Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software

Articles Blog

MYOB – SuperStream and how MYOB Account Right Essentials and Premier can help

images/AR Basics.jpgSuperStream is a way to increase efficiency of the superannuation system and MYOB Essentials, Account Right and Premier are ready. SuperStream works by using common data, electronic communications, simpler channels and faster business processes for sending employer contributions.

Under SuperStream, employers must make super contributions electronically. The contribution data is sent electronically in a new message format to the fund, and the contribution payment is sent electronically through the banking system.

The data message and payment are linked by a payment reference number, which enables reconciliation by the receiving fund. Many of the key components required for this change, including e-commerce infrastructure and software solutions, are already in use in the marketplace. Others are currently undergoing development and trials before being implemented.

SuperStream is mandatory for all employers making super contributions to APRA-regulated super funds and self-managed superannuation (SMSFs) fund receiving contributions. If you're not compliant, you could be penalised by the ATO.

Visit the ATO website for more information.

Find out more and click the software type further down the page – or call us to have a chat and help!

See more and a video about SuperStream in MYOB Account Right – down the page, “Pay Super”

See more about SuperStream in MYOB Essentials – “Pay Superannuation”, via Super Portal

Get Your FREE “Avoid these GST mistakes”

There are 18 that the Tax Office see regularly – get them right! This email address is being protected from spambots. You need JavaScript enabled to view it.

Need help? Not sure? Call for FREE30min advice / strategy session today!

Call 0407 361 596 Aust

~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~

Call for FREE 30min advice 0407 361 596

~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~

Bookkeeping – How to get your books Organised and Systemised in 6 steps!

bookkeepingMost small business owners struggle with the account keeping/bookkeeping/record keeping for their business – how to get the books organised and systemized - most people don’t like it or are confused by it! Unfortunately the law is that every business must maintain accurate and timely (up to date) financial records (books) either paper or electronically. Like many things in life – better to just face it – that is, regularly and with as less stress as possible – and it IS possible, in 6 steps!

1. A set time and checklist each week to DO the books

Be strong and disciplined! Don’t keep saying you will do it later – do SOME each week, month  quarter and year – see a great summary by the Aust. Tax Office. Also use a Checklist to not miss any tasks! Want a sample? Email us at info@accountkeepingplus.com.au.

2. Separate business bank account for business earnings and expenses

It is very important to keep your private transactions separate from your business transactions. It makes it easier for your books / bookkeeper / accountant as well as yourself!

3. Software that suits your business

If you are unsure which software to select, contact a bookkeeper, business consultant or your accountant who can better advise you before you buy. There are desktop and cloud solutions. With many software moving to the cloud, one key benefit is that you can access your financials anywhere, anytime or have your bookkeeper and accountant check information for you.

Your business datafiles will always be backed up regularly in the cloud. However, always ensure you keep backups of your financial data as an added security measure. With desktop software, you will have to get into a habit of regularly backing up your files.

4. Get all your tax and compliance obligations right

All businesses are required to register for an ABN, and if your turnover is more than $75,000 then you must apply for GST registration. You must also keep receipts for all acquisitions in order to claim on your expenses. If you employ staff, you must also register for PAYG Withholding Tax. This is where you pay staff and withhold some tax on their behalf.

You are also obliged to complete and lodge monthly/quarterly Business Activity Statement (BAS) with the ATO. With the appropriate accounting program and setup, you can have this information at your fingertips. This way you create systems to help you streamline and automate your business processes for you to stay compliant.

5. Keep your receipts

The ATO requires you to keep records for a minimum of five years. The records you are required to keep and have accessible upon request are:

  • Invoices and receipts you provide for sales or services rendered by your business.
  • Invoices for goods, services or other business acquisitions purchased for your business.
  • Records of payments made to employees plus other organisations on their behalf like Superannuation funds and PAYG tax.
  • All financial statements including profit and loss statement and balance sheet.
  • Tax Return information.
  • Bank accounts and credit card statements
  • Stocktake records at end of financial year and asset register etc.
  • Anything else with a monetary value to the business

You could create digital files on your computer to store this information or keep a well organised filing cabinet.

6. Get a great account/book keeper as you grow

As your business grows you may need to engage the assistance of a great bookkeeper, which is also tax deductible. Hiring a bookkeeper helps you focus on growing your business while ensuring your record keeping is up to date. Ask us to give a quote and the extras such as yearly analysis and graphs included for FREE in our service – want to see a sample – email for a copy – iaccountkeepingplus.com.au.

