Accounting & Taxation

Our Accounting & Business Services can help you with business set-up, including purchasing a new business, succession planning, or selling your existing business.

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Take your ‘virtual office’ comes with you. Our Cloud Based Accounting Services can set up Xero cloud-based accounting for your business.

Looking for the best & affordable Cloud Based Accounting Services in Dee Why? Then look no further than Key Accounting and Taxation for the financial statement preparation. We offer the best income tax planning and business consulting service in Dee Why, Australia, and serve a wide variety of clients, including superannuation funds, companies, trusts, partnerships, and individuals. Contact us at [phone]

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The latest cloud-based accounting software now offers all the functionality and reliability of your tried and trusted desktop accounting system. You can achieve real-time reporting of your accounts and overview the company’s current financial position. Let's have a look at the benefits that we get from implementing this technology!

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Thinking about streamlining or improving your business? Start from your finance department. At the point when your accounts are smooth and exact, it turns out to be very simple for your business to flourish. The professional accountancy services for small private ventures from an experienced accounting and consulting firm can be as good as a full-fledged in-house team of accountants. So, avail the best accountancy services for small businesses in Dee Why with Key Accounting and taxation!

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Are you running a business? Paying high-income taxes? Accounting is the base of balance and guarantees that things will run smoothly. Accountants are, in essence, the financial backbone of businesses. An experienced accountant can save you from paying such large taxes by managing the accounts of your business. They handle the company’s financial records, including data management, analysis and consultation, creation of financial statements, and ensuring regulatory compliance. They focus on what matters the most – helping clients and growing their business. For getting fast and reliable services contact Accountant Northern Beaches at [phone] or visit - https://www.keyat.com.au/

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Looking for the best & affordable Cloud Based Accounting Services in Dee Why? Then look no further than Key Accounting and Taxation for the financial statement preparation. We offer the best income tax planning and business consulting service in Dee Why, Australia, and serve a wide variety of clients, including superannuation funds, companies, trusts, partnerships, and individuals. Contact us at [phone]

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Owning a business is an exciting endeavor, but keeping track of finances, along with the multitude of other responsibilities that business owners face, can become overwhelming. To ensure that finances are being tracked and properly maintained, it’s a good idea for business owners to seek the assistance of business accountancy and bookkeeping services like those offered by Ignite Spot, which can save them both time and money.

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Account and Tax services

Maximise your return with Key Account and Tax services. In office & over the phone appointments available with our tax experts.

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Whether your business is well established or just starting up,  expert accounting is the key to unlocking your business potential.

Key accountancy and taxation services will partner with you to guide, nurture and drive your small business to financial success.

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Accountancy Service Provider

Key accountancy and taxation services will partner with you to guide, nurture and drive your business to financial success.

We are the proactive and personalised accountancy and taxation service provider include:

Small business accounting & taxation

New business set-up

Cloud-based accounting

Self-managed super compliance

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Accountancy and Taxation services

Whether your business is well established or just starting up, expert accounting is the key to unlocking your business potential.

Key accountancy and taxation services will partner with you to guide, nurture and drive your business to financial success.

Our proactive and personalised accountancy and taxation services include:

Small business accounting & taxation

New business set-up

Cloud-based accounting

Self-managed super compliance

[keyat-accounting]

CLOUD-BASED ACCOUNTING VS TRADITIONAL ACCOUNTING SOFTWARE

Traditional accounting software

Prior to the cloud, most accounting software was desktop-based. In other words, the actual application was installed and run from the hard drive of your office desktop computer. This has a number of drawbacks, including limited access to your data, the need for constant software updates, and the ongoing cost of backing up all this financial information.

Cloud accounting software

Cloud-based accounting (or online accounting) has all the same functionality as desktop accounting, but moves the whole process to the cloud and expands upon it. There’s no desktop application – you log in to an always-up-to-date online solution and all data is safely stored on a cloud server. Most cloud platforms will also have an open API, which basically means third-party software can connect with your system to provide even further value to you as a business owner.

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Benefits of Accounting during Setting up a Business

Forecasting Financial Estimates

Every Startup needs to provide information regarding its financial estimates to banks, investors or lenders to obtain funds in return from them. Accounting helps the business to make a business plan which includes estimated monthly expenditure, economic forecast, projected rate of growth of the Startup. This information is really important during Setting up a Business to lure more and more investors to invest in their idea. The investors also ensure that the entrepreneur has a reliable projection of its company’s financial expectations.

Determine Profitability

Accounting helps an entrepreneur to determine its profitability in the future. It helps in monitoring the progress of the company and also to make necessary amendments where necessary. Through accounting, entrepreneurs will get to know where they need to use their assets to generate profit. An entrepreneur also needs to provide financial information to its investors to ensure them that they will be paid in a timely manner. A monthly statement such as a balance sheet and an income statement shows how if a business is blooming or not, these statements helps in determining a business general profitability.

