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Tailored Accounts Sharing Is Caring

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Tailored Accounts Sharing Is Caring

To all Tailored Accounts Customers & Friends,

The current pandemic of Coronavirus crisis is once in a hundred years, so it isn't surprising that people and businesses are panicking! None of us including our parents got this experience in their lifetime!

Tailored Accounts was incorporated in 2008, right in the middle of the global financial crisis. However, we believe that the economic crisis back then didn't really hit Australia hard, this time it will! We strongly believe that working together is the only way to survive. Back in 2008, we were involved in many small local businesses get-together events to brainstorm about our difficulties and share how could we overcome the challenges. For example, there were local restaurants & retailers that were suffering so we encouraged each other to SHOP LOCAL ONLY to help them out!

Tailored Accounts team members are eager to help in any way that we can. Being an accountant, we are born to be well-prepared as we practice with checklists every day to ensure that we don't make mistakes at an important step such as your payday or lodging a compliance report to the Government. Our team members have been working together in the past few days to develop two great products that we would like to share with the public:

  1. Tailored Accounts COVID-19 Action Plan for individuals so they can get their acts together quickly when needed. This is like a bushfire emergency plan. When any of your plans need to be activated, you just need to go to your checklist and see if you have got everything ready. Please note that this document is a template that allows you to customise the plan and action the way you want.
  2. Tailored Accounts financial budgeting & future cashflow is dedicated to individuals so they can review the current & future impacts of this crisis to their own financials. Inevitably, thousands of jobs will be lost in Australia in the next 6 months. If any of our staff members or their family lost their source of income, this small tool would be handy for them, not just predicting their future but also helping them to adjust their current expenditures or investments to be able to survive! Please be informed that this isn't a financial advisory tool, this is a template that you are to be fully responsible for utilising and maintaining it. 

Please register via the form below and these 2 templates will be sent to your email. 

If you have any questions, please reach out to us via our contact details below:

P: 02 6169 5196

E: This email address is being protected from spambots. You need JavaScript enabled to view it.

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Simpler BAS and implications on businesses

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Business Activity Statements (BAS) reporting has often been a time consuming and complex process for many small and medium enterprises (SMEs) since goods and service tax (GST) was introduced in 2010. The Australian Taxation Office (ATO) is introducing Simpler BAS for SMEs to reduce the reporting burden. If your annual turnover is less than $10 million, you will report GST on Simpler BAS (unless you report GST by installment).

SMEs who use Simpler BAS will be required to report for the following fields only;

  1. G1 Total sales
  2. 1A GST on sales
  3. 1B GST on purchases

In other words, SMEs are no longer required to report the following fields;

  1. G2 Export sales
  2. G3 GST free sales
  3. G10 Capital purchases
  4. G11 Non-capital purchases

This means that businesses will need only three GST codes instead of seven when reporting BAS. This will not only save time for business owner, accountant & bookkeeper but also reduce room for error….less is more!

However, please be aware that Simpler BAS only affects the GST field, that is, other BAS fields such as PAYG instalment, PAYG withholding and luxury car tax remain unchanged.  Also this does not change the frequency of BAS submissions.

Although this change will reduce the time to complete the BAS and simplifies recording GST information, the change will not significantly change the amount of work performed to get all GST number right! Please do not sacrifice the time that you spend on GST reconciliations as it mean creating more room for mistake. GST still has to be recorded in the correct manner as the underlying GST law has not changed, at Tailored Accounts, we are actually spending the time saving on report to build more layer of GST reconciliation to ensure that our quality assurance is maintained.

While the change is likely to only provide a small reduction in the reporting burden, this certainly has some effects on the setup & function of your accounting department. Not all the accounting software fully supports this change or will require some adjustments or variations. If you need any support in regards to Simpler BAS, please contact Tailored Accounts.

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Tailored Accounts Pro Bono Service Announcement

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The start to our summer has been filled with news of the severe damages caused by drought and bushfires. Fires have ravaged more than 10 million hectares, taking lives, destroying homes and impacting wildlife - leaving behind devastated families, communities and landscapes. At Tailored Accounts, we have made a number of collections at the end of 2019 and, thanks to the generosity and kindness of our staff and friends, have been able to donate to our brave firies. 

In the aftermath of this unprecedented bushfire crisis, Tailored Accounts believed that we could contribute more to our communities. We are delighted to announce our 12-month pro bono service, which is equivalent to $113,000, to the Team Rubicon Australia, an organisation dedicated to emergency responding and natural disaster relief in our country's time of need.

