GSS Accounts | Finance

GSS Accounts

Phone: +61 3 9802 3235

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22.01.2022 As a business owner, you’ve probably got lots of tasks and clients fighting for your attention, which means that bookkeeping is probably not high up on your list of priorities. Let’s take a look at why keeping your books accurate and having all entries done on time by the end of the financial year is important for your business. Here are some of the side-effects of bad bookkeeping. 1. Blurs the big picture The books you maintain are important to give you information abo...ut your company’s financial viability. Without good records, the picture will be very blurry. In addition to this, inaccurate bookkeeping results in inaccurate reports about your cash flow. 2. Causes costly mistakes A miscalculation due to bad bookkeeping can be disastrous. Underestimating profits can lead to an audit and fines while overestimating profits can increase your taxes for no reason. 3. Minimizes your tax deduction Expenses need to be documented when you file your taxes. If you misplace or overlook receipts, you’ll be in a position where you won’t be able to claim expenses as write-offs. There are many other disastrous consequences of inaccurate bookkeeping. This is why it’s important that you hire someone who knows what they’re doing. Accounting firms come highly recommended because they’ll prevent you from making costly mistakes. At GSS accounts we take the stress of you so that you can focus on growing your business. Feel free to contact us on (03) 9802 3235 / 0409 892 171

19.01.2022 It's the time of the year. Get your books updated. We can help you. Feel free to send us a message! #updated #taxcompliance #taxation #wecanhelp #books #year #entrepreneurs #smallbusiness #smallbusinessowner #bussiness

19.01.2022 Top Three Reasons to Hire a Professional Bookkeeper The end of the financial year can be a stressful time for small business owners. Updating and trying to reconcile records at the last minute can increase the risk of errors and omissions. Bookkeeping, as an essential business function, involves keeping a record of all financial transactions on a daily basis. Here are the three top reasons why bookkeeping is best left to the professionals:... Eliminate errors in data entry: Whether your business uses an Excel spreadsheet or accounting software, there is a high risk of data entry errors. If the person entering the data is in a hurry, these errors stay unnoticed. Professional bookkeepers devote all their attention to data entry, ensuring accuracy of data. Stay up-to-date: Start-ups are caught up in multiple aspects of running the business. As per the Institute of Public Accountants, one of the major time-wasting factors for Australian businesses is not keeping their accounting books up-to-date. Bookkeeping professionals are experts in the maintenance of financial records, which helps you keep track of debtors, improve cash flow and pay your dues on time to avoid hefty penalties or late fees. Make informed decisions: With accurate professional bookkeeping, businesses can meet their ATO (Australian Taxation Office) obligations while making informed spending and budget decisions. Professional bookkeepers instil confidence in your finances with tailored reports and forecasts that enable you to optimise your resources and operations.

15.01.2022 We value your time... We can help you! Contact us GSS ACCOUNTS (03) 9802 3235 ... 0409 892 171 [email protected] See more

11.01.2022 Always be ready! We can help you... At GSS accounts we take the stress of you so that you can focus on growing your business. Feel free to contact us on (03) 9802 3235 / 0409 892 171

07.01.2022 Bookkeeping and investors Bookkeeping is critical for investors in order for them to gauge the financial performance of a business to be able to qualify the value of their investment. This is the main purpose of a financial statement. The income statement, cash flow statement and balance sheet must all be maintained in order for you to be able to present the value of your business effectively to investors. Financial statements are the product of bookkeeping. If you’d like to ...present investors with up-to-date and accessible information at the end of the financial year which is easy to understand, bookkeeping is the way to go. This will give investors the information they need for them to be able to make well-informed decisions. Bookkeeping isn’t only for current investors. If you’re looking for investors or foresee a time when you’ll be looking for investors in the future, bookkeeping is a great way to make your case. Investors will quickly dismiss a sole trader or small businesses which can’t provide evidence to support their claims of being a good investment. Bookkeeping acts as evidence to your claims that you’re business is a worthwhile investment to potential investors. If you were an investor, would it be in your best interests to invest in a company that didn’t have organized and accessible financial records? Sources https://lyfeaccounting.com/blog/bookkeeping-is-important/ https://www.investopedia.com//why-it-important-investor-un https://corporatefinanceinstitute.com//bookkeeping-defini/

03.01.2022 Get your books managed! Feel free to send us a message! #updated #taxcompliance #taxation #wecanhelp #books #year #entrepreneurs #smallbusiness #smallbusinessowner #bussiness #Australia

02.01.2022 Things you need to remember for this fiscal year. #updated #taxcompliance #taxation #wecanhelp #books #year #entrepreneurs #smallbusiness #smallbusinessowner #bussiness