Budget Expenses

Accounting helps an entrepreneur in setting up a Budget for expenditure on various aspects affecting a Startup. Accounting helps in maintaining records of the cash flow in the business, capital is used in hiring of employees, advertising, purchasing of inventory, petty items. Budget helps an entrepreneur is reducing expenditure on not so essential items and by saving the capital for future purposes.

Payroll Accounting

Accounting for startups help an entrepreneur to record its employees’ compensation such as salaries, bonuses, commissions and any other means earned by an employee. It also maintains employees’ portion of Health insurance premium, Social security taxes, paid holidays. This creates a database for the company consisting of all of its employees. Entrepreneurs must consult accounting professionals during the incorporation of its business. This is a must for an entrepreneur as outsourcing will help a company to grow much faster with the help of a trained professional. Outsourcing helps in many ways such as:

Tax Specialisation

Taxation is a main aspect where a Startup may face some difficulties beyond the areas of fund raising and finance. This is where trained professionals like Chartered Accountants play a crucial role in the growth of the Startup. A trained professional who knows the tax laws whether it may be direct tax, indirect tax or any other tax involved will smoothen the working of the business. Well managed and transparent taxation is one of the most required aspect in Accounting for Startups.

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Is Cloud Accounting safe?

To answer this question first, think about how you store your financial data at the moment.

Most likely it’s stored on a computer and is moved around over email or on a USB stick. This could be lost in a fire, flood, burglary, left on a train or simply dropped down the back of the sofa.

This would never happen with cloud-based accounting. Even if your laptop was stolen, all of your financial data is automatically backed up and would remain fully up-to-date. If someone had access to your laptop they still couldn’t login to your cloud accounting software if you are using a secure password.

Data stored on your computer is vulnerable to viruses and ransomware, as well as physical theft. With cloud accounting not only is there more than one backup, but your data is backed up in multiple locations. Cloud accounting company Quick Books state that their data centres have 24/7 onsite security and strictly controlled access. Equally, Xero say that they maintain ‘multiple geographically separated data replicas and hosting environments to minimise the risk of data loss or outages’.

As well as physical security, data centres use the most highly sophisticated digital security possible. It eliminates the risk of anyone leaving their phones and laptops unlocked and unsupervised whenever they leave their desk to get a coffee or grab lunch!

Cloud applications use encrypted connections when transferring data. This means that the data is encrypted before it’s sent from your device to the remote server and then again when it returns. This means that it can’t be intercepted and read by a third party.

So, in our opinion – yes, cloud accounting is safe. Or, at the very least, safer than most traditional accounting storage.

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SMSF Accounting

Can an accountant set up an SMSF Accounting ?

Unlicensed accountants can still provide SMSF establishment services, as long as they don't: recommend that a client establish an SMSF, or acquire or dispose of an interest in an SMSF (or other superannuation product); or. provide advice about the client's SMSF investment strategy or contribution levels.

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Benefits of Cloud Accounting Services

Update your Accounts as easily as you update your Facebook status.

In recent years, cloud technology has revolutionised our day-to-day lives. We post our family photos to Facebook, we pay our household bills through online banking and we use our smartphones to check our email on the move.

So, if we are utilising the cloud in our everyday lives, why are we not doing the same in our business lives?

Cloud Accounting Services now offers all the functionality and reliability of your tried and trusted desktop accounting system, but with a plethora of additional benefits that only online technology can deliver.

If your business is looking for a more effective way to manage its financial affairs, here are six reasons for seriously considering a move to cloud accounting.

1. Mobile access at any time

With cloud accounting, you can access your accounts and key financial figures at anytime, from anywhere.When you use an old-fashioned, desktop-based system, you are effectively tied to the office. Your software, your data and your accounts are all sat on a local drive. And that limits the access you can have to your financial information.

2. A cost and time-effective solution

Working online reduces your IT costs and saves you time by keeping you constantly connected to the business.Desktop-based systems require an investment in IT hardware, plus the maintenance of that hardware. You require a server to house the application software and the related data. And you will need to pay an IT expert to maintain both the server and the office network – that can be an expensive overhead.

3. Watertight security and no time-consuming back-ups

When you are cloud-based, your accounts and records are all saved and backed up with military levels of encryption.

If you have used desktop accounting, you will be aware of the need to back-up your work at the end of each day. And you will also know about the need for updates each time your provider brings out a new version of the software.

4. Share and collaborate with ease

Working with colleagues, and sharing data with your advisers, is an extremely straightforward process when you’re based in the cloud.

5. Reduces paperwork and is more sustainable

Using cloud accounting can deliver the dream of having a paperless office.

With traditional accounting, dealing with paperwork, data-entry and financial admin can start to eat into your business time. Everything must be printed out and dealt with in hard copy, and this is slow, ineffective and bad for the environment.

6. Better control of your financial processes

The efficiencies of Xero’s online accounting software give you greatly improved control of your core financial processes.

Xero’s online invoicing function streamlines the whole invoice process, giving you a better view of expected income, an overview of outstanding debts and a clear breakdown of what each customer owes your business.