October, 2017

Invitation to New Clients

Most accountants have far more work on hand than can be professionally attended to in a timely fashion and are constantly under pressure to provide clients with the appropriate level of service.

We, however, are now in the unique position of having excess capacity of trained professional staff.

Several years ago, we introduced Banklink software for bookkeeping and changed software programmes for our accounting, taxation and superannuation fund clients.  We also engaged additional professional staff for the implementation of the change.  Having successfully bedded down the new software and coped with the conversion work involved, as well as continuing to provide service to our existing clients, we are now able to offer our services, with confidence, as an invitation to new clients.

We assure new clients of prompt and professional service. CLICK HERE to contact us.

Enduring Power of Attorney

The enduring power of attorney is a document which empowers another to act on your behalf in your best interests in respect of your financial affairs including banking and property matters.  The authority given endures should you lose your faculties, hence is virtually an essential as society ages.

Naturally the person appointed needs to be trustworthy, reliable and competent, able to maintain records and accounts of dealings, transactions made under the authority of the enduring power of attorney.

The enduring power of attorney does not allow the donee or holder to:

  • make a will on behalf of the donor;
  • make personal, lifestyle or treatment decisions;
  • act as company director or secretary on behalf of the donor; or
  • delegate the authority.

Enduring Power of Guardianship

The enduring power of guardianship empowers another to make health and lifestyle decisions for you after you have lost decision-making ability.

Advanced Health Directive

An advanced health directive contains your own directions as to future medical treatment.

The foregoing is general information; you should consult your legal advisor for specifics.

Improving Your Records

Gathering your tax return information each year end to pass to your accountant may seem like the most tedious chore, but did you know that providing your accountant with concise and correct records rather than a shoebox full of receipts could save you on your accounting fees each year?

Whether you are a property investor, a sole trader or an employee with simpler tax affairs, there are ways you could help reduce the bill you receive from your accountant.  Most accountants’ charges are based on the time spent preparing the work, so anything you can do to reduce their preparation time will save you on your bill.  For example, if you own a rental property you could provide the agent’s annual summary to your accountant rather than 12 monthly statements.  Or, if self-managed, a summary of all income and expenses for the year using a BSN & Co provided template or format.  If you are claiming work related deductions, summarise your expenses into categories such as subscriptions, union fees, printing, stationery etc.  Be sure to keep receipts or invoices for your deductions in the event of Tax Office scrutiny.

For business clients maintaining their records on software such as MYOB and Xero, there are ways to shave some costs too.  Ensuring the file is in the correct financial year, bank accounts are correctly reconciled and sending the files to the accountant in the appropriate format are all straightforward so this will save time and cost, as will prompt attention to any queries which may arise.

BSN & Co offers an in-house or off-site bookkeeping service which facilitates the preparation of financial statements and tax returns, and could present you with an efficient option.


Want to avoid paying more than you should come tax time?  Or a frantic last minute search for missing financial records?

New business owners have a lot on their plate, and can easily lose track of an approaching tax deadline or financial data needed to submit their return.

Organization is key when preparing for tax time, as is taking advantage of the many tools and resources out there to support new entrepreneurs.

Set yourself up for success by following these four pillars of painless tax prep.

1.    Commit to clean bookkeeping from day one

Year-round, effective bookkeeping is the best way new business owners can minimize tax season stress.  With the wide range of accounting software out there, there’s no reason to rely on time consuming manual methods that leave room for error.

All-in-one options like Xero, KashFlow and QuickBooks automate your most important bookkeeping processes, including:

  • Tracking expenses;
  • Tracking sales and income;
  • Creating and sending invoices; and
  • Managing inventory.

With your financial records all in one place and up-to-date, you’re better positioned to maximize your refund, while avoiding penalties associated with incorrect or incomplete tax returns.

2.    Capture every business expense

Each year, 21% of small business owners claim less than half of their business expenses, largely because they don’t have a reliable system for documenting expenditure while on the go.

Without carefully logged receipts, entrepreneurs must forfeit valuable tax deductions, sacrificing cash they could be funnelling back into their business.

Cash in on claimable expenses by using a mobile app to record receipt data, track mileage and generate expense reports.  As an added bonus, many of these tools sync with your all-in-one accounting software.

3.    Separate business from personal

Right from day one, small business owners should clearly divide their personal and business expenses.  Differentiating between the two will make it much easier to claim deductions on your tax return – and support those claims in case of an audit.

Recommended steps to separate your business and personal finances include:

  • Create a separate bank account for your business and designate a credit card solely for business purposes (this will help you track expenditure while building up your credit and borrowing power);
  • Never combine business and personal expenses (for example, if you buy printer ink for your home and your business at the same time, ask for two separate receipts);
  • Pay yourself a set salary from your business bank account each month (this will help you determine how your income, as well as the business, will be taxed).

4.    Always consult with an accountant

Not sure exactly what you can claim as a business expense?  Wondering which accounting software to use or how to interpret local tax regulations?

Consult with an accounting professional to put your mind at ease – well before the filing deadline!  In addition to managing the nuts and bolts of tax preparation, regular meetings with an accountant will help you continuously improve bookkeeping practices and better understand the financial workings of your small business.

Those organizational strategies you commit to now will promote positive relations with your local tax authorities – and the long-term financial health of your company.

If you want help and advice to manage your small business tax then speak to the experienced team at BSN & Co.  We have helped many small businesses so book a free no obligation meeting today!