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The Strategic Imperative: Why Value Takes Center Stage in Small Businesses

March 4, 2024

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“Navigating Business Success: The Role of Stress-Free Bookkeeping”

February 26, 2024

Maximizing Retirement Savings by Selling Your Business: Leveraging CGT Concessions

February 20, 2024

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Level 10, 401 Docklands
Dr Docklands, VIC 3008
info@accountsnextgen.com.au
1300 NXT GEN (698 436) (24x7)
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NextGen’s bookkeeping service is automated, fast, streamlined, and efficient. Our bookkeepers can handle your company on-site or remotely. Hush the worries that bookkeeping gave you and have panic-free sleep with our accommodation.

BUSINESS

Bookkeeping

Bookkeeping is the recording of financial transactions and is part of the accounting process in businesses and other organisations. Every business generates a tremendous amount of data and information that must be documented and tracked.

If the books are not kept properly, transactions frequently pile up without being recorded, increasing the probability of errors and loss of vital facts at the end of the fiscal year.

Are you also sick of keeping your books right but unable to do so?

Do you fail to reconciled your bank statement and company books?

Are you unable to manage your accounts receivable and collections?

Is unorganised paperwork not letting you sleep at night?

Are you not aware of tax concessions that are leading you to losses?

We understand that keeping track of the company’s accounts payables, receivables, account reconciliations, and ATO obligations can be a difficult task for any business owner. But we are here at your rescue!

At Accounts NextGen we provide solution to all your problems:

We’ll assure you standard bookkeeping service at your finger tips.

Now have the quality time with your family rather than being stuck with your books. Hush the worries that bookkeeping gave you and have panic free sleeps.

Some bookkeeping services we offer :

01. Accounts Payable:

The Accounts Payable Process is in charge of managing and carrying out the company's short-term payment commitments to vendors/ suppliers. In layman's terms, Accounts Payable Processing is the process of paying suppliers and vendors for goods and services obtained by any firm.

02. Accounts Receivable:

Accounts receivable is the amount owed to a company for goods or services delivered or used but not yet paid for by consumers. Accounts receivable are classified as a current asset on the balance sheet. AR is any amount of money due by clients for credit purchases.

03. Bank Reconciliation:

A bank reconciliation statement summarises banking and business activity by reconciling a company's bank account to its financial records. Bank reconciliation statements demonstrate that payments have been processed and cash collections placed into a bank account.

04. Fixed Assets Records:

Fixed-asset accounting tracks all financial transactions involving fixed assets. The practice describes an asset's lifecycle, including purchase, depreciation, audits, revaluation, impairment, and disposal.

05. BAS and IAS Lodgement:

The ATO issues activity statements so that firms can declare and pay several tax liabilities on a single form at the same time. Activity statements are classified into two types: instalment activity statements (IAS) and business activity statements (BAS).

06.Annual STP Review:

Single Touch Payroll (STP) is an Australian Government project that aims to decrease employers' reporting obligations to government agencies. When you pay employees using STP-enabled software, you report their payroll information to ATO. Payroll data includes the following wages and salaries, withholding on a pay-as-you-go (PAYG) basis and superannuation. Under annual STP review we'll submit the details of Employee, superannuation payment , PAYG withholding amt.

07. Taxable Payment Reporting:

The Taxable Payments Annual Report (TPAR) was created to help you generate reports based on information gathered from payment documents. TPAR is a reporting requirement for businesses who pay contractors for related services. If you pay contractors, you must declare how much you spent and to whom. This is a relatively recent need for organisations, but it pertains to the growing trend of hiring contractors rather than full-time employees.

08. ATO Bench-marking:

Industry benchmarks are ratios calculated from information submitted to the ATO on tax returns and activity statements. They can be used to:

- Examine business activity and performance.
- Identify businesses that deviate considerably from industry averages.
ATO creates unique criteria for people, businesses, partnerships, and trusts. They also provide a collection of standards that incorporate data from individuals, businesses, partnerships, and trusts.