We want you to get the assistance you deserve.
Transforming the future of business.
At Account Cloud, we believe that the only way for us to grow is to make you grow. We have an amazing team that can seamlessly plug into your accounting software and find obstacles within a few easy clicks. Our team strives to produce transformative business data and insights directly to you each week to keep you in control of your business finances.
A modern approach
It’s essential for us that our clients get personalised suggestions on how to grow their business. We believe that you should be spending more time on your business, not in your books. At Account Cloud, we make your bookkeeping stress free while providing you real time visibility of your liquidity whenever you need. If you ever have a query, simply head over to our ‘Get Started’ page to schedule a chat with your dedicated account manager at a time convenient to you.
The Cycle of Financial Success with Bookkeeping, Accounting and CFO Services
Bookkeeping, Accounting, and CFO services all play an important role in successful financial management. Bookkeeping is the process of tracking business transactions, while accounting focuses on interpreting the data to ensure accuracy and compliance with laws and regulations. On the other end of the spectrum, CFO services provide guidance on how to plan for the future by making sure financial goals are set, measured and met. In essence, bookkeeping, accounting and CFO services form a complete cycle when it comes to financial management. When combined correctly, businesses can maximise their profit potential and make sound decisions that will lead to future success.
The Process:
The steps to how we master your bookkeeping:
1. Record transactions: First and foremost, businesses must record all transactions that occur on a daily basis in the formal books of accounts. This includes customer invoices, bills received from suppliers, payments made to creditors, etc.
2. Analyse & Classify Transactions: Once the transactions are recorded, they must be analysed and classified which includes assigning them to categories such as revenue, expenses, assets and liabilities. This step helps businesses understand where their money is going and where it's coming from so they can make informed decisions about their finances.
3. Prepare Financial Statements: After all of the transactions are recorded and classified in the books of accounts, businesses can then prepare financial statements such as balance sheets or income statements for internal use or external reporting purposes.
4. Reconcile Bank Accounts: Reconciling bank accounts is an important part of bookkeeping as it allows businesses to make sure they have an accurate understanding of the funds available in their accounts at any given time.
5. Follow Up On Receivables & Outstanding Payments: Businesses should also keep track of any outstanding payments they are owed by customers or creditors so that they can follow-up with them if necessary. This will help ensure that receivables are paid on time which is essential for financial security and cash flow management.
We then handle your tax filing by preparing BAS:
Business Activity Statements (BAS) are documents used to report a business’s GST, PAYG Withholding, and other relevant taxes. The BAS process involves the following steps:
1. Gathering necessary paperwork - Gathering the required financial documents such as invoices, receipts, bank statements, etc. that show income and expenses for your business.
2. Calculating taxable items - Use the information gathered to calculate how much is taxable on your BAS return
3. Determining filing method - Determine which filing methods best describes your situation: online through a software program or manually via paper forms from the ATO website.
4. Submitting returns - Submit all completed forms electronically with either an e-file provider or through the ATO website depending on which works better for you.
5. Paying any outstanding balances due - Finally, if there's anything owed on the return pay it immediately so that interest accrual can be minimised; this can be done online or by mail depending on what works best for you.
How Accounting Software Can Help Keep Your Books Up-To-Date and Accurate?
Accounting software can be a great tool for businesses to make sure their books are up-to-date and in compliance with applicable regulations. Here are some of the ways accounting software can help you keep your books accurate and organised:
1. Automation & Streamlining - Accounting software allows for streamlined processes, reduces manual data entry, automates calculations, and more so that errors and oversights are minimised.
2. Real-Time Reports & Analysis - With real-time reports and analysis capabilities, businesses can get an immediate snapshot of their financial status so they can make any necessary adjustments on the spot.
3. Increased Accuracy - By using accounting software, businesses can increase the accuracy of their reporting significantly which helps them make more informed decisions about their finances.
4. 24/7 Accessibility - Accounting software provides businesses with up-to-date information about their financials available anytime, anywhere which increases efficiency and cuts down on paperwork.
5. Security & Compliance - Accounting software is highly secure and regularly updated to make sure businesses stay compliant with applicable regulations at all times.
Still have questions?.
If you feel your business does not fit in the packages available, please do not hesitate to contact us today so we can devise a custom plan for your business.