smsf audit related tips

  Outsourcing SMSF accounting? Here is what you should know! Are you looking for an outsourcing option for a self-managed superannuation fund that you are managing as an accountant on behalf of your client? If you have already started looking for this option, just stop and think. What are those things that you should be considering before you make this major decision to outsource SMSF accounting? You can relax if you are not sure about this. We are going to tell you all considerations you need to keep in mind if you are running an accounting firm or you are a chartered accountant and planning to outsource the SMSF accounting to another organization. Read each consideration carefully and make sure you consider each of these when you outsource your SMSF accounting assignments the next time. Level of experience Before outsourcing SMSF accounting to any outsourcing partner, you need to ensure that the company should have solid experience and proper expertise in this field. Well, ...

Reasons why you should focus on keeping your bookkeeping effective We all know that for the successful running of a business, keeping records of all the daily transactions is really important. But still, there are many businesses that do not truly understand the value of bookkeeping. Sometimes, they consider it as too much work and ask, why they should focus on bookkeeping? Well, to answer this question once and for all, we would say that bookkeeping is very important and necessary for every business irrespective of their size or industry to achieve transparency in the business results. Imagine running your business for a year and at the year-end realizing your accounts depict results that are far from reality. That is why you should focus on timely and accurate bookkeeping. Want to know how exactly effective bookkeeping helps business? Let's see! For everyone’s sake, before moving to the importance of bookkeeping, let us reiterate what bookkeeping means? Bookkeeping in layman t...

  Having a business idea is great but what next? To turn your business idea into reality you must have a concrete plan that could help you take realistic steps towards your business setup. It is better to be prepared when you are planning to set up your own business or things might not move as expected. Many entrepreneurs have sound business ideas but they are unable to figure out what all it takes for the business setup. Amongst the various tasks that you need to consider while setting up your business, the most difficult task that you would need to do is decide the type of structure for your business. While there are different structures that you can choose for your business, every structure has its own pros and cons. If you are not sure which business structure might be right for you, don’t worry as this article will help you out with each such structure. Not only business structures, but you will also get to know everything you need to know about business setup in Australia....