Rethink CFO will ensure the proper financial systems and processes are put into place so that the company is compliant with tax requirements. This entails implementing systems, bookkeeping, and structured reporting.
To file taxes and understand the performance and health of your business, we need a way to record accounting transactions. To do this we use online systems.
Accounting Essentials Benefits
Essential accounting services in one solution.
Monthly Knowledge of business performance
Drive accountability in your business.
Efficient, effective, and accurate recording of transactions depends on excellent systems and a focus on frequent reconciliations. We can provide these services, however some of our clients have existing bookkeepers. In most cases, training and mentoring quickly brings this team member up to Rethink CFO speed, increasing productivity.
What gets measured and clearly communicated gets improved exponentially. As soon as possible after month end, reports with the business’s financial performance and situation are created and sent to you. Regularly reviewing these reports is a key first step in having a healthy accountability in your business.
More about Accounting Essentials
Essential to keeping on top of your business's financial matters is ensuring that your accounting system is reconciled at least weekly.
Cloud solutions can offer your business a full range of features and services, including multi-currency accounting, live data feeds from bank accounts around the world as well as online reporting tools that give you more insight into aspects like cash flow management or tax preparation.
Further benefits of maintaining accurate and up to date accounting records include:
1. Reduce your tax bill
You can claim business expenses against your income, reducing your tax liability. Good records allow you to support your expense claims if you are audited. (If your records cannot confirm an expense, we may not allow you to claim it).
2. Complete returns more easily
Keeping your bookkeeping up to date makes it easier to file your GST and tax returns and meet your employer obligations (if you are an employer).
3. Avoid penalties
Accurate records enable you to complete your tax calculations faster and more accurately, avoiding any
possible penalties for underpaid taxes or incorrect returns.
4. Reduce time and stress
If you’re in business you can expect to be audited by us at some stage. The audit is likely to be much faster and less stressful if your records are well kept. You don’t want to be distracted from your core business activities by having to search for or explain missing records and documents.
Better business management
5. Better control of your business
Good records show you whether your business is making enough money to meet its expenses and make a profit. They reveal what you’re spending money on and where this money is coming from. This will help you in budgeting and decision making.
6. Better business decisions
If you wait till the end of the year to find out if your business is making (or losing) money, it may be too late. Regularly updated records allow you to identify any problems and make timely corrections.
7. Manage your cash flow
You can track the flow of money in and out of your business. You know what’s coming in, and what
commitments you must meet. You can plan for periods of low cash flows (such as seasonal downturns) and identify the right times to buy business assets.
8. Lower your compliance costs
If your accounting system is in order, your accountant will spend less time preparing your annual returns—time that you are paying for. You’ll be able to use the accountant’s services for more specialized tax planning advice instead.
Increased funding opportunities
9. Increase finance or funding chances
Good record keeping makes it easier for others to know whether to invest in your business or project. It’s much easier to put a good case together when applying for loans or grants if you’ve got accurate records to support your intentions. Keeping accurate records provides lenders with evidence that your business is being run professionally, which makes it a better prospect for investment. This is also true if you’re thinking of selling the business. Potential buyers can check your performance by looking at your records. They also know that it will be much easier for them to take over a well-organized business.