While the devastation in Australia has been unthinkable, there has been incredible support from the Team Rubicon Australia personnel for the affected communities and surrounds. Organisations like the Team Rubicon Australia that provide essential benefits to Australians should not be forced to incur absurdly high operational costs, or see their organisations suffer because of financial vulnerability. 

Tailored Accounts is committed to offering the Team Rubicon Australia the chance to reduce the expenditure of their accounting service, so that the organisation’s budget can be spent on other areas. The consistency of our management accounting will place Team Rubicon Australia in the best position for sustainable success. 

We believe that this in-kind support will promote community inclusion, providing resources, and strengthening our relations between not-for-profit and corporate sectors. We are proud that this project would allow Tailored Accounts staff to add more experience to their careers while creating a good social impact.

Tailored Accounts has a long history with volunteer service. We have focused on giving back to the community through mentorship and training programs for university students and start-ups since 2013. There is no exception this time. On the engagement with the Team Rubicon Australia, we are beyond excited that we get to honour our social responsibility commitment in the collaboration with the country's most visionary military veterans, as we evolve Tailored Accounts into a hub of positive impact and community transformation.

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Simpler BAS and implications on businesses

  • Read: 37 times

Business Activity Statements (BAS) reporting has often been a time consuming and complex process for many small and medium enterprises (SMEs) since goods and service tax (GST) was introduced in 2010. The Australian Taxation Office (ATO) is introducing Simpler BAS for SMEs to reduce the reporting burden. If your annual turnover is less than $10 million, you will report GST on Simpler BAS (unless you report GST by installment).

SMEs who use Simpler BAS will be required to report for the following fields only;

  1. G1 Total sales
  2. 1A GST on sales
  3. 1B GST on purchases

In other words, SMEs are no longer required to report the following fields;

  1. G2 Export sales
  2. G3 GST free sales
  3. G10 Capital purchases
  4. G11 Non-capital purchases

This means that businesses will need only three GST codes instead of seven when reporting BAS. This will not only save time for business owner, accountant & bookkeeper but also reduce room for error….less is more!

However, please be aware that Simpler BAS only affects the GST field, that is, other BAS fields such as PAYG instalment, PAYG withholding and luxury car tax remain unchanged.  Also this does not change the frequency of BAS submissions.

Although this change will reduce the time to complete the BAS and simplifies recording GST information, the change will not significantly change the amount of work performed to get all GST number right! Please do not sacrifice the time that you spend on GST reconciliations as it mean creating more room for mistake. GST still has to be recorded in the correct manner as the underlying GST law has not changed, at Tailored Accounts, we are actually spending the time saving on report to build more layer of GST reconciliation to ensure that our quality assurance is maintained.

While the change is likely to only provide a small reduction in the reporting burden, this certainly has some effects on the setup & function of your accounting department. Not all the accounting software fully supports this change or will require some adjustments or variations. If you need any support in regards to Simpler BAS, please contact Tailored Accounts.

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The important role of CFOs in Not-For-Profit Associations

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Recent changes in government policy have resulted in substantial impacts on the Not-For-Profit (NFP) association sector. Government grants to NFP associations are expected to decline, contributing to the resourcing pressures for many NFP associations in Australia. Financial resources from memberships, donations, and government grants were core funds used to sustain NFP associations for many years. However, the concern in the sector now would be their survival under the increasing budget constraints. 

The recent changes in the National Disability Insurance Scheme (NDIS) removed many existing grants paid directly to the NFP association sector. According to market research conducted by BDO in 2016, most associations were not ready for the changes in the new scheme even after the NDIS was rolled out. The complexity of the changes required more effective change management. Typical associations in the healthcare and community well-being industry needed significant training and transitional support. 

A significant strategy for NFP associations to effectively adapt to change is the development of new leadership. It should begin with Board reforms to create an “A-team”, who is willing to  lead the association through changes. In order to achieve this changing leadership need, the role of Chief Financial Officer (CFO) is crucial. CFOs can assist their CEOs and Board members with strategic decisions on budget, financial health analysis and estimation. 

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Time for change: Accounts Health Check Tools for Not-For-Profit organisations

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The Not for Profits (NFP) sector in Australia is considered diverse and large (approximately 600,000 NFPs in 2010 per the Productivity Commission report), contributing toannual revenue over $100 Billion and representing 8% of the Australia’s workforce (ABS, 2016). With the chief goal of achieving missions beneficial to the public, NFPs are expected to meeta higher standard of public expectations; balancing this withseeking and managing funding has been identified as the greatest problem.

