Are you a creative business in Kiama, looking for help to navigate the complex world of tax, business structure and booking keeping? We're dedicated to helping businesses like yours thrive.
Accounting for creativity
Bookkeeping
Tax and reporting
Business and tax advice
Properly maintained bookkeeping is the starting point for providing you with insights as to how things are really going in your business and form the basis for determining future tax and cash flow plans.
Using the best in cloud-based technology – Xero and ReceiptBank, we completely handle your bookkeeping to give you peace of mind that things are done right, accurate and on-time.
Trying to calculate your employees’ leave entitlements and weekly pay packet without knowing the ins and outs is like playing a guitar solo in the wrong key – you think it sounds “jazzy”, but nobody is having a bar of it.
Using clunky software that doesn't integrate with anything? Xero is the Madison Square Garden of Accounting Software. It is a powerhouse and we recommend the vast majority of businesses use it to stay on top.
So let us put this simply. You could have the best amplifier on earth, but, if you can't strum a chord, it's not going to sound very good... That's much like bookkeeping and tax, reports and advisory plans. You need to have a solid input (bookkeeping), to get the best out of it.
Solid accounting is your chance to make sense of it all. Make some tweaks using the EQ knobs before it comes out of the speakers.
So accounting – how we do it anyway – is taking the bookkeeping information from “take the input signal”, all the sales receipts, expense invoices and ensuring that it is all meticulously accounted for and classed.
Fix up some of that junk that may have found its way in, move prepaid expenses into the correct financial period and set you up with a fixed asset register so we can categorise, track and properly depreciate the tools of your trade – be it instruments, cameras or pro audio equipment.
With a proper and sound set of business accounts, tweaked and EQ’d to yours and your audiences’ parameters, you are ready to hit the standby switch and start hearing back to the accurate information (sound) that is about to come blasting out of your speakers.
Can you hear what’s coming out of the amplifier? It sounds like a deeper understanding of the numbers and what they mean for the health of your business.
Traditional accountants call this “tax compliance” – we call it, keeping you out of jail.
As a business, you are required by the ATO and ASIC to file a tax return and prepare financial statements every single year.
We will make sure what needs to happen will happen. We will also take this opportunity to give you some valuable feedback about what the numbers in the financial reports actually mean in relation to the overall health of your business.
BAS. Another tax obligation that we can clear from your anxiety and manage for you on a quarterly basis.
We will carry out an audit of ALL transactions for the period – check that purchase GST has been claimed on every transaction that it should have been and conversely that it hasn’t been claimed where it shouldn’t have been.
We hear it ALL the time – “I couldn’t sleep last night thinking about the tax I have to pay this year”. Well, what if we said it’s possible to manage your taxes and gain control over their effect on your finances? Hello!
Tax planning is a service we implement lightly throughout the financial year and then crank it up again when we are 3 months out of the end of the financial year. When your taxes are fully understood and planned for you can regain control over your anxiety… and cash flow!
The correct business structure is crucial for tax and succession planning. But that sounds boring. The correct business structure can influence the amount of tax you pay and should pose no issues if band members or business partners are coming and going.
Getting this right from the start is one thing but we know that things change – whichever the case, we can help!
This is about bringing the future into the present so you can do something about it. Budgeting and forecasting around things such as the cash coming in and out of your business is the key to help you planning your next tour or knowing when you will have the funds ready to record that next album!
Would you enter a recording studio without first going into pre-production? You could… but it’s highly likely your cost will blow out very quickly. Business is much the same – having a plan in place from the start will set a solid stage for you to perform.
If you're looking for accountants in Kiama. Let us show you how to turn your passion into a successful business.
Choirboys
