Connect Accounting Conferred With STPI Award, The Most Prestigious Government Award in India

India has demonstrated its dominion in the IT sector worldwide. STPI, Software Technology Park of India an Autonomous Society has been one of the government bodies who contributed to this status for India. STPI was set up by the Ministry of Communications and Information Technology, Government of India, in 1991, with the vision of making India one of the largest global IT generator and exporter. STPI has been successful in its mission so far.

The STPI IT Exports Awards are one of the most prestigious government awards in India and are an attempt to honour and acknowledge the contributions of IT leaders who brought in contemporary approach and a brand new visions that made the IT sector reach a new skyline, which was a distant dream before. These awards are presented in various categories for the leading and consistent performances in terms of job creation, exports and related criterias.The STPI awards are presented in star studded events to applaud and congratulate creativity, ingenious thinking and smart endeavors.

 Connect Accounting, a leading firm of Accounting Outsourcing in Australia was felicitated with the STPI award for being the most renowned government entity in the field of IT in India. Established seven years ago, Connect’s aim to provide quality with accountability earned this great recognition by STPI in 2011, i.e. within first four years of its inception. Connect comprises of a highly qualified staff of more than 350 professionals.Connect deals with major Australian businesses, in accounting outsourcing services like Self managed Super Funds, SMSF audit, Annual Financials, Tax Returns, WorkPapers, Business Benchmarking, GST and BAS Returns etc. The work done is rich in quality and with immense stress on security and turn around time.

Self Managed Super Funds, Need Help?

The intent of self managed super fund (SMSF) outsourcing is to maintain and expand your wealth until retirement with minimized tax and lesser investment restrictions. But still there are also lots of doubts about SMSF in the market, regarding its regulation and what to pull in and what not. To take full advantage of SMSF you need to stabilize your investments in all spheres including property, shares, and other major and minor assets.

No one knows how good money makers they are, unless they earn it. Be alert, and responsible enough to have complete control of the investment flow. Don’t go for it unless you are ready to keep an eye over  it, even if you have employed the services of a qualified accountant. After all its for your future. The more watchful you are for your SMSF, the lesser you become prone to pitfalls.

There are many firms in Australia, that provide superfund offshore services, the main hub of SMSF being India. SMSF outsourcing in India is cost effective and value efficient. The work delivered is equivalent to that of senior level staff, and currency exchange rate and time zones are like extra toppings on your pizza.

Super fund outsourcing, though provides you more freedom to invest but the penalties are hard for those who breach the terms. Using the funds for personal use can land you heavy fines. Remember you are investing for your retirement. Read the terms properly and also make sure your Super Funds Offshore service provider is well aware of these before you hire one.

So get the facts right. See if Super Funds Offshore Services suit your situation as with any investment it is a long term thing, and you need to be fully assured about the investment and the SMSF outsourcing advisor and accountant.

Connect Accounting is an accounting outsourcing firm based in Australia. We can assist you with your managerial issues regarding our super funds outsourcing services at competitive rates and high return value. Our back office for SMSF is located in India, well versed with the Australian SMSF rules and regulations, and the timezone assures timely delivery of results with high accuracy at convenient cost. 

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Considerable Aspects regarding Outsourcing Accounting

Outsourcing accounting is the latest trend in the accounting sector. But before you start analyse and get a clear-cut idea of the capital and the savings involved. When appointing an outsourcing service vendor, you must evaluate and compute your savings on overhead expenditures. At first, you need to determine the total cost, either you want to establish and manage an onshore or an in-house team of accountants. In your analysis, include staff allowances, supply, equipment, maintenance and development costs as well as other relative expenses for infrastructure, office zone, work force etc. in your computation. Along with these, analyze and estimate the expenses and perks you will be receiving by outsourcing your accounting tasks.

Here is a brief checklist: 

• Include non-fiscal gains of outsourcing during cost estimate. Draft all the benefits you will be getting on outsourcing.
• Seek a reliable and legitimate outsourcing service provider. Look for the experience and skills you desire for assisting you in your accounting functions, plus, their fee and the services they provide. Consider all these aspects and then go for the appropriate outsourcing service provider that suits you best.
• Look for a service provider who offers not one but a range of services. An accounting firm that provides many services is more proficient in dealing with more complicated accounting exercises.
• Make sure that they retain a high quality level. Your accounting tasks should be outsourced to that outsourcing firm which maintains exceptional quality in work. This really helps in process management and providing your business a competitive edge.
• Work with an accounting firm which offers enough security measures for the confidentiality of your company’s data. Their security standards must be at par with the industry standard and constantly upgraded as well.
• Review the work history and track record of the outsourcing firm. Look for firms that are experienced and have a number of happy clients that employ their services. Choose a firm that delivers work on promise of quality and time deadlines.

Connect Accounting, is an Australian firm, providing services to Australian Chartered Accountants for the past seven years. Connect offers a wide range of accounting services, including annual financials, smsf audits, tax returns, work papers etc. Connect, works with commitment and delivers on promises.

Retain all these details in mind and select the not just the best, but the one that suits you the best.