Following the Government policy changes regarding grants in the NFP sector, organisations started to experiencethe impact of increased competition – diminishing funding and enhanced accountability requirements. Specifically, NFPs are expected to convince funds providers of the value of their mission while ensuring efficiency and stewardship of the organisation. This situation creates opportunities for NFPs to manage financials more strategically by reassessing the efficiency of core operations against their budget and demonstrating measurable effectiveness.

Despite the opportunities, current leaders of NFPs are not ready to capitalise on this ‘financial shock’. Grant Thornton Financial Literacy Survey revealed thatBoard Directors in the Australian NFP sector may need to enhance financial literacy to meet these challenges.It is thus necessary to focus on efficiency, efficacy and sustainability of organisations through considering collaboration with NFP governance experts.

To overcome emerging challenges, it is time for NFPs to examine their current financial health. Focusing on a wide range of financial adaptation abilities, tools developed by our team can help to evaluate the effectiveness of current budgeting and cash flow management. The 20-point system health check has been a perfect tool for NFPs to assess their readiness for change. 

Using our tools, we ensure 1) financial integrity through regular reconciliations; 2)prompt clearance of any outstanding items; 3) close monitoring of liability balances; and 4) review of financial statements.These quality assurance activitiesnot only provide adequate financial management, but alsocreate integral information for CEOs and Boards through charts and graphs. The Tailored Accounts teamis prepared to assess and closely monitor your organisation’s financial health, delivering useful financial information for your decision-making.

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Companies dig deep for wildlife rescue and recovery

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Written on the 13 January 2020 by Matt Ogg

With a University of Sydney researcher estimating more than one billion animals have been killed in Australia's devastating 2019-20 bushfire season, businesses have pledged to lend a helping hand.

Woolworths Group (ASX: WOW) yesterday joined the likes of Cadbury and Crown Resorts (ASX: CWN) by pledging to donate at least $250,000 to animal welfare and rescue organisations around Australia to help care for wildlife affected by bushfires.

The retailer has already donated $10,000 to support those working to save Kangaroo Island's wildlife in South Australia, while local teams are contacting shelters in impacted regions to understand what further support is required on the ground.

In addition to financial support, Woolworths stores will provide practical support with donations of surplus food where possible.

As part of its efforts, the supermarket chain has engaged the NSW Wildlife Information, Rescue and Education Service Inc (WIRES) and the World Wildlife Fund (WWF). 

However, Woolworths managing director for supermarkets Claire Peters says its financial commitment will go towards wildlife organisations both large and small.

"The impact of these bushfires on Australian wildlife has been truly shocking," says Peters.

"Our customers have asked us if there is anything more we can do both financially and through the donation of surplus food to help impacted animals.

"While we already have food diversion programs in place at all our stores with hunger relief agencies and farmers, we're looking for opportunities to donate any remaining surplus food to animal shelters after honouring our existing commitments."

After Christmas, Woolworths also extended its paid leave entitlements by four weeks for staff who volunteered for rural fire services.

The company has committed $3.7 million in total to bushfire relief efforts thus far including through its longstanding partnership with the Salvation Army.

Yesterday's announcement followed chocolatier Cadbury's recent guarantee of at least $500,000 to support wildlife rescue, treatment and habitat restoration projects delivered by Zoos Victoria, Taronga Zoo Sydney and Kangaroo Island Wildlife Park. 

Cadbury's Freddo & Friends for bushfire relief initiative will give 100 per cent of proceeds from Cadbury Freddo, Caramello Koala and Furry Friends products sold over a week to help save wildlife impacted by the fires.

"Our hearts go out to all that have been affected by the devastating bushfires. The impact on families, homes and the environment is truly devastating," the company said in a Facebook post on 10 January.

"Like all that have been affected, our precious and much-loved native wildlife have suffered incredibly."

Meanwhile, Crown Resorts and the Packer Family Foundations have offered $5 million, of which $1 million will go towards WIRES and Zoos Victoria.

"This has been and continues to be a tragic event and we are incredibly thankful for the hard work and sacrifice of our nation's firefighters, emergency services and charitable organisations," the Hon. Helen Coonan said on behalf of the Crown Resorts Foundation.

"We encourage all Australians to give generously to assist those that have lost their homes and livelihoods, and to support our wildlife and firefighters risking their lives in the field.

The Australian branch of Brooks Running has also pledged to donate 100 per cent of online sales today to Wires and the Red Cross.

WIRES CEO Leanne Taylor thanked people for their support on Friday including contributions from "businesses, organisations, high profile celebrities and the overwhelming support of the international and local community".

