The growth of your personal and business finances is reliant upon effective cash flow management. By keeping an eye on your income and expenses, you have a better understanding of your financial position and are better able to manage your financial growth. This is where an accountant can really assist you. At Willmot Accounting, this is exactly what we do, help clients improve and grow their financial position. With our help you will be able to make informed financial decisions, minimize tax payed, keep track of your finances and much more.
Accountant Services We Provide
Accurate record keeping is the key to the success of any business. With a reliable bookkeeping service, you can stop worrying about how and where you money is spent. Our bookkeeping services provide you with up-to-date tracking of where you money is going through the entire business cycle from sales to collections. The bookkeeping services include sales monitoring and reporting, keeping records of bills and payables, maintaining a general ledge with details of closing entries, bank statements, credit card statements, as well as expense reconciliation. By keeping accurate accounts, you can boost cash flow, manage payment times, minimize receivables and reduce bad debt accounts.
Cash flow is the backbone of any business. A business simply won't survive if it has a negative cash flow, indicating that the company's expenses exceed its income. Through accurate bookkeeping and cash flow management, predictions can be made about your businesses future based on your previous earnings. By selecting a professional with experience in cash flow projection, you will be provided with a realistic estimate of the income and expenditure of your business and a correct assessment of profit. It is important to remember that a cash flow projection is an estimate and not an exact figure. It does provide you with a prediction of the expected cash flow months ahead, which will allow more informed decisions to be made in order to prevent loss and maximize growth.
Every business needs a solid plan to make a profit. This is next to impossible without a budget. Many companies create a generic budget and struggle to follow it due to inadequate planning and poor strategies. By choosing Willmot Accounting, you are choosing an accounting firm that is capable of developing an effective budget that will actually work. A budget that will meet your company's targets and requirements, conduct a weekly and monthly analysis of discrepancies and provide suggestions on how to stick to the original plan.
While budget, cash flow projection and accurate bookkeeping will provide you with a great understanding of your financial position, the point of any business is to make a profit. However, it is this data that will enable you to apply appropriate strategies to improve your businesses profitability. We work with businesses to help them better understand their accounts and assist them in making their asset management strategies more efficient in generating profits. Your businesses financial success is our business, we are here to help.
PAYG & GST
Pay As You Go or PAYG is the name of the system used by the ATO for withholding tax. The tax withheld for an employee is complicated, and it is the responsibility of the employer to withhold tax correctly. The PAYG system also includes superannuation. Hefty fines could apply if you do not use PAYG correctly.
Goods and Services Tax or GST is the tax on most of the goods, services and other items sold in Australia. The GST in Australia is 10%. The pricing of the products or services you provide to your customers can include or exclude GST based on several factors. Contact us today to see if you should be including GST.