Our professional accountants provide efficient bookkeeping services and maintain your accounting systems for you. This is a cost-effective investment that will save you time and lead to well-maintained financial records that can be managed and retrieved smoothly. We work to support our clients by working to manage your financials – a time-consuming task – for you to focus on other business matters. Our qualified senior accountants can effectively and thoroughly manage your finances. In the long-term, this will be beneficial for you because you can quickly assess your business performance by examining your real-time cash position, revenues, and cash-flows.
Setting up cloud-based company file
Setting up your company file on a cloud-based accounting software would be the best decision you ever made at the start of your business to have everything at fingertips. Not only convenience of accessibility from anywhere in the world from any device at any time, timely revenue recognition, reporting, seamless and intuitive reconciliation process, improved accuracy, minimal hardware, added security, and availability of remote bookkeeping options are just a few of many advantages of having cloud-based accounting software for your business.
Our experts will take care of setting it all up properly from day one to tailor made to your specific requirements. We are partner with MYOB, QuickBooks and Xero software providers who are the market leaders of cloud based accounting software and will provide more affordable and competitive pricing for monthly subscriptions due to our associations with them.
All your bookkeeping needs can be done either in-house or remotely with paperless office environment having all documents saved on cloud within the software. Bank accounts can be directly linked with the software, so you don’t have to access your bank account, print statements, or scan and email them to accounting staff on a daily basis. Backing up of company information or data will be done regularly without having to spend your time on the manual process and money on the hardware.
Above all this is the only way you can scale up your business without having to incur thousands of extra dollars on your accounting systems.
We will assist you from the initial advice until it is all set up, tested and working seamlessly before either we train your in-house staff and handover the ongoing management or we take care of it from all possible aspects of your choice.
AP and AR
Accounts payable and accounts receivable play a big role in your company’s cash flow. For many businesses, penalties and late payments have become the norm due to mishandling of these critical accounting functions. As a result, an effective accounts receivable business process flow can have a seriously beneficial effect on the financial health of your company.
By the same token, it’s incredibly important to properly manage your accounts payable process. Without a full understanding of who and what your business owes, there’s no real way to determine the financial health of your business with any degree of accuracy. Missing payments can lead to late payment interest or damaged relationships with customers, while too many current liabilities on your balance sheet could result in significant cash flow problems. Overall, optimising your accounts payable and accounts receivable processes and procedures is a great way to improve your company’s cash flow and financial health.
Although many companies still handle accounts receivable manually, accounts receivable process automation can be a great way to encourage customers to pay more quickly. There are a broad range of electronic billing systems, including Xero, MYOB and QuickBooks, that can be used in tandem with a cloud-based payment systems like eftsure or ezypay to help automate your accounts receivable business process flow.
PAYROLL
We specialise in training & supporting your payroll staff and optimising your payroll system or even implementing it from the scratch using Single Touch Payroll functionalities and maintaining it for you.
We not only know the compliance issues that you face every day and also, we deliver what you need to produce best practice in running your payroll. There are many aspects to delivering a highly productive, low risk, efficient payroll operation.
We work with our clients to ensure they have them all covered from employee recruitment, onboarding, attendance recording to finalising & processing their regular pay runs on timely manner.
Bank Reconciliation
Bank reconciliation has never been more intuitive and streamlined than ever before with the use of cloud-based accounting systems such as Xero, MYOB and QuickBooks. No messy paperwork to be dealt with or hundreds of pages of bank statements to be printed back in the days when conventional bank reconciliation process done manually.
Bank feeds can be linked with your accounting software and each and every regular transaction can be machine-trained to allocate to their desired cost centre with minimum time spent on review process. All this is possible if you set them up properly from day one using experts like us to take your stress away so you can focus on your core business fundamentals.
Our expert bookkeeping team can assist you with this function without a fail either onsite or remotely saving you thousands of dollars on in-house staffing and supervision.
Asset Management
Asset Management is very vital in any organisation to make lots of sensible decisions from time to time. Capturing all your assets such as computer equipment, motor vehicles, machinery, fixtures and fittings will give a clear indication of your organisations entire asset base as well as it will make it easier for you to depreciate them accordingly. This will capture all movements to your assets with detailed descriptions such as serial numbers, warranty terms and conditions and images of them.
We assist you to implement a proper asset management system at a reasonable cost and train your staff how to manage it and maintain in the future or we can take care of this task by our trained staff remotely at a fraction of the cost.
Management Reporting
Management reporting is the foundation for monitoring performance, measuring against budgets, and making strategic business decisions. Complete, accurate and timely management reporting is a fundamental sign of a well-run business and a strong finance operation.
Effective management reporting is often hampered by untimely information, reporting sources that require significant manipulation and reporting that does not effectively address the real information needs of management. It is imperative that you are able to efficiently access and effectively utilise management reporting tools to understand your business’ financial health and performance.
Our team at Core Business Consulting is comprised of qualified, talented and experienced staff across accounting, finance and technology. Our team has the breadth of knowledge and experience to help you to focus efforts to properly manage the details without losing sight of the big picture. Developing an appropriate management reporting framework requires a blend of innovative thinking and a deep understanding of your business to design management reports that provide meaningful insights. A robust management reporting position allows you as the business owner to make effective strategic decisions easily.
Let us help you redefine how you look at your business. Contact us to discuss how we can help improve your management reporting.
Payroll Tax & Land Tax
Payroll tax is a State or Territory based tax in Australia. Payroll tax is a tax on “salaries and wages”. The employer is liable to pay payroll tax. Some businesses in Australia don’t pay payroll tax. The payroll of a business must exceed the exempt threshold for its State or Territory before it is liable to pay payroll tax. Each State and Territory has its own exempt threshold amount and its own rate of tax.
The current tax rates and thresholds for payroll tax in Australia are set out in the table below.
Land tax is an annual tax that landowners pay to state and territory governments. If your business owns property, then it’s likely you’ll need to pay land tax on it. It applies everywhere except for the Northern Territory. The laws between states are comparable, but they do vary.
The amount of land tax you pay depends on the combined unimproved value of your taxable property.
You don’t usually have to pay land tax on your main home (permanent residence).
Make sure you know what your entitlements are – land owned by some organisation types can be exempt from land tax.
Debt Collection
Debt collection exercise can be quite stressful and time consuming for lot of businesses like yours, where you can spend your valuable time to focus on what you good at.
We can be resourceful in communicating with your debtors and establishing a case for any further action after exhausting all possible avenues such as contacting them initially over the phone followed written friendly reminders up to final demand. In most cases we managed to recover the bulk of the debts for our clients before seeking any legal avenues.
Therefore, we strongly recommend you to let us review your credit agreement with your customers to make sure you have covered all grounds to establish a case to recover the debts in the future.
Document Management
Document management is very vital for the success of any business irrespective of the nature, complexity, and the scale of operations. Basic features of document management include the process of capturing, storing, and retrieving electronic versions of previously paper-based documents through PDFs, word processing files, and digital images.
Most businesses make use of document management tools and systems to manage their digital documents. Some of the key benefits of using such a system are additional security, easy indexing, access control, increased collaboration, centralized storage, and streamlined search and retrieval options. Compared to the manual processing of physical files, document management software reduces costs, the risk of human error, of physical damage, retrieval issues and provide virtually unlimited storage space.
Though most organizations still possess physical filing systems to store paper documents, these are becoming less common as most documents are now produced digitally before being printed (only if necessary) on paper.
Our experts will review your business in general and can design a tailor-made document management solution to suit the needs of your business model with staff training on how to use it and manage well with proper access controls to perform their duties within their own areas with maximum productivity.
