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automated bookkeeping

Small Caps, Big Bonus!

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We have experienced a sharp increase in energy bills over the past years – Geelong businesses and households alike.

Unfortunately, replacing government-controlled systems with private companies has made the cost of energy soar. Due to energy bills eating into our budgets more than we can afford, many Australians are opting for a more eco-friendly approach; solar panels.
 
As of the 19th August, 2018, the Victorian State Government has agreed to spend up to $4550 per household to help homeowners afford solar panel installation. A total of $1.24 billion will be put towards this incentive. What has been labelled The Small Caps incentive, could save Victorians up to $900 per year on power bills! As ‘sensible’ accountants, we would suggest to pop this in your savings account but let’s be honest – you’re probably going to grab that jacket or boots you have been eyeing off!
 
Due to the Geelong housing boom, the solar panel industry has already experienced an increase in orders and installation. Each new estate, whether it be Armstrong Creek or Curlewis, looks more like a space station from above than a suburb! Using solar panels is fantastic not only for our budgets and the environment, but also for Geelong energy-providing businesses that specialize in installing and selling solar panels. If you own a Geelong solar panel business, you may see your business transform from go to WHOA due to the combination of the housing boom and the new solar panel scheme.
 
If you have a solar panel sales or installation business, it is important to think about how this scheme will affect your finances and processes. Can your home-bookkeeping withstand the increase in transactions? Perhaps you would like to hire employees but aren’t sure where to start with wages and super, or maybe you would like to review your tax accounting. Book an appointment with your local Geelong accountant, Next Level Accountants to have all your questions answered and plan for the future.
 
If you neglect to plan early on, this can cause you to be unaware of how much money to put aside to pay an income tax debt that may arise from the boom. This debt does not have to be paid until 12 months after the year finishes, however, it can potentially put you back financially and create unnecessary stress.
 
Once the first big tax return is lodged, and you end up with a whopping tax debt of, say, $20,000, the ATO would put you on the PAYG Instalment program. They would then request you to pay $5000 each quarter for the year that hasn’t even finished yet, which needs to be paid at the same time as your GST bill. All of this can happen even before you haven’t needed to pay that first big tax debt. 

Finances become even more complicated if you are wanting to hire new or extra employees during this time. Once you hire employees, cashflow becomes an extra stress as you are expected to pay your employees regularly along with Superannuation obligations and increased Workcover premiums. 

Next Level Accountants specialise in small business accounts, assisting SME’s to plan and prevent unexpected ATO debts and ensure that employment elements are up to date. Our services cover bookkeeping, tax accounting and VCFO for businesses around Geelong and surrounding suburbs. 

You can find frequently asked questions about the solar panel scheme here.
 

Have Geelong accountants and bookkeepers under the one roof!

So, you’re a Geelong small business, and your time is precious.

Yet you get snowed under running around between your bookkeeper, your accountant, BAS, payroll, the bank, the tax department, emails, phone calls, letters…. and you can’t even see whether you are making any money after all!

“Aaarrrrggg! This isn’t how I wanted to spend my time! I’ve got a business to run!”

Time is precious, and we have the solution.

Rather than making three separate appointments for your bookkeeper, accountant and business advisor, make just the one for a fully integrated service.

Unlike many accountants, Next Level Accountants has in-house bookkeepers. This allows our ‘always-up-to-date’ system to keep all books reconciled consistently.

Having your bookkeeper and accountant under the one roof will save you time by removing unnecessary appointments and correspondence.

Successful, tried and measured benefits include:

ants regarding complex transactions as they happen
-          Tax adjustments are made regularly rather than at the year’s end
-          Bookkeepers are also trained in tax and accounting therefore have additional knowledge that can benefit your financials
-          Tax planning can be done efficiently as the file is in the one place
-          If you are going for a loan, we can provide up to date financial statements usually on the same working day because everything is ‘always-up-to-date’.

Next Level Accountants Geelong can take things to the ‘next level’ with our VCFO service. On top of a second-to-none bookkeeping and accounting service, we also provide a high level of financial analysis and advice – without the need for an external Business Advisor. Identify issues and possible improvements with only a single monthly meeting!

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This process simplifies your whole business, allowing you to do what you’re trained to do rather than worrying about all the figures and stats.

We call this: ONE FIRM. ONE SOLUTION!

If you would like to know more about our Always-Up-To-Date and Virtual Chief Financial Officer services, then chat with one of our friendly team members on 03 9040 1520 or go to our website.

Tune Your Financial Processes Through Automated Bookkeeping

Tune Your Financial Processes Through Automated Bookkeeping

At Next Level Accountants, we speak to many businesses about their accounting and bookkeeping practices. This conversation covers all the usual topics; accounts payable and receivable, purchase orders etc. and how their current processes work within their organisation.