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

By Teddy Nam

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.

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Single Touch Payroll & four things that business owners should know

Harry Hoang

Single Touch Payroll (STP) is now becoming compulsory for businesses, which have minimum 20 employees. You will be required to report on the new system from 1st July 2018. What needs to be prepared to get ready for the new system? Would there be any impact on your business transaction or cash flow?

Here are few check points to ensure that you are ready for STP:

1.      Your STP readiness: If you have 20 or more employees on 1st April in a later year, you will commence reporting under STP from the next 1st July. It means you will have a minimum of 3 months to organise your systems & procedures to meet requirement of STP.

3-month period is not sufficient to prepare thoroughly for the change if your accounting system has not been ready for STP. You should check with your software provider NOW to ensure they are STP if you plan to have 20 employees in the next 6-12 months. As a XERO Gold partner, we can confirm that XERO will be compliant with STP.

                                                                                           

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#AccountantChange - What might the future of accounting and business?

Have you ever wondered how you we would operate our businesses in the future? How could we make an impact to change? How accounting practice could be improved in the future? Watch our #AccountantChange videos and find out the answers! 

In October 2016, Harry initiated #AccountantChange project. He asked experts, entrepreneurs, and students about their thoughts on future of accounting and business. The answers were amazing. Please subscribe to our channel for more interesting discussions daily. If you wish to share your thought with us, feel free to This email address is being protected from spambots. You need JavaScript enabled to view it. usLet's us together envision a future of our business world. Watch the full playlist here

 

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What can XERO tell us about leadership (Part 2)

Fuzuki Nishimura

XERO entered Australian accounting software market seven years ago. They used to be a boutique-sized business; however, they brought a disruptive innovation that has changed the landscape of accounting industry. Software used to be installed in our computers; and accounting data were handled mostly offline from our desktops. When XERO came out, we just loved it. It allows us to access data from multiple devices. Our clients could now enjoy seeing financial reports from their mobile devices.

                                                                         

Many of our clients love XERO because it is highly customised to their business needs. A grocery owner, who has been our client for more than four years, shared with me that XERO was the best software to handle hundreds of transactions and still able to generate real-time report. That is the reason clients choose to subscribe and stay using XERO for long term.

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Financials & Accounting Workshop for IACT 2016 participants

Tailored Accounts was pleased to conduct the Financials & Accounting workshops for more than 30 participants from the IACT 2016 competition teams. This is an important training for all teams before the idea pitching date. Accounting knowledge is the key to convince the judge on the credibility of your ideas!


The teams were interact with workshop instructor, raising interesting questions, and sharing their experience in dealing with financial issues in start-up projects. Cashflow, budgeting, and financial forecast were our hot topics. Great discussion among the teams!

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What can XERO tell us about Leadership? (Part 1)

Harry Hoang

Coming back from XEROCON SOUTH in Brisbane, I kept asking myself about what have we learnt from the event. In the past, we tried to figure out the most suitable accounting software for our business and clients. XERO was the best choice. When at XEROCON SOUTH and talking to my colleagues, I realised that XERO is embarking in a leadership position in cloud accounting, which has never been taken by other big players.

I was keep asking myself about what we have gotten from the event. I asked staff to write few words about their personal feeling so we can consolidate to a good article for B2B this month. Personally, as a CEO of an accounting practice, I am thinking more about the direction, the leadership of the accounting industry in which XERO play a very important part of the Eco system. 10 years ago we all know that MYOB, QuickBooks are the most popular accounting software for SMEs and Accountants.

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ATO Announcement: PAYG Tax Tables Changes by 1 October 2016

Dear customers,

Please be informed that PAYG Tax Tables will be updated to reflect all the changes by Saturday, 1 October 2016. Details of the changes could be accessed HERE

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We encourage you to stay updated from the changes. XERO system will be updated accordingly as per the PAYG tax change. Should you have questions regarding the change, please contact us at  02 6169 5196. Our accountants will assist you with the information. 

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Opportunities for SMEs

The Business Research and Innovation Initiative (BRII) is offering grants to help SMEs develop solutions that could help to solve public sector challenges. This is the opportunity for you to be the consultant of these government departments

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  1. On the spot technology for measuring pyrethroid surface residue, Department of Agriculture and Water Resources (DAWR).
  2. Tracking the effect and value of information products, Australian Transaction Reports and Analysis Centre (AUSTRAC).
  3. Digitally enabled community engagement in policy and programme design, Department of Industry, Innovation and Science and the Department of Social Services.
  4. Improve transparency and reliability of water market information, Department of Agriculture and Water Resources (DAWR).
  5. Sharing of information nationally to ensure child safety, Department of Social Services.

Visit BRII website here today and start applying for the grants. Application deadline is 30 November. 

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Bookkeeping 50:50 - Why Customer Service is as equally important as your Accounting knowledge?

