Pre-Tax Checking

Checklist

 

PRE-TAX CHECKING
Save $$$ and headaches by using our unique Pre-Tax Checking service.
One of the unique services we provide are our Pre-Tax System Checks...

WHY IS OUR SERVICE UNIQUE???

  • We have designed and customised a series of processes that check your system thoroughly and efficiently and then are presented in a simple to follow format for your Tax Agent. (The time it takes to complete this process is dependent on a number of variables).
  • We can check your files without even stepping in your office. Our remote based Pre-Tax checking service means that we can offer this service to anybody, anywhere in Australia.
  • Our Pre-Tax checking service has the potential to save you lots of money with your Tax Agent (depending on how your Tax Agent bills you – by time, fixed rate etc), as well as ensuring more accurate financials. We use our expertise in your accounting software to thoroughly check your system. We then arrange and prepare it into a format that is simple and quick for your Tax Agent to produce your end of year financials and tax return. We customize this to YOUR tax agents needs.
  • The best thing is that our checking service can save you thousands of dollars. We saved one of our clients over $30,000 after 2 hours of checking their file. This was because some costs had been incorrectly allocated and had missed out on being treated as an expense with GST. This was identified by examining their balance sheet. Once we treated all the mis-allocated transactions correctly they ended up with an extra $8000 GST refund that quarter and an extra $24000 tax refund at the end of the financial year. This had never been picked up by their bookkeepers or their Tax Agents but our specialty knowledge of computerised accounting systems meant that it couldn’t slip past us. What tax/GST saving errors are slipping through YOUR system???
    Click here to to email us and ask for a quote for our Pre-Tax checks on your MYOB or Reckon Accounts file.

WHAT DO WE DO…?

We connect to your computer remotely and retrieve your live Reckon Accounts or MYOB file. A qualified Accountant will then run a series of checks over your system and produce the reports needed by your Tax Agent for the end of financial year. We then email these to you and/or your Tax Agent. It is simple, efficient, organised and could save your Tax Agent hours of time and hassle (and you money).
WHAT SORT OF CHECKING AND PREPARATION DO WE DO?

  • If your business has not been using our Pre-BAS checking service then our Pre-Tax checking will include a number of our Pre-BAS checks over the whole financial year. We will create a BAS variation for you or your Tax Agent to lodge for any errors in we pick up.
  • We will record adjustment journal entries to incorporate any changes made by your Tax Agent when producing the previous year’s financials that have not yet been incorporated into your system.
  • We will reconcile the figures you have lodged in the Payroll section (W1 and W2) of your BAS, to the figures you have submitted on your Payment Summaries and to the figures reporting on your Profit and Loss and Balance Sheet in your MYOB or Reckon Accounts system.
  • We will reconcile the figures you have lodged on the GST section of your BAS to the figures reporting on your Balance Sheet.
  • We will make changes to your list of Accounts if necessary to make things quicker for your Tax Agent and more tailored to your management needs.
  • We particularly focus on checking your Balance sheet accounts for errors. This is where we usually find lots of mistakes that can have a large impact on your Net Profit and the amount of tax and GST that you pay. It is an area that is commonly ignored.
  • We assist you to collect all the information that we know your Tax Agent will need, saving your Tax Agent a lot of unnecessary time wasting, and saving you their fees.

Click here to email us and ask for a quote for our Pre-Tax checks on your MYOB or Reckon Accounts file.

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