Pros and Cons of arranging SMSF to your business without thinking the strategy

We actually love this strategy but there are positives and negatives to this situation and you will need guidance from your legal, accounting and SMSF Specialist Advisor. Many owners of small to medium enterprises use this as an effective strategy but others do a half-baked job and leave themselves exposed.

Pros and Cons of arranging SMSF

Pros:

• Direct control of your super investments and a real understanding of where your money is invested.
• The fund will pay only 15% tax on commercial rent paid
• If the premises is sold no capital gains tax may be applicable once you are in pension phase and 15% or less if earlier.
• You can be your own landlord with secured tenancy which allows you greater certainty when fitting out or installing equipment.
• Keeps liquidity in the business to fund other costs.

Cons:

• There are thousands of dollars in set-up costs and there are sometimes higher fees involved in getting a loan through your SMSF.
• If a member of the fund dies without the proper insurance in place the fund may have to pay out death benefits leading to a rushed sale of the commercial premises.
• If sold to a third-party then there is a possible loss of tenancy to the business which could destroy it.
• There are strategies that can be built to avoid the cons, it is best to speak to an advisor so that they can see what is best for your personal situation.

MYOB Software Assessment

The MYOB Accounting Software is one of the most prominent software in use within Australia and New Zealand to maintain businesses bookkeeping and accounting records. MYOB is a heavily feature loaded software package which is proficient in handling most small to medium enterprises accounting requirements depending on what client expectations are and how much information is required to be extracted from the accounting software. Most business owners and managers acquire MYOB with the view of it being a measure to help maintain compliance with the tax offices requirements when it is capable of providing so much more useful information which can help an owner/manager gain the edge over market rivals.

With the new generation of cloud accounting software gaining momentum the PC based file that MYOB has traditionally used is becoming outdated. Still if a business does not require taxation updates from year to year, once purchased the MYOB software doesn’t require any further payment for maintenance or subscription.

The set up of MYOB software is very easy and also provides the ability to import a chart of accounts from Quickbooks and existing MYOB data files to step up the process. The main interface is simple to use with basic headings and map lines for each individual heading to provide guidance of basic bookkeeping processes. Data entry requires minimal bookkeeping or accounting knowledge. The MYOB software programs includes inventory management, time billing, job tracking, multi currency usage and strict security controls over users. MYOB also enables you to execute standard accounts processes like invoicing, maintaining debtors/creditors ledger, payroll, GST tracking and bank reconciliation

The best feature of MYOB is its vast reporting facility. apart from the many different reporting options that MYOB provides, the ability of extracting out and personalize the report is more outstanding. This time saved is like dollars saved. Also the ability to export reports into a Microsoft Excel format makes it more easy to customize.

Connect Accounting is a prominent accounting firm in Australia and an experienced MYOB user. Connect deals with accounting outsourcing work for Australian businesses. Connect is quite familiar with the pros and cons of the MYOB software and has the capacity and capability to fetch the maximum and best results through it. Connect Accounting can help you setup your MYOB software or can indeed handle all your accounts for you with the best industry standards, smart technology and a smarter workforce.

The Value of SMSF

SMSF or the Self Managed Super Funds, is a long-term savings arrangement, which has gained popularity in the recent years.

smsf audit, Value of smsf

The major benefit and reason for SMSFs rise is its aspect of giving you the power and resources for  property investment. It favors you to convert your funds into assets. But a major concern is, that you can’t just invest your money into anything. Though It has many gains, but there are also lots of rules that you need to be aware of. The assets you invest on are supposed to be for business only and not for personal use, or you might incur hefty penalties.

The best would be, to let an expert handle your SMSF than paying for errors or being in the fear of making one. Connect Accounting, provides outstanding service and support for your SMSF. Just pass us all the required stats and worries, and gain full and efficient control over your numbers.

The boon of Accounting Outsourcing

Accounting outsourcing refers to outsourcing of activities pertaining to finance and accounting functions to a third party vendor. Accounts payable, accounts receivable, credit and collection, bank and other reconciliation, general ledger maintenance, financial analysis, management reports etc. are services that can be outsourced.

 

Accounting Outsourcing

The best part of outsourcing is that you only have to pay for the work that your accountant does. You get relieved from the burden of paying salary, holiday time, benefits, sick time and so on as these duties will be passed on to the agency outsourcing your accounting functions. This makes cost reduction the primary reason for outsourcing. In today’s tough economic times accounting outsourcing favors an organization’s competitive edge in the market.

Outsourcing also provides the benefit of latest information technology and processes. While focusing on core business activities of the organization, outsourcing functions provide increased efforts toward the organizational mission as well as well planned contributions to a company’s healthy fiscal growth.

Outsourcing is now available for businesses of all sizes due to the advancements in technology and has made Finance and Accounting one of the most attractive and straight-forward functions to outsource.

Choosing a service provider becomes the deciding factor for your company’s outsourcing functions. The outsourcing company must provide specialized outsourcing services and be experienced in the areas of accounting and bookkeeping. Connect Accounting, Australia is one such firm, well equipped with latest technology and experienced professionals to manage the process with great efficiency.