I could not stress enough how important Customer Service is to the success of bookkeeping business. Once, a young graduate staff asked me: “why did our client stay with us for years?” Up until then, I thought that accounting industry is competitive. A slight reduction in the fee of the competitor could make us lose a client.

I explained to him that our bookkeeping & management accounting services are quite distinctive from services offered by specialised Tax or Auditing firms. In my experience, there are three reasons to explain why Customer Service could account for 50% of your success. This is our experience in the past 7-8 years dealing with multiple clients with different sizes and industries.

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Tailored Accounts becomes The Finalist of Australian Accounting Awards 2016

Tailored Accounts has been shortlisted for the prestigious Australian Accounting Awards, partnered by Reckon.

Tailored Accounts has been shortlisted as a finalist to win an award in the Executive of the Year category at the 2016 Australian Accounting Awards, hosted by AccountantsDaily, Australia’s top publication for the accounting industry. 

We congratulate Harry Hoang on being shortlisted as one of the best Chief Executive Officers in accounting industry. Since 2009, Tailored Accounts has been offered innovative bookkeeping service to nearly two hundreds Australian businesses. We thank our clients for entrusting our service!

Now in its third consecutive year, the Australian Accounting Awards,which covers  24 categories, recognises individual excellence in accounting, from the profession’s most senior ranks to its rising stars.

Winners in the individual categories will automatically be shortlisted for the coveted AccountantsDaily Excellence Award.

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Entrepreneurs' Programme By The Australian Industry Group

Have you ever wondered how to gain an access to the best advice and networks to improve competitiveness and productivity of your business? Tailored Accounts has found a way. We would like to introduce to you a new program, Entrepreneurs' Programme.

This program is organised by The Australian Industry Group (Ai Group). Entrepreneurs’ Programme focuses on generating the outcomes of productivity improvement, strategic clarity, and revenue increase. 

Who can join?
SMEs with turnover between $1.5 million and $100 million ($750, 000 to $100 million for Northern Australian businesses) that have traded in Australia for at least three years, possess an Australian Company Number, are financially solvent, and operate in the following growth sectors:

  • Advanced Manufacturing
  • Food and Agribusiness
  • Medical Technology and Pharmaceuticals
  • Mining Equipment, Technology and Services
  • Oil, Gas and Energy or
  • Enabling technologies and services

Program Benefits:

The access point for Entrepreneurs’ Program services is normally via a free Business Evaluation. Once your organisation is confirmed as eligible, the Evaluation takes about a day to complete. Business owners receive an Action Plan and we advise of additional opportunities that are available within the program.  

Opportunities for you include:

  • Business Management
  • Business Growth Service
  • Supply Chain Facilitation
  • Business Growth Grants
  • Innovation Connection
  • and many more
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Tailored Accounts - eWAY Partnership Announcement

Fast & simple setup, free 24/7 support, powerful payment products, dozens of partner banks, same day settlement, hundreds of supported carts and incredible value pricing plans - eWAY truly knows payments and genuinely has your back. eWAY is backed by robust PCI DSS compliance, and smart friendly humans (remember them?) are there to answer any question and help realise any eCommerce opportunity. Start ups or large companies - there’s a plan built for all needs and budgets.



 Benefits of using eWAY:

  • Offering fast setup or same day settlement
  • Highest level PCI-DSS compliance
  • Secure payment products & features
  • Fast, easy registration with a REAL person
  • 30 day money back guarantee
  • Access to helpful community forums
  • Built to change and scale as your business grows
  • No contracts
  • 24/7 support that is free, local and multi-channel

 

To register your interest, please click HERE to complete our online form.

Someone in our team will get in touch with you shortly.

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Tailored Accounts offers sponsorship to InnovationACT 2016

Innovation ACT 2016 launched yesterday, August 10th. Tailored Accounts team was there to celebrate the Launch as a sponsor of the competition.

 

Participants of Innovation ACT 2016 will be receiving supports to transform their innovative ideas into business models. There will be pitching session for funding at the end. 

The Launch of Innovation ACT 2016 featured the presence of ACT organisations and start-up companies. 

Tailored Accounts wishes the competition will become a success. All the best to our participants!

Photo Credit: Gary Wang 

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Telstra Business Awards 2016 celebrates the success of Canberra Airport Group

This year, Canberra Airport Group has won a prestigious Telstra Business Award to represent ACT for the National judging in Sydney. This remarkable achievement of Canberra Airport Group has inspired many other businesses to increase the quality of their customer services.

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Canberra Airport – the gateway to business opportunities 

This is the year that an airport organisation has stood out amongst all the ACT award finalists, strengthening the importance of airport business on local environment and economy. The achievement of Canberra Airport reflects its efforts in continuing improvement for innovation, environment sustainability, and business growth.

Canberra Airport is a gateway to the world of many local businesses. Its contribution to the business community is significant in both local and international aspects.  In 2016, Singapore Airlines will be operating regular international flights from Canberra. This is an opportunity for local businesses to easier experience overseas markets.

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