"While NSW has been hit the hardest with an estimated 800 million of the 1 billion animals affected to date and approximately 5 million hectares of land burnt, a National Emergency requires a national response and WIRES will act to provide assistance to all wildlife in line with our mission," Taylor said.

"The allocation of donations received by WIRES will be used to assist as many animals as possible across our nation - we can and will allocate funding and support to all states and territories where needed to assist animals affected by this crisis. 

"We will soon be announcing some new initiatives that have been made possible through these generous contributions."

Taylor spoke about an immediate need to locate, rescue and care for injured animals, as well as a much needed longer term focus on supporting animals affected by the loss of habitat, the shortage of food and depletion of their populations in the wild.

"With the imminent risk to threatened species on the pathway to extinction as a result of the mass elimination of habitat,  urgent action is needed," she said.

"Right now, our staff, qualified experts and volunteers are working around the clock to ensure that as many native animals as possible receive the ongoing care, supplementary food and recovery they need. This includes koalas, kangaroos, wallabies, wombats, possums, echidnas, birds, reptiles and more.

"During this difficult time we would also like to make a very special mention and pass on our sincere thanks to the thousands of volunteers across Australia who rescue and care for native animals every day."

Click here for a list of DGR-endorsed animal welfare charities, and here are some quick links if you would like to donate towards helping Australia's wildlife:

RSPCA

Port Macquarie Koala Hospital

WIRES

Wildlife Victoria

WILDLIFE SA

Gofund me for Kangaroo Island's koalas and wildlife

Wild 2 Free Kangaroo Sanctuary 

Adelaide Koala & Wildlife Hospital

Impact estimates for animal populations

The estimated figure of more than one billion animals killed in the bushfire season since September, including 800 million in NSW alone, came from University of Sydney Professor Chris Dickman.

"I think there's nothing quite to compare with the devastation that's going on over such a large area so quickly. It's a monstrous event in terms of geography and the number of individual animals affected," Dickman told National Public Radio (NPR) in the US.

"We know that Australian biodiversity has been going down over the last several decades, and it's probably fairly well known that Australia's got the world's highest rate of extinction for mammals," said Dickman, a past president of the Australian Mammal Society and of the Royal Zoological Society of NSW.

"It's events like this that may well hasten the extinction process for a range of other species. So, it's a very sad time."

The figures are based on a 2007 report for the World Wide Fund for Nature (WWF) on the impacts of land clearing on Australian wildlife in New South Wales.

The authors of that report had deliberately used very conservative density estimates for mammal, bird and reptile populations.

Dickman said what we were seeing with these bushfires were the effects of climate change.

"Sometimes, it's said that Australia is the canary in the coal mine with the effects of climate change being seen here most severely and earliest We're probably looking at what climate change may look like for other parts of the world in the first stages in Australia at the moment," he said.

"I think there is a feeling among environmental scientists and ecologists in Australia that we've been frozen out of the debate, certainly out of policymaking.

"think it's now time to bring the scientists back into the tent to look at what is likely to be happening over the next few decades and to think about how we can maintain both the human community in good health and as much biodiversity as can be retained under this evolving situation."

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Software for Healthcare and Special Care Start-ups: Choose XERO

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With only a few accounting software options on the market, it seems healthcare and special care industry start-ups under NDIS have only two options to choose between MYOB or XERO. However, NDIS-related services can be complicated, and the two systems are not necessarily equal in terms of their benefit to users. Given your limited budget as a start-up business, you might want to learn more about these two software options before making your choice.

Here is Tailored Accounts’ take in the issue.

Comparing MYOB with XERO is like ranking Taxi Services against Uber. XERO creates a community of accountants, bookkeepers, application developers, and business owners, where ideas are exchangeable. It acts as a platform that can facilitate communication between those in the industry. MYOB is trying to follow in their footsteps; however, XERO is still the market leader for three reasons.

1. Data Security - You will never lose or use the wrong data in Xero as your data is completely on your cloud. No more data corruption due to the failed backup process. XERO will be your secured system, with 2-step authentication to protect your confidential business and customers data.

2. Xero's Auto-Updates - Xero constantly updates a lot of functions including tax tables by itself. You would not be able to enjoy that feature in MYOB. Imagine how much important information you might have missed.

3. Integrated marketplace for ideas and innovation - This is partly because, similarly to Uber drivers, the accountants at XERO are actually working at their own initiative. It might be due to XERO’s willingness to embrace innovation and new technologies such as artificial intelligence (AI).

