In the constantly changing business environment, you can rely on our business services team to be expert, up-to-date and ready at hand to assist you with your business matters. Whether your concerns are taxation, accounting, business planning, cashflow and budgeting, or business valuation, rest assured that our staff are available to advise you. Our goal is to automate and make the regular recurring work required to run your business, making this as seamless as possible for you. By implementing proper systems, procedures and tech, you can have the piece of mind to know that you’ll always be up to date and on top of things. Then you can get to the good stuff, like business insights.
Our accounting and compliance services include:
- Preparation of monthly, quarterly and annual financial statements
- Preparation of periodic management accounts utilising your chosen cloud software (usually MYOB, Xero or QBO)
- Connecting bank feeds to your cloud software and implementing payroll posting, STP compliance and automated superannuation processing.
- Helping you automate processes and take advantage of the cloud
- Representing you and harmonising your relationship with the ATO and other statutory bodies wherever possible.
- Maintaining PAYG, STP and all payroll related returns. Remember, every director is also an employee!
- Monthly or Quarterly Goods and Services Tax (GST) reporting obligations
- Managing other items reported in your BAS (i.e PAYG Income Tax Instalments, Luxury Car Tax and Wine Equalisation Tax)
- Ensuring proper STP, PAYG and Superannuation Guarantee compliance
- Advice and assistance with Workers Compensation renewals, land tax, payroll tax, etc.
- Self-assessment advice
- Unlimited support on your queries if you are on our high level service packages.
Every incorporated company needs to comply with ASIC Regulations.
Our company secretarial services include:
- Preparation and filing of statutory returns
- Preparation of minutes and resolutions
- Solvency Declarations
- Company formation
- Company searches
- Credit Reports and Creditor Management
- Changes of Members and Directors
- Employee Share Schemes and Cap Table Management
Frequently Asked Questions
Accounting is the process of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions. This information is then reported in financial statements, such as the balance sheet, income statement, and cash flow statement, which provide a snapshot of a company’s financial health.
Accountants are professionals who track and analyze financial information, like income, expenses, and investments. They can help businesses make decisions, prepare taxes, and ensure that the company is following laws and regulations. Accounting is the process of recording and reporting financial information.
In the modern day, Accountants utilise the benefits of cloud accounting files to help clients process high volumes of transactions efficiently and expertly; allowing more time to be spent on value add services such as advisory, budgeting, planning, tax minimisation and growth.
Cloud accounting allows you to store and access your financial data online from anywhere, making it more secure and accessible. You can share your cloud access with us, and invite as many team members as necessary to work on the same data, simultaneously. Your financial data should be your single source of truth.
It also allows for automatic updates to the software, so you always have the latest version. Additionally, cloud accounting is more cost-effective than traditional accounting, as there are no large upfront costs for software or hardware. Finally, cloud accounting is easier to use than traditional methods since it’s easy to learn and use.
The best cloud accounting software to use depends on your needs and preferences. Some popular options include MYOB, Xero and QuickBooks. We also have clients using Netsuite, Reckon, and advanced ERP systems. They all have different features that make them suitable for different businesses, so it’s important to look at each one carefully before making a decision. MYOB and Xero are good for businesses that need more comprehensive accounting features, while Quickbooks is good for those who want simpler accounting tools at a lower cost entry point with advanced payroll features.Ultimately, the best choice depends on what you need from an accounting software and your budget.
A good accountant can help a business succeed in a number of ways:
Financial management – A good accountant can help a business manage its finances effectively by providing accurate financial information and advice on budgeting, cost control, and cash flow management.
Tax planning – Accountants can help businesses minimize their tax liability by identifying tax-saving opportunities and ensuring compliance with tax laws.
Decision-making: By providing accurate financial information and analysis, accountants can help business owners and managers make informed decisions about the future direction of the business.
Compliance – A good Accountant can help a business stay compliant with accounting and tax laws, which can help avoid costly penalties and legal issues.
Business growth – A good accountant can help a business grow by providing financial projections, identifying potential opportunities, and helping to secure financing.
Risk management A good accountant can help identify and manage financial risks, such as fraud, embezzlement, or mismanagement, which can help protect the business from potential financial losses.
Poor service: Some people may change accountants because they feel they are not receiving the level of service they expect. This could include a lack of communication, slow response times, or a lack of expertise in a specific area.
Cost: Some people may change accountants because they feel they are paying too much for their services or because they have found a more affordable alternative. This issue here is not usually the dollar cost of the accounting services. It is that the value provided by the accounting practice does not translate to the client experience or the value does not match the cost.
