Do you still collect all your receipts in a box and at tax time?

Take all your receipts to your accountant to prepare your tax? 

If this sounds like you and you’re in business have you considered using an accounting package such as MYOB, Xero etc?

Previously you purchased your MYOB package, you installed it and you were ready to go.

These days you pay for your MYOB subscription, the cost will depend on how complex your tax affairs are. If for example you require payroll or multiuser access then the subscription increases accordingly.

You will also be able to access the software in the cloud.  This means you can grant access to your accountant and he/she can make the changes in real time. For example while preparing your financials and tax return/s, the accountant processes journals, straight into your MYOB accounts, rather than receiving the journal with all your papers to sign and then you having to enter it into MYOB yourself.

With the superstream reforms that are in place which need to be met by 30 June 2015, now may be the perfect time to invest in an accounting package.  Under superstream employers must make super contributions on behalf of their employees by submitting data and payments electronically. Gone are the days where you send a cheque off to the superannuation fund/s.

Did you also know that if you have the Xero accounting package, that MYOB is offering a free service to convert the data straight into MYOB, there is no need to re-enter all the data.

Yes, there are so many accounting packages out there and it can be difficult to decide which accounting package best suits your needs. So feel free to email us ([email protected]) or call us on 6267 2200 to discuss any of these matters further.

Zoi Yannakis

Accountant – Optima Partners