Accounts Receivable is the balance of money due to a business for goods and services delivered or used on credit but not yet paid by the customer. It is the owing by customers to the business.
We record customer payments by recording cash, cheques and credit card transactions. We total the unpaid invoices to update the accounts receivable amounts.
Accounts payable are amounts due to suppliers for goods and services received that have not yet been paid for by the business. It is the outgoings of the business. The sum of all the outstanding amounts owed to suppliers is the accounts payable.
The business usually pays the outstanding bill amounts and it is recorded by us in the accounts. Payments are processed, verified and supplier invoices reconciled.
It is the process of matching the balances in a business accounting records to the information on a bank statement. A bank reconciliation is completed at regular intervals to ensure that a company cash records are correct. If the cash balances are much lower than expected it will result in overdraft fees and bounced cheques. Bank reconciliation can also detect some types of fraud.
At R & S Accountancy we will do the monthly Bank reconciliation for your business.
Payroll is the total amount of money that a company pays to its employees. Employees are paid per each pay period in accordance with the employees hours worked, their pay rate and deductions.
We process payroll for small to medium size businesses.
Bookkepping is the recording of financial transactions which include purchases, sales, receipts and payments by and individual person or by a company. Bookkeeping for a company results in the production of the financial statements for that company.
At R&S Accountancy we are experienced bookkeepers. We ensure that data input is accurate into the accounting software. This eventually leads to the production of accurate financial statements.
We prepare and lodge Individual Tax Return, Company Tax Return, Trust Tax Return and liaise with ATO at minimal cost to you. Dealing with ATO is a complicated issue so we assist our client to deal with ATO which in the end saves their time and effort.
If you are a business registered for GST you need to lodge a BAS. The BAS will help you to report and pay the Goods and services tax (GST), Pay as you go PAYG instalments, PAYG withholding tax and other taxes. BAS is usually lodged Quarterly. A registered BAS agent can help you to lodge your BAS. (www.ato.gov.au)
At R & S Accountancy we have BAS agents who can lodge the BAS for you. We will deal with the ATO on your behalf.
Individual tax return
It is a form that the individual submits to the ATO to report annual income, expenses and other tax information. Tax return allows tax payers to calculate their tax liability, schedule tax payments for unpaid tax amounts or request refunds for the overpayment of tax.
We will lodge your tax return on your behalf and get you the highest refund possible or the least amount of tax payable.
Sole Trader tax return
As a Sole trader you will use your individual tax file number when lodging your tax return. You have to report your income in your individual tax return using the section for business items to show your business income and expenses. (www.ato.gov.au)
We will lodge your tax return and get you the highest refund possible or the least amount of tax payable.
Company Tax return
If you operate your business as a company you need to lodge a company tax return. The company needs to report its taxable income, tax offsets and credits, PAYG instalments and the amount of tax it is liable to pay on that income or the amount that is refundable.
The company’s income is separate from the individual personal income.
We will lodge your company’s tax return and give your company’s tax return the best possible outcome.
We offer Internship programs to recently graduated accounting students
No other better way for an accounting student to get real time training and work experience. One of the experienced Accountants/ bookkeepers will mentor, train and supervise the students.
There are a number of Short courses to choose and learn from such as MYOB, Quickbooks, Xero and Bookkeeping and BAS preparation
Basic Bookkeeping for Business Owners
We assist the Business owners to understand and do their own bookkeeping. We will provide the training at their own convenient time at their premises or they can choose to come in to our office.
For training related FAQs please refer to the Training FAQ’s
Special offer year-round for International Student & Local student
We do Individual tax return for $49/-
Special offer year-round for Taxi and Uber drivers
We do taxi & UBER drivers BAS from $35 per quarter inclusive of GST.