Need help? Not sure? Call for FREE 30min advice / strategy session today!

Call 0407 361 596 Aust

Call for FREE 30min advice or click for the list of our articles.

~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~

More Articles...

  1. Cashflow Tip – 5 ways to get more from your bookkeeping / accountant – or be a better bookkeeper
  2. Xero/Reckon/MYOB bookkeeping - how to treat dishonoured cheques in bank reconciliation – how to record in Xero / MYOB / Reckon / Quickbooks
  3. Reckon / Quickbooks – Invoices posting to bank account – Not correct – How to fix?
  4. MYOB – Export customer card with price levels
  5. Business Tips – Some ways to avoid small business burnout
  6. Business Tax Tip – Starting a Business – ATO resources to help
  7. Bookkeeping – Using Dropbox for Company Datafiles – Does it work?
  8. Cashflow tip – How do you build teams that work in the workplace? A Productivity Boost is one benefit!
  9. MYOB – How do taxes calculate when pays were split, and using Pay Leave in Advance MYOB
  10. Business Tax Tip – Home Office Expenses allowable by the ATO for you to claim
  11. Business Financials – Financial Literacy Levels and 4 ways to send your business broke
  12. MYOB – Super stopped calculating when changed from hourly to salary in Account Right v19
  13. Business Financials – The Balance Sheet – Statement of Financial Position
  14. Reckon/Quickbooks – Wanted to know if GST had been added twice in invoice?
  15. MYOB - Error when trying to email Invoice - An Email session could not be started - Please check your MAPI installation
  16. Business Tips – 8 Productivity Tips to get more efficient!
  17. Reckon / Quickbooks – not accepting Tax File Number (TFN) on employee card
  18. Cashflow tip – Handy tool to see the effect small changes make to profit and cash
  19. MYOB – Missing super payments in past pays – How to correct it
  20. Business Tax Tip – GST Tax Credits overstated - Don’t rely on “I didn’t know” – Won’t hold as an excuse – So avoid fines by knowing your liabilities!
  21. Business Financials – The Profit and Loss Statement for Business and how it works
  22. MYOB – Classic Account Right – Invoice Logo not emailing - solution
  23. Business Tips – How customers can help run a better business – What Dyson learnt
  24. MYOB | Reckon | Quickbooks – Keep track of owing money to ATO easily in your books / accounts
  25. Business Tips – Ways to Manage Tax and Obligations for Small Business
  26. MYOB – Customise Invoices and Statements for a Professional Look
  27. Cashflow tip – Improve Cashflow - Simply Invoice Promptly!
  28. Business Tips – Content Marketing Strategy for Small Business
  29. MYOB-Reckon-Quickbooks – How to clear the print queue of invoices (and payslips)
  30. Cashflow tip – Is Profit same as Cash? - Managing cashflow small business
  31. Business Financials – Managing cash flow small business
  32. MYOB – How to adjust Holiday Leave Accrual and Sick Leave in MYOB
  33. Business Tips – How to stop giving away free advice to pretend clients/customers
  34. Cashflow tip – Managing Cashflow Small Business – Resource Link
  35. MYOB/Reckon/Xero – Customer paid invoice twice – how I do the bookkeeping when paid twice by accident?
  36. Reckon / Quickbooks – Wanted to know if GST had been added twice in invoice?
  37. Cashflow tip – Business Development KPIs – How just a few can have a big impact on business
  38. Reckon / Quickbooks – How to add % fees before the final total on an invoice in Quickbooks?
  39. MYOB/Reckon/Xero – Why do invoices go to Trade Debtors and what is Accounts Receivable?
  40. Business Financials – How to enter Motor Vehicle Purchase in MYOB or other software including trade-in
  41. MYOB – How to Reconcile Your Suppliers
  42. Business Tips – Growing your business – How Cherrie Blooms went global
  43. Cashflow tip – Pricing for Profit – Improving financial health
  44. Reckon / Quickbooks – Use templates from PC and copy to Online Hosted Version
  45. Business Tips – Privacy Laws and their Relation to Business
  46. Business Financials – What is Working Capital and how to calculate it
  47. Cashflow tip - Discounting Strategy Effectiveness – Or is it better to ADD VALUE? And 2 tips to do it better!
  48. Reckon / Quickbooks – Constructing General Journals – ensure you use the tax codes carefully
