IntuitAccounting

IntuitAccounting Intuit accounting and bookkeeping

Boost your restaurant’s financial wellness with professional bookkeeping advice! Our experienced accountants provide vit...
28/03/2024

Boost your restaurant’s financial wellness with professional bookkeeping advice! Our experienced accountants provide vital tips designed specifically for the hospitality sector, addressing everything from process optimisation to effective cash flow management.

Budget forecasting, also known as financial forecasting or budget planning, is the process of estimating future financia...
27/03/2024

Budget forecasting, also known as financial forecasting or budget planning, is the process of estimating future financial outcomes for a business or organisation based on historical data, current trends, and assumptions. It is a fundamental part of financial management and strategic planning. Budget forecasting serves several purposes, including helping organisations set financial goals, allocate resources, make informed decisions, and assess the financial feasibility of various initiatives.

Cash flow reporting is a financial management process that involves tracking and analysing the inflows and outflows of c...
27/03/2024

Cash flow reporting is a financial management process that involves tracking and analysing the inflows and outflows of cash within an organisation over a specific period, typically monthly, quarterly, or annually. It provides a comprehensive view of how cash is generated and used, helping businesses and organisations manage their liquidity, make informed financial decisions, and ensure they have sufficient cash to meet their operational and financial obligations.

Profit and loss reporting is a fundamental tool for assessing the financial performance and profitability of a business....
27/03/2024

Profit and loss reporting is a fundamental tool for assessing the financial performance and profitability of a business. It helps stakeholders, including investors, creditors, and management, understand how the company’s revenues and expenses impact its bottom line. P&L reports are essential for decision-making, financial planning, and performance evaluation

Comprehensive financial reporting is essential for transparency, compliance with accounting standards, and informed deci...
26/03/2024

Comprehensive financial reporting is essential for transparency, compliance with accounting standards, and informed decision-making by stakeholders.

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Comprehensive financial reporting is designed to provide a complete and transparent picture of a company’s financial performance and financial position, enabling investors, creditors, regulators, and other stakeholders to make informed decisions. It is a critical element of corporate governance and financial transparency.

Business Activity Statement (BAS):Purpose: The BAS is a statement used by businesses to report and pay a number of tax o...
26/03/2024

Business Activity Statement (BAS):

Purpose: The BAS is a statement used by businesses to report and pay a number of tax obligations, including Goods and Services Tax (GST), Pay As You Go (PAYG) withholding, and other taxes.
Frequency: Businesses generally need to submit a BAS either quarterly or annually, depending on their annual GST turnover.
Components: The BAS typically includes information on GST collected and paid, PAYG withholding for employees, and other tax-related transactions.
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Instalment Activity Statement (IAS):

Purpose: The IAS is used to report and pay the PAYG income tax instalments and other taxes, such as fringe benefits tax (FBT) instalments and the luxury car tax.
Frequency: The frequency of IAS lodgements depends on the taxpayer’s reporting obligations. It can be monthly or quarterly.
Components: The IAS includes information on PAYG income tax instalments, FBT instalments, and other relevant tax obligations.
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Submission Process:

Frequency Determination: The frequency of BAS and IAS submissions is determined by the ATO based on the taxpayer’s annual GST turnover and other factors.
Online Lodgement: Businesses can usually lodge their BAS and IAS online through the Business Portal on the ATO website or using authorized accounting software.
Due Dates: The due dates for submission and payment vary based on the reporting period and the taxpayer’s lodgement frequency. It’s crucial to adhere to these dates to avoid penalties.
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Tips for Submission:

Accuracy: Ensure that all information provided in the BAS and IAS is accurate. This includes figures related to sales, expenses, and taxes. Timeliness: Submit the statements on time to avoid late lodgement penalties.
Record Keeping: Maintain accurate and up-to-date records to support the information provided in the statement

We are committed to providing accurate and timely services, so you can have peace of mind that your payroll is being han...
26/03/2024

We are committed to providing accurate and timely services, so you can have peace of mind that your payroll is being handled correctly. At Intuit Accounting and Bookkeeping, we specialise in the following payroll services: Timesheet processing:

We process employee timesheets and ensure that the correct hours are recorded and paid.

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Payslip preparation:

We prepare accurate and professional payslips for your employees.

‍Salary and superannuation payment:

We ensure that your employees are paid correctly and on time, and that their superannuation contributions are paid as required by law.

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Accrual and recording of staff entitlements:

We keep track of staff entitlements such as Annual and Personal leave and ensure that they are correctly accrued and recorded.

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Finalisation of Single Touch Payroll &Payroll Tax:

You will have peace of mind knowing that your employees are paid on time. We will always have two members of our team across your account so payroll will never get missed.

‍Superannuation:

We will ensure your employees statutory requirements are compliant.

Bank reconciliations are a critical financial process that helps ensure the accuracy and integrity of a company’s financ...
26/03/2024

Bank reconciliations are a critical financial process that helps ensure the accuracy and integrity of a company’s financial records. It involves comparing the balance of a company’s bank statement with its own internal accounting records to identify and rectify any discrepancies. Visit our website at https://www.intuitaccounting.com.au/services/bank-reconciliations to overview of bank reconciliations and the process of bank reconciliation.

Accounts Receivable is the opposite side of the financial transaction from accounts payable (AP). While accounts payable...
26/03/2024

Accounts Receivable is the opposite side of the financial transaction from accounts payable (AP). While accounts payable represents the money a company owes to its suppliers and creditors, accounts receivable represents the money that is owed to the company by its customers or clients for goods or services provided.

Outsourcing accounts payable services is a common practice for many organisations, as it allows them to focus on core bu...
26/03/2024

Outsourcing accounts payable services is a common practice for many organisations, as it allows them to focus on core business activities while experts manage their payables efficiently. Additionally, advances in technology, such as AI and machine learning, have enabled more accurate and efficient AP processes.

Overall, accounts payable services are an integral part of a company’s financial management, and their effective ex*****on contributes to the financial health and success of the business. Visit our website at https://www.intuitaccounting.com.au/services/accounts-payable to explore the following key aspects and functions of accounts payable services.

Starting July 1, 2024, the government is raising contribution caps, allowing you to boost your super investments. The co...
08/03/2024

Starting July 1, 2024, the government is raising contribution caps, allowing you to boost your super investments. The concessional cap has increased to $30,000, while the non-concessional cap is now at $120,000. Seize the opportunity to enhance your financial future by reaching out to us for expert advice and valuable insights

Happy Easter to you all🐣. May this joyful season of Easter fill your heart with love and Peace.🐣 🙏✝️
09/04/2023

Happy Easter to you all🐣. May this joyful season of Easter fill your heart with love and Peace.🐣 🙏✝️

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