Category Archives: Accounting

When is it time to declare bankruptcy?

Broward county bankruptcies

Many people often ask me when they should declare bankruptcy. This varies person to person and depends on your specific financial situation but I usually tell them that once they have exhausted all other means it may be time to declare bankruptcy. This is usually a last resort and is usually done to keep your business afloat. When opting to go this route it is best to consult a local attorney to discuss your options. This will give you the best possible recourse and allow you to move forward debt free.

There are three main categories for businesses to look at when filing for bankruptcy.

Chapter 7 is usually filed when the business has no chance of recovery. The business debt is usually so large that any effort to salvage it is deemed impossible and restructuring is not a possibility. Business assets are usually liquidated and the business is shut down. Any assets there may be are handed over to a trustee who uses them to pay back creditors. Once liquidated the sole proprietor will usually have all debt discharged.

Chapter 11 may be the best option should you want to salvage the business. It reorganizes the business and lays out a plan on how to pay back debt and make the business sustainable once again. The debt may be paid back over an extended period once the plan is approved by the courts.

The final type of bankruptcy is Chapter 13, and is normally reserved for individuals, but can also be used for sole proprietorships. A repayment plan is discussed and certain assets may be kept as long as the plan is followed. This type of bankruptcy makes the most sense in many cases.

Many of the Broward county bankruptcies filed today are either chapter 7 or 13. Consult an attorney to find out which option is best for you today.

Tax Accountants That Help You Save

Tax Accountants That Help You SaveWe are a team of business accountants in Parramatta, Sydney who specialise in helping small business and independently employed people with the greater part of their duty and accounting needs.

Our long established firm has built a reputation of development, trustworthiness and morals of an upmost standard. We have the clients we do today by placing our customer’s needs first. The bona fide positive estimations of our firm is based on the convictions of our tax accountants and tax specialists to utilise and add to the skills to convey just the best support of our customers.

We have an extraordinary business accountant team that are consistently prepared to give an outstanding and streamline experience. We think about our customers on a balanced premise and endeavor to guarantee we are giving a general administration that is customised particularly to our customer’s individual needs.

If you are searching for an accounting firm that can give a full scope of administration ( tax assessment, business administrations, review, superannuation, investment opportunities, capital planning finance and loaning), reach us here.

Considering who to trust with your expense form and other monetary issues. As your business accountant this is the reason we have come to let you realise that you can believe us with our years of experience and online reputation. Whether you require an individual government form or your business charges dealt with, we can do it all. Leave it to us and discover why we’re one of the most loved tax administration. We will obviously clarify your tax returns and also let you know that understanding the figures behind your business are so essential.

We can set up a free no commitment meeting with you to examine your requirements and give a fixed fee quote. We appreciate meeting business owners and independently employed individuals who are looking to get the most out of their accountants and we are all around to inform you with respect to the best tax position you could be in. If your business restricts your time, you can enjoy a consistent service instead of spending valuable time and energy managing individuals to handle your accounting.

Our services are aimed at small to medium size businesses. These services include:

  1. Preparation of Financial Statements
  1. Preparation and lodgement of taxation returns (companies, trusts & partnerships)
  1. Preparation and review of Business Activity Statements
  1. Preparation of Fringe Benefit Tax returns
  1. Dealing with all correspondence from the ATO to make sure that it is handled in a timely and efficient manner
  1. Year-end tax planning
  1. Tax advice and structuring

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Payroll Services – Get Customised Services

Payroll Services

Many employers opt to outsource their employee payroll services. Any kind of business or enterprise needs to properly manage salary payments of their staff. This includes a lot of other allied accounting like tax deductions, social security payments, insurance premiums and other compensations. Rather than take on such work with an in-house accountant, employers have the convenience of choosing a dedicated payroll service provider to manage all of it.

A professional payroll service provider offers customised service irrespective of the number of salaries they need to handle. Hence it is suitable even for households where payments to nannies or other caregivers need to be managed properly. These companies charge a fee for the services they offer but relieve the employer of a lot of accounting work. All that the employer needs to do is update the payroll service provider with employee details, hours worked and salary with variances if any. Payments are made either through direct bank transfers or through checks and the employer is updated with monthly statements and tax reports.

Service providers these days offer a whole lot of other services like tax payments, labor management and most of the paper work related to employee salary accounts thus simplifying tasks for the business. Once the service provider is chosen, the employer needs to provide them with employee data in a suitable format and payment timetable is agreed upon. Payroll service teams then process the data and ensure timely payout to employees.

Taxation can be a lengthy process and laws governing it keep periodically changing. The biggest advantage for employers while outsourcing payouts is that they need not keep track of such changes. Its not only deductions that need to be accounted for, remitting the taxes along with managing the employer part of tax deductions is also taken care off. Payroll service providers have a dedicated team of accountants to stay up to date with these laws and are trained to deal with different government bodies. The finance team of the employer is then updated with extensive reports about the various transactions. This thus reduces a lot of administrative work for the in-house finance team.

With so many benefits of outsourcing, employers need to choose the right service provider. A service provider with a proven track record of meeting deadlines with the best expertise in the field and a trustworthy team should be the best choice. Since they have access to employer’s financial data there is always room for malpractices. At no point should this be compromised. Services of a Payroll company that is credible and has a good reputation may cost a little more than the average one, but the employer can save a lot by means of their diligent accounting practices. Timely payouts to employees and tax remittances will only enhance the credibility of the employer.