News / Small Business Accounting News

SMALL BUSINESS ACCOUNTING NEWS

Latest news about small business accounting and taxation from Billings + Ellis, the small business accountants in Melbourne.

Billings + Ellis, Accountants South Melbourne

 

eceipt Management Software

Receipt Bank works like magic for entering bills and receipts

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How much time do you spend entering data from supplier bills into Xero? How about sorting those crumpled receipts for expenses? If you’ve got better things to do with your time than sifting through paperwork and entering data, you’re going to love Receipt Bank. Receipt Bank reads the data from bills in any format – even camera shots of receipts. Receipt Bank enters the data into Xero for you, and saves a PDF of the original document in Xero.
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Budget 2016 for small business

Federal Budget 2016 – changes affecting small business, tax, super

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The May 2016 Federal Budget announcement has delivered changes that will affect many people of all ages and stages in life. Some changes affect small business owners, and changes to taxation and superannuation (which includes SMSF members) will affect almost everyone. It’s not all bad news, of course! The changes for business owners and wage-earners are generally being received as favourable. Here we summarise the major changes, in easy point form. As always, we’re here to discuss the finer details and implications with you.
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Vend POS for clothing stores

Vend integration with Xero ideal for typical retailers

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Vend POS for clothing stores

Vend POS can handle inventory and loyalty programs, making it a popular choice for retailers like clothing stores.

Vend is suitable for many different kinds of retail trading situations where a modern POS system system with powerful features is needed. Vend integration with Xero provides a seamless, end-to-end POS and accounting solution, and has proven ideal for many businesses such as:
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Cafe point of sale software

POS and Xero integration for small business

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xeroPoint-of-sale (POS and also EFTPOS) software integration with Xero cloud accounting can now bring the benefits of a complete end-to-end accounting system to small businesses including retail stores, restaurants and cafés, hotels and bars, all manner of service-based businesses such as hairdressers and car repairers, and even highly mobile businesses like market stalls and pop-up stores. Some POS systems are also suitable for use with online stores.
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winners losers

What does the May 2015 budget mean for you and your business?

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The big news on 12 May was the government handing down their second budget. There have been some significant changes announced in the budget and it’s important to understand how these changes will affect you. There wasn’t a lot of tax reform in the budget because of the government’s forthcoming White Paper on Tax Reform, which is considering a number of different aspects of the taxation system in terms of fairness, complexity and how it can be improved. The White Paper on Tax Reform will not be completed quickly. However, it will most likely form the government’s policies leading into the next election.
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Employee or contractor – where do you really stand?

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One of the most commonly-asked questions in our discussions with professional consultants and small business owners is the definition of employees v. contractors from a tax law perspective.

This conversation is often had with clients who want to minimise their tax and are thinking of earning their income through a company structure (to limit their tax rate to 30%) or splitting their income via a trust to their spouse.

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Online job management software WorkflowMax

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Many businesses have successfully made the transition to cloud accounting with Xero, the most popular cloud-based accounting system. Another cloud solution that is being widely adopted by service businesses is WorkflowMax, the job management software from Xero.

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5 things for business owners to review before 2015

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Now the end of the calendar year is fast approaching, and many businesses shut down or partially close over the Christmas and New Year period, it is a good time for business owners to focus on areas they would normally put to the bottom of the pile. These may include:

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Cloud-based accounting takes off – are you on board?

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A recent study by Xero, a cloud based accounting software provider, showed 14 percent of small businesses in Australia are already using a cloud-based accounting package. Also, the study showed almost half of small businesses who do not currently used cloud-based accounting packages are considering doing so.

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Medicare logo 2015

Medicare Levy and Wage Changes for 2014/2015

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Those employees earning a contracted wage, inclusive of superannuation, will find that their take-home pay is reduced from 1 July 2014.

This is because the medicare levy has gone up from 1.5% to 2.0%, which is to pay for the National Disability Insurance Scheme. The Superannuation Guarantee has also gone up from 9.25% to 9.5%.

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