Adams Accounting Blog

Cloud Bookkeeping Solutions

Bookkeeping and record keeping alike take a lot of time, effort and patience. That’s time, effort and patience invested into maintaining your business instead of growing it. Thankfully with today’s new age range of accounting software you can now safely prepare your records online. This means your records are available to you on your phone, tablet, laptop, desktop and the reception computer in Cairns so you can complete your bank reconciliation & BAS on time. It also means all your bank account & some credit card data can be sucked into the software slicing hours off your data entry & bank reconciliation process. The common question in regards to cloud accounting packages is; which one is right for my business? Unfortunately there is no straight answer for this as every business & user is different. Ultimately what you as the owner are looking for out of your software will direct you. If you’re simply looking for a cashbook each of the packages below covers your needs. How...

How to grow your business

The following are some of the most recognised ways to grow a business. Increase the number of customers of the type you want to have. All business people have limited time & resources and that is why it is important to target the type of customers you want attract to your business. Increase the number of times customers come back. The more you can get clients to return to your business for additional sales the better your bottom line will be. Look closely at what your sales/service offer is and think about what you can offer to get clients coming back more often. Increase the average value of each sale made. Business often makes the mistake of thinking that selling items at a low price will increase sales and it often will, but being locked into lower prices means that your margin (difference between cost of goods & sales price) is always low and this leads to low profitability even though you are very busy. Look closely at your pricing and what the market will pay for you...

Do you need to lodge a tax return?

Most people need to lodge a tax return each year, but there are some exceptions. If you had tax taken from any payment you received, whether it is wages or a Centrelink payment, you almost certainly need to lodge a tax return. You need to lodge a tax return unless you fall within certain exceptions. The ATO’s 'Do I need to lodge a tax return?' tool will help you work out whether or not you need to lodge. If you need to lodge a tax return but don't lodge it, you may have to pay a penalty. We can assist with preparing your Income Tax Return or notifying the ATO that you don’t need to lodge. Follow this link to open the ATO’s tool https://expertsystems.ato.gov.au/scripts/CA/Web/Default.aspxPID=68&anchor=DoINeedToLodge#DoINeedToLodge

How much tax are Aussies paying?

Given we are in the middle of tax season have you ever wondered how much tax Aussies are paying compared to other developed nations? Thankfully the nerdy staff over at the Organisation for Economic Co-operation and Development (OECD) have compiled a list of its member countries using total tax revenue as a percentage of their national gross domestic production (GDP). (Figures based on 2012 or latest available year) The result is quite favorable; Australia is the fourth-lowest taxed nation of the 34 OECD members measuring in at 26.5%. Only the USA (24.3%), Chile (20.8%) and Mexico (19.7%) are lower. At the higher end of the spectrum Denmark (48%), France (45.3%) and Italy (44.4%) are well above the average OECD rate of 34.6%. So next time you think we’re hard done by, think of the unlucky taxpayer’s in Denmark! Full report. http://stats.oecd.org/Index.aspx?DataSetCode=REV Now the fun part, how long does it take to earn a 500ml local beer? Swiss bank UBS surveyed...

Welcome to Adams Accounting

The exciting launch of our website is complete. Here you can find all the latest news, services, resources & much more. Adams Accounting Blog will keep you up to date with relevant individual and business news, from taxation to finance and our own Adams Accounting updates on new services and seminars. If anyone has any queries or issues they’d like brought up feel free to let us know. We also provide a quarterly newsletter to our clients free of charge, to get your free copy please subscribe on any page of the website. If you already receive the newsletter by mail or email please subscribe below to simplify the merge of our databases and create an eco-friendly process. Adams Accounting will be running various seminars which can be found under the News tab, please register your interest as if a topic receives higher demand we will bring forward the delivery date. Enjoy our website and all it has to offer!