, stay balanced, stay focussed and be consistent

Hiring a tax professional may be the best decision you can make when -

• You are self-employed
• A major event has to be handled both in personal and professional life
• You own a rental property
• You have foreign accounts and investments
• You are an active stock trader
• Time is running out for a major business decision
• Preparation of your own taxes overwhelms you
• You do not understand the tax implications of your financial activities
• You have a complicated tax situation

Hire an accountant in these instances

1. You are starting your own business
2. You are willing to save time on all sorts of recurring tasks
3. You are in need of in-depth financial planning and detailed analysis
4. You are applying for a grant, loan, or some other type of funding
5. You are preparing  taxes
6. You are being audited

Hiring an accountant to provide a tax preparation service brings in these advantages -

1. The tax professional will file your tax accurately
2. They will find deductions that are relevant
3. They provide audit assistance
4. They avoid mistakes

The only disadvantage is the involved high cost.

You need a Bookkeeper, Registered Tax Agent or Tax Consultant, Qualified Accountant and Business Advisor.