Moving towards a paperless office with Autoentry

  Benefits of a paper-free office Due to the nature of the job, there’s always a lot of paper, which can quickly stack up in the office. With even the smallest firms typically storing thousands of documents, going paper-free may seem daunting to start with. However, alongside the inherent environmental benefits, there are numerous operational and financial gains in transferring your physical files to digital records. Driving a culture of change When implementing a paper-free strategy, and whether your team is two or twenty, it will be important for everyone to be on board. Paper documents can easily get lost, or fall into the wrong hands, therefore digitising your records and implementing ‘a clear desk policy’, will not only better organise this data, but help to keep it protected. Digital tools are available to automate and streamline almost every line of business. With the strategic application of the right technology, firms can work more efficiently, whilst reducing their use of paper. Automating data entry is key    At Autoentry, their goal is to be part of the paper-free movement, by providing OCR-based software which helps businesses automate their bookkeeping data entry. Autoentry works by capturing and analysing details from scanned and photographed bank and credit card statements, bills, invoices, expenses and receipts and inputs them directly into a user’s accounting software; integrating with all major accounting software providers including QuickBooks, Xero and Sage. Available with a mobile app, Autoentry allows users to scan receipts on the move, and having posted the data to a user’s accounts software, the solution can act as your online filing cabinet, storing your documents...

Budget Announcement – Tax Cuts for Individuals and Family Partnerships for 2018-19

Income tax cuts are coming, according to the Government’s 2018 budget.   From next July, those who earn up to $37,000 will see their tax bill reduce by $200. The offset increases incrementally for those earning between $37,000 and $48,000, before the maximum offset of $530 is applied to those earning between $48,000 and $90,000. The benefit then gradually decreases to zero at a taxable income of about $125,000. There will also be a measure to combat bracket creep, introduced in stages. From July next year, people earning between $87,000 and $90,000 will move back into the lower tax bracket and pay 32.5 per cent instead of 37 per cent in tax. The plan still needs the support of the Senate before it comes into law....

Why two-step authentication is essential for your business !

Large corporations get most of the publicity when it comes to cybercrime and hacking. But cyber criminals are also targeting small businesses. Security industry research shows that over 40% of cyber attacks last year targeted small businesses and this is increasing. That’s why Two-Step Authentication is an important security measure you need to take. Businesses get subjected to a constant barrage of phishing scams and malicious software attempting to steal user account names and passwords. So it’s vital that businesses everywhere ensure they have strong security practices to keep their information secure. Security is an issue that everyone needs to take seriously. Two-Step Authentication (2SA) is available to all Xero customers to provide an additional layer of security for your Xero user accounts. Using two-step authentication significantly reduces the risk of your Xero account becoming compromised if your password gets stolen by phishing or malware. Watch the video below to see how to setup and use Two-step...

Top 10 GST mistakes in BAS reports

It’s easy to make a mistake when preparing your BAS. The key is to be aware of common pitfalls so you can avoid them. Thankfully, with online accounting software , preparing your own Business Activity Statement (BAS*) is easier. Even so, the ATO has identified a number of mistakes commonly made in the BAS reporting form. Here are the top 10 mistakes that I see regularly. 1. Accidental ‘double dipping’ on GST Many business owners make mistakes in the Hire Purchase/Lease of Vehicle of Plant or Equipment area of the BAS. Initially, the client (or their accountant) will claim the full GST component in the first quarter that they purchase their vehicle. The confusion sets in when they record their regular monthly payments. The client will either continue to code it as a GST or as a Capital Expense. Both the tax codes GST and CAP appear on their BAS Reporting sheet, effectively causing them to ‘double dip’ on the GST. Always check your purchase invoice and BAS records to make sure you code your monthly repayments accurately. 2. Incorrect tax codes in your chart of accounts I would advise you to ask your accountant to provide a default chart of accounts or ask a BAS agent to set up your tax codes before you begin using your online accounting software. 3. Claiming GST against all expenses There are expenses that do not have a GST component. They include: Motor vehicle registrations Bank charges ASIC fees Paypal transaction fees Google Adwords Interest and director fees / drawings 4. Claiming GST against all sales Some services and products in the medical and health care areas also do not...