  49. Business Financials – 7 easy Steps to plan the Financial Year
  50. MYOB – How to have 3 company files open at once
  51. Business Tax Tips – ATO vision for less Red Tape for Small Business by 2020
  52. Business Financials – Current Ratio – What does this financial ratio tell us?
  53. Reckon / Quickbooks – How to Change the email message and sending format for sending invoices
  54. Business Tax Tips – GST Error Correction – How to put it right
  55. Business Financials – What is the tax on a Security Deposit paid on a Factory Lease
  56. Cashflow Tip – 3 key areas to keep on top of
  57. Reckon/Quickbooks – Combine multiple companies
  58. Cashflow tip – 5 ways to get sales and cash flowing into your business
  59. Business Financials – How does FBT – Fringe Benefits Tax work?
  60. Reckon/Quickbooks – How to enter the PayPal Fees that occur when a customer pays us
  61. Business Financials – What is equity?
  62. MYOB – Company file software has lost data when installed on new computer – can we export from a backup copy?
  63. Business Financials – How do you claim GST on Hire Purchases?
  64. Reckon/Quickbooks - How to Manage Receivables with the Payment Snapshot
  65. Business Financials – What is Cost of Goods Sold?
  66. Business Tips – Ideas to grow your sales
  67. MYOB – How to enter customer payments in advance – in credit
  68. Business Financials – Prepare now for End of Financial Year!
  69. Business Financials – Simplified Depreciation for Small Business (under $2 mill Sales Revenue)
  70. Business Financials - Know the difference between Debt and Liability
  71. Reckon/Quickbooks – Invoicing for staff time to clients
  72. Business Financials – Know the difference between Debt and Liability
  73. Reckon/Quickbooks/MYOB – Should I upgrade to a new version each year?
  74. Cashflow tip – 3 more tips to help your cashflow
  75. Reckon/Quickbooks – Customer Payments entered incorrectly
  76. Cashflow tip – 4 Tips to help cashflow
  77. MYOB – Can I have a copy on another PC or laptop to take away with me?
  78. Business Tips – Current Business structure – Time to review the way profits are handled?
  79. MYOB – In Account Right - How many Company Files can I set up?
  80. Business Tips – Consistent Marketing Strategy
  81. Reckon/Quickbooks – Paying several Suppliers and Staff in an easy ABA file method
  82. Business Financials
  83. MYOB & Reckon/Quickbooks – Personal expenses and negative loan account
  84. MYOB – M-Powered Services – What are they and should I consider them?
  85. Reckon / Quickbooks / MYOB – Claiming Union Fees in Building Industry
  86. MYOB & Reckon/Quickbooks – Opening Balance of Bank Reconciliation doesn’t match Bank Statement
  87. Business Cashflow tip – What is the difference between Cashflow and Budget?
  88. MYOB & Reckon / Quickbooks – Chiropractor – Claimable as tax deductible business expenses?
  89. Bookkeeping – Payroll – Employee or Contractor? Be careful and know what the ATO says!
  90. Reckon/Quickbooks – Adjusting Inventory when receiving stock - 2
  91. MYOB – How to record overseas purchases and the GST on Customs Invoices
  92. MYOB – Recording overseas product purchases and how to record GST on the Customs Invoice
  93. MYOB & Reckon/Quickbooks – Adding Credit Card Charges To Client Invoices
  94. Business Financials –Good Petty Cash Management for Business – What to set up & Record in the accounts
  95. Bookkeeping – Payroll – Parental Leave Pay – What is it and how do I set up your software to record it?
  96. Business Financials – What is the Accumulated Depreciation account and what is it doing in the assets?
  97. Reckon/Quickbooks – Adjusting inventory when receiving stock
  98. Business Financials – What are Non-Cash Expenses and where are they in Reports?
  99. Bookkeeping – Income Protection Insurance – Is it deductible and is GST involved?
  100. Business Financials – Directors liability for employee entitlements – Beware!
Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software



Forgot your password?
Forgot your username?
Create an account


The cart is empty

Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
© Account Keeping Plus 2012   |   Website Design by Low Cost Web Site Design Melbourne    |   Admin