In a nutshell, XERO is taking all the right steps considering the direction of many businesses. The future of the automobile industry, for instance, may well be in the development of self-driving vehicles. XERO a good fit for your NDIS start-up. It requires far less cost to run at maximised capacity, as the app is inexpensive to integrate into your business model. It also does not require much training to master, as you could easily manage your own books after only an estimated 6 to 8 hours of training.
If you are searching for a system to use, think carefully before deciding which option best suits your business design. Or, if you are still uncertain, pop into Tailored Accounts and one of our specialist accountants will advise you on what the right choice of software could bring to your start-ups.

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Tailored Accounts Training Calendar 2019

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We are pleased to introduce our Training Calendar for 2019. Our training program includes an innovative online training portal, quarterly in-person training, and monthly online Power Hour.

Online Training Portal

Tailored Accounts is the proud provider of cutting-edge training platforms for Australian Small and Medium-sized Enterprises (SMEs). The platform contains a variety of online learning topics, ranging from technical industry knowledge to workplace skill development. Our training content can be accessed by our users at any time at http://accountantchange.com.au.

In-person Training

Tailored Accounts offers a top-quality in-person training program, which has been delivered every quarter since 2017. Our whole-day workshop is intended to transmit some of the latest information in financial management and teach relevant skills that are important to your business. The 2019 Training Calendar offers sessions in March, June, September and December. The training topics are
primarily focused on building Xero accounting software skills for SMEs and independent sole traders.

Monthly Online Power Hour

As a business owner, you will already be aware of the importance of leadership and communication skills when forging long-term client relations. Our monthly online Power Hours is going to commence in February 2019. The Tailored Accounts Power Hour Program introduces a range of business skills you will need to achieve higher sales and long term client relationships.

Tailored Accounts Power Hours are delivered once a month via online mode. You will need an electronic device with good Internet connection to interact with our trainer. Our training topics in 2019 are as below:

  • February: Resilience
  • April: Communication Strategies
  • May: Change Management
  • July: Strategic Thinking
  • August: Emotional Intelligence
  • October: Business Writing
  • November: Team Work

We welcome all Tailored Accounts clients, SMEs, independent sole traders to join our Tailored Accounts Power Hours 2019.

The first topic of Tailored Accounts Power Hours 2019 is Resilience. Living and working in our busy climate we tend to put more on our plate than we can handle. It is important to develop a mindset that allows resilience to help us bounce back from adversity especially in time of stress, overwhelm and conflict. Learn some practical tools for becoming more resilient and learn to BOUNCE.

Workshop Date and Time:

Date: Monday, 25th Feb 19

Time: 4 PM 

1-hour online workshop 

Learning outcomes:

  • Understanding Resilience;
  • Develop useful tools for resilience in life and work;
  • Learning to BOUNCE.

Your benefits:

  • Refresh and develop business skills;
  • Fixed subscription fee of maximum $15/month with unlimited number of attendees;
  • Effective team leadership.

Registration guideline: Please contact Katie (e: This email address is being protected from spambots. You need JavaScript enabled to view it.) for subscription and registration of your training.

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Protect your company from cyber scams

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Have you heard about the latest, devastating email scam befalling Sage and Clare Homewares Business?

You may be at risk of similar scams.  You are especially vulnerable this time of the year, when you are offered tax refunds and are subsequently asked to provide your credit card details and passwords. We wanted to share this important update with you so you can inform your team as soon as possible.

What do cyber scams look like?

  • You will generally receive an email with a subject line similar to “Important notice” along with a familiar looking logo. Often it will be identical to the logo of a supplier or client you know well. This could trick you into believing the email you received is authentic.
  • Scam emails often ask you to update bank account or credit card details of your clients or suppliers. To some, this might seem sufficiently suspicious but many of us are still taken in by the fake request.
  • By this time, the scammers have already successfully established a channel to steal money from your clients. When you realise what has occurred, it is often too late to recover from the consequences of money lost and your damaged relationship with clients.

What you should do in such situation?

  • If you have us as a bookkeeper, you will have nothing to worry about. We are constantly in contact with your clients and suppliers, and we go through extensive banking detail checks to ensure all correspondence is legitimate. We recommend joining with a secure agency such as ourselves to protect your business.
  • For the time being, inform your team of this new scam, and remind them to immediately report any suspicious emails or calls.
  • Implement latest anti-spam security software to detect suspicious content and senders.
  • Consider implementing regular e-mail system security audits, and upgrade your email system if necessary.
  • Talk to us anytime you are doubtful of any transaction or request. We are capable of engaging with cyber security professionals to help you resolve any potential problems.

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