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Taxation & Accounting FAQs

How to select a CPA account for your business?

Have you ever considered the advantages of bringing a CPA accountant aboard to support your business? For small business owners, entrepreneurs, and those shepherding growing companies, keeping the books in good order must be prioritised. Unfortunately, it’s a task that can often fall by the wayside because of other demands for your attention. That can leave you scrambling when the time comes to file a quarterly BAS or when the ATO wants you to clarify some information on your last corporate tax return.

At Oke Financial Services, we’ve built our business around supporting yours. With a full slate of accounting services and the capability to support clients from Brisbane to Melbourne, plus highly reliable staff, we can provide your business with the financial insights it needs. Place some of your most important activities in our hands and discover the difference when you no longer need to worry about missing important deadlines.

What are the importance of accounting firms for businesses in Australia?

What are the benefits of accounting firms in such as Oke Financial Services?

• Your business has the opportunity to tap into decades of experience with the Australian tax code. With laws changing all the time and a complex corporate landscape, this level of experience is essential for ensuring you don’t make any mistakes.
• You receive an unbiased and independent accounting of your company’s financial data, letting you have a completely clear-eyed view of the situation. This type of information is especially important when you’re considering major moves with the business, such as expansion or the procurement of new equipment.
• Enjoy greater assurances regarding the accuracy of your tax filings, activity statements, and other important actions. Should the ATO need additional information from you, our team will be the ones to step up and assist with handling the interaction.

What are the common mistakes people make with their accounting?

Another key advantage to enlisting help from accounting firms near the Melbourne CBD comes from avoiding tax-related pitfalls. These mistakes can be easy to make when you’re distracted by the daily demands of brand-building. Some of the errors we help you avoid include:

• Missing quarterly lodgement dates, underpaying on advance income tax, and other errors related to business activity statements. Although it can often seem as though you need to start preparing your next BAS right after lodging one, it is crucial to stay on top of this task. Our team can take the burden, so you never have to worry you’ll miss the cut-off date.
• Failing to keep good records of all the company’s financial dealings. You should seek to retain as much information as possible about all business expenditures and receipts. There’s simply no substitute for good record keeping.
• Becoming overwhelmed and falling behind on critical accounting such that there is a risk of losing sight of the business’s real performance. Before you lose your grip on the financial situation within your business, transition to using accounting services.

What sets us apart among accounting firms in Australia?

When you start researching your options for accounting online, it won’t take long to see there are many possible paths your business could take. Why is our team the best choice for your business?

• We exhibit a constant dedication to providing our clients with the most accessible and trustworthy service possible. We work hard to place your business in the best possible position regarding its finances while always staying fully within the constraints of the tax code.
• Our range of services is second to none, and our firm is perfectly positioned to offer your business a complete suite of accounting services for any purpose.
• We have a keen understanding of how to break complex subjects down into more understandable terms — a critical skill when considering the complexity and scale of Australian tax law.

What are the key questions to ask about your accounting?

Providing advice, dispelling myths, and providing clear answers to complex questions are all a part of what we do for our clients daily. When you work with members of our accounting firms in Sydney, Melbourne, or Brisbane, you can find quick answers to inquiries such as:

• What kind of value can your services create for my business? What is the potential ROI I might see on an investment in your assistance? We’re happy to explore the specifics of what we bring to the table as your accountant.
• What can we do better with our books? How can we better position the company to answer the ATO’s questions or minimise our exposure to additional tax liabilities?
• What kinds of tough problems have you solved in the past? How can your experience be an asset to our business?

What are the important dates in accounting that you should know about?

The following are the most critical dates to keep in mind as a business owner. With a CPA from our team coordinating with your company, you can trust you’ll always be on time or ahead of schedule when it comes to meeting your obligations by these deadlines.

• The due dates for quarterly lodgement of your business activity statement with the ATO. These due dates always fall on the 28th day of the month that concludes a given quarter. Q1 statements are therefore due on 28 October, while you must lodge Q2 statements by 28 February, and so on.
• The final deadline for annual corporate tax returns each year is May 15.
• Variable: the due date for your ASIC Annual Review fee. You must remit the appropriate fee each year to ASIC to keep your Australian business registration current. This date varies based on when you originally filed for your business name.

Tips for better accounting and taxation planning

Finally, we’d like to leave you with some parting advice on approaching business accounting in the most sensible way possible. For more information about your next steps, please get in touch with us. Some tips to remember:

• Set aside an appropriate amount of time at regular intervals to assess your financial situation, ensure all your documentation is in order, and check in with our team.
• Look for opportunities to reduce your tax burden through available programs and deductions and determine if you can structure your financial year around attaining such incentives.
• Keep good records, but keep them secure. Data breaches and digital threats are on the rise, and you should plan for the security of your financial information as well as its integrity.

What you stant to gain by choosing Oke Financial Services

By making a smart investment in financial services today, you can create for your business a strong foundation for growth. From finding deductions for your company that you may have missed to handling the most important annual milestones on your behalf, we deliver exceptional value and top-shelf customer service at the same time. Find out more today about how we can coordinate with you for success when you contact us online or by phone.