Goods and Service Tax

Australian business can account for GST on cash basis if they satisfy following terms:

• Their annual turnover is less than $2 Mo. per annum.
• If business is following cash basis of accounting for your business.
• Australian Tax Office permits use of Cash basis of Accounting for a Business.

Business can switch the system of accounting. however the change is permitted only at the start of Accounting year after giving transitory effects in the books of accounts.

• Cash basis of Accounting is an easy system of Accounting.
• Only money which is paid for purchases is considered as purchase for receiving credit of purchase in similar fashion only money received for sale of goods is considered for calculation of GST payable.
• Part payments are considered in part for claiming credit or payment of GST.By having cash system small business can pay tax only for realized amount out of total receivables hence it resolves hassles of claiming credit in case money is not received for bad debts.

However it is optional to have cash basis of accounting and business can opt for accrual system of accounting.

Outsourcing Auditing Services

Auditing refers to the process of conducting an official financial inspection of a company’s funds or accounts. It is a mandatory process for every business, but, in the present day scenario, firms are constantly facing the dilemma of unavailability of competent IT Audit and Security staff. It is really hard to find experts, and even if you find one, is it worthy to invest on an auditor full time? We offer our services as a great solution.

Connect Accounting’s auditing services assures functional effectiveness and efficiency, conformity with tax laws and regulations, along with safeguarding other assets. By outsourcing the auditing services, you get the flexibility of hiring a professional on an as needed basis, and save the cost of hiring a full time staff. Our team of qualified professionals will handle all your auditing tasks following industries’s state of the art practices.

Finding an Auditor is not a difficult task but finding a qualified auditor, is definitely a tedious one. We are here to take your accounting headache and assist your firm with our standardized and leading edge methodologies to accomplish your business’s growth objectives.

Financial accounting

Connect Accounting, an Australia based firm, incorporates the best available softwares and tools for providing clients with absolutely accurate and well documented finance and taxation results.

Financial accounting is a service in which we treat money as a means of measuring economic performance instead of a production term. It includes collecting the entire financial data of a firm in order to draft reports such as balance and income sheets to assist the respective management, investors, suppliers and tax authorities. In brief, its about putting the entire money flow including both income and expenses on a sheet of paper, for future planning and record purposes.

Here are the three main outcomes of our Financial Accounting and Taxation service

• Income statement
• Balance sheet
• Statement of cash flows

At Connect Accounting, we follow a well established procedures and tools for the process of documentation, compilation and reporting of the innumerable business undertakings, to present an accurate impression of its monetary stand and performance. Our prime goal through this service is encase your company’s overall performance in a particular duration of time. Representing you a ready to analyze document to assist you to plan and program your and your business’s growth and stability.

Self Managed Superannuation Funds

Connect Accounting is one of the noted firms in Australia, specializing in the domain of SMSF - Self Managed Superannuation Funds services. Our Accounting experts offer you a greater range of advantages, including control over your investments, assets, reduce costs and manage tax returns.

We follow a very straight forward process. All you need to do is hand us your account and business data, and we do the rest. We duly understand that its a task of responsibility, and is very crucial to keep up with accuracy, or it will lead to pricey penalties. We assure, quality output so that all your finances are under your control and you don’t need to pay extra incurred tax fines.

One can say, that we not only serve you in terms of finances, but also for your peace of mind.

BOOKKEEPING SERVICES

Bookkeeping is the basic necessity of every business. Bookkeeping is the activity which involves keeping record of all the financial affairs of a company and then this record is used by the business heads to plan and promote their ventures.

Bookkeeping Services

If you have a new business, it is very crucial to stay on top of your finances and market, and an expert bookkeeper will be a mandatory asset for your growth. Our well accomplished bookkeepers, will handle your account stats and will provide you complete control over the flow of your business capital. Our bookkeepers will turn over the day to day record keeping of all the business transactions including purchases, sales, receipts, and payments into workbooks and also into the correct day book, suppliers ledger, customer ledger and general ledger.

Through Connect Accounting’s convenient bookkeeping solutions, you get an easy access to qualified accounting professionals. On the basis of the solutions we provide, you can analyze and incorporate significant corrective and progressive measures to accomplish your venture.

Finance and accounting in Australia

Based in Australia, ConnectAccounting is one of the leading firms in the domain of F&A outsourcing. Connect Accounting provides cost effective and secure General compliance and SuperFund accounting services to Australian accounting, Bookkeeping, financial service and tax practices. Our clientèle includes a number of BRW Top 100 Accounting Firms.
Why Outsource F&A processesAccounting Outsourcing is a cost-effective and a reliable way of saving funds and making sure that the finances of the business are being managed well. The small-scale and medium-sized businesses have book-keeping and accounting requirements which fluctuate from time to time. At the year end and tax time, the requirements are even more and the businesses need complete help during these busy times. Connect Accounting incorporates SMSFOutsourcing fulfilling these needs by carrying out important accounting tasks for the businesses. In this way, the businesses do not require to hire new accountants from outside.

All you need to do is, provide the source documents to us, like bank reconciliations, revenue, expenses, payroll, inventory etc. We will do the rest of the job and make sure that your tax paper work, book-keeping, month-end reporting, year-end reporting etc. everything get completed on time and in an efficient & accurate manner.
Connect Accounting undertakes the full range of accounting and superannuation compliance tasks, including:
Accounting and taxation compliance work for companies, trusts, partnerships, sole traders and individuals
BAS, interim accounts and other regular accounting functions for small and medium sized business.
Self-managed superannuation funds
Preparation of working papers and files for the audit of Self Managed Superannuation Funds.
Work papers.
In short, you save time and capital cost and reduce management problems as Connect Accounting is here to cater to your business’s accounting needs in a professional yet affordable manner.

Superfunds Auditing

Connect Accounting AU

Established in 2007, Connect Accounting is one of the leading outsourcing company in the sector of accounting, tax and financial management services. Our clients are top CA firms in Australia and New Zealand and we go with the motto “By Chartered Accountants, for Chartered Accountants”.

Connect Accounting

Industry competition and ongoing pressures to enhance business performance have persuaded many finance executives to go for new approaches, including outsourcing of the finance & accounting tasks. Connect Accounting thus implored outsourcing as a great opportunity and have now established a strong base on the same. Our services allow our clients to focus on core competencies and business relation building, leaving all the functional support objectives on us. We ensure Balance between growth & expenses, Business Operation Analysis & Trends along with Internal Controls and Quality Assurance of Financial Information.

How we stand out

We stand out with our quality of service and teamwork. For each of our clients, we assign a team of well skilled accountants, with their level of work being equivalent to that of senior accountants and high level managers.

Our services are very customized and tailored for every client. We assure good communication, and adhere to deadlines. We match our success with our clients satisfaction.

Having quality years of experience in this profession, we work with all major software such as MYOB AO, APS, HandiSoft, Solution 6, Quick books, Bank Link, Xero, BGL, DeskTop Super, Super Fund Live, Class Super etc.

At Connect Accounting, we serve our clients with a range of accounting services. Here are a few,

• Annual financial
• Tax returns
• Work papers
• GST returns
• Super Funds
• BAS returns
• Business benchmarking
• Accounting staff training
• Account reconciliations

In all the tasks we perform, we assure and secure your confidentiality and quality.