Lack of expertise Some people may change accountants because they feel their current accountant does not have enough experience or expertise in a specific area, such as tax planning or business growth.
Incompatibility: Some people may change accountants because they don’t have a good working relationship with their current accountant or because the accountant’s personality or working style doesn’t mesh well with their own.
Location: Some people may change accountants because they have moved to a different area and want to find an accountant closer to their new location.
Business growth or change: As a business evolves, the need for certain expertise may arise, and the current accountant may not possess that skill set, leading to a change.
Retirement or Exit of current accountant: Sometimes the accountant that a client has been working with retires or leaves the firm, which can also lead to a change in accountants.
Accountants typically provide a wide range of services beyond traditional bookkeeping and tax preparation, some of which clients may not be aware of, or are not promoted as much by accountants include:
Business consulting: Many accountants have expertise in areas such as business strategy, operations, and management, and can provide valuable advice to help clients grow their businesses.
Business valuations: Some accountants are trained to evaluate a business’s worth and can assist in determining a fair price for buying or selling a business.
Financial forecasting and modeling: Accountants can help clients plan for the future by creating financial projections and scenario analyses to help them make informed decisions.
Mergers and acquisitions: Accountants can assist with the financial aspects of mergers and acquisitions, including due diligence and financial analysis.
Strategic planning: Accountants can help clients identify opportunities and develop plans to achieve their goals.
Business Succession Planning: Accountants can help clients plan for the transition of ownership of a business, whether it be to a family member or outside party.
It’s worth noting that not all accountants offer all these services, and some may specialize in certain areas, but it’s good for clients to be aware that these services exist, and that accountants can help them beyond tax preparation and accounting.
Contact your current accountant and let them know you are terminating their services. Pay any fees outstanding on your accounts with them and resolve any dispute regarding overdue invoices.
Research and find a new accountant that meets your needs and budget.
Reach out to the new accountant and provide them with financial documents from your previous accountant, such as tax returns, financial statements, etc., so they can get up to speed quickly on your finances.
Sign any agreements, contracts or paperwork needed to officially switch over to the new accountant’s services. We provide all new clients with
Terms of Engagement Letter, a
Fee Schedule and
Opportunity to pay by recurring direct debit.
If you are a new client we offer free initial consultations by Zoom or in person. We will ask you questions such as your business goals, current and projected turnover, number of full time staff, and how you currently keep your business records.
Our consultations are to find if we are good fit for each other, as we want to be working with you closely and building long term last relationships.
Structure and Upfront Pricing with a Dedicated Team
At LMS Advisory we like to work with our clients all year round and provide them holistic advice based on realtime data. For this reason we quote upfront and provide our services based upon a monthly set fee. By taking on a monthly recurring plan with us; your are allocated your own dedicate support team, unlimited support queries and have peace of mind to know that your accounts will always be kept up to date with all required lodgements going through on time. Clients appreciate the no nonsense no surprises approach that is mutually beneficial.
To prepare your tax return you will need to gather all the relevant documents including payslips, bank statements, details of any investments, rental income or other income you may have earned. We prepare Tax Checklists for out clients and send them out every year.
Please visit our Tax Preparation page
A CPA (Certified Practising Accountant) is a professional designation granted by CPA Australia to accountants who have met specific educational, experience and ethical requirements. CPAs provide services such as accounting, auditing, taxation and financial planning. LMS Advisory is a CPA Practice.
A CA (Chartered Accountant) is a professional designation that denotes an advanced level of expertise in accounting and auditing.
A Bookkeeper is responsible for maintaining accurate and up-to-date records of a company’s financial transactions. This includes recording financial transactions, such as sales, purchases, and payments, in a systematic manner. They are responsible for the day-to-day financial record-keeping of a business.
An Accountant, on the other hand, is responsible for analyzing and interpreting the financial information that has been recorded by the Bookkeeper. They use this information to prepare financial statements, such as the balance sheet, income statement, and cash flow statement, which provide a snapshot of a company’s financial health. They also use their understanding of financial data to analyze a company’s performance and identify areas for improvement, and advise on financial matters, such as budgeting, cost control, and tax planning.
In short, a Bookkeeper records financial transactions, an accountant analyzes, interprets and provides financial advice based on the records.
Additionally, Accountants often have a more advanced educational background, and many are licensed by the state to practice. They also may have a higher level of expertise in areas such as tax planning, business strategy and financial analysis.
Yes! We offer full suite of bookkeeping services via our bookkeeping division, visit KeepMyBooksOnline to read more.
Many of our clients utilise both services simultaneously to get the best financial data to make the best financial decisions and achieve their business goals.