This product is ideal for businesses with a turnover of under $10 million dollars working in the commercial and domestic building industry providing trades and professional services. The businesses will essentially provide services, some materials and have vehicles and equipment to complete their contracts.
Because some potential clients may already be reporting on an accrual basis to the ATO then there may be a need to consider structural changes to move to reporting on a cash basis. This could be very worthwhile, we have seen businesses losing $100k in cash flow because they are paying GST on money they haven’t received, and even worse on retentions – when these payments can be delayed between one and two years.
Introducing the simplest, uncomplicated way to have your accounts, BAS and tax returns completed for your business.
You don’t need to learn an accounting package – just get on with running your business.
Payroll is tied to the weekly accounts and it’s all kept up to date, so that everything is lodged on time, so that’s the end of late lodgement fees.
Once setup, there is no paperwork stress – just make sure the payroll timesheets are kept up to date.
Get on with running the business and making money, without stressing about paperwork and the complexity of the GST calculations for this industry, worrying about the taxman, knowing that your
lodgements are all up to date.
There is enough paperwork in the construction industry, dealing with plans, contracts, OHS, etc, without being behind in BAS and employment compliance.
The Cunning Fox takes away all that time wasting of the past and gives you the most comprehensive accounting and tax solution that is not only accurate and effective, but also probably the most competitive option in the market place.
On the 1 st July 2018 there was a change in reporting, so businesses with a turnover of $10 million dollars could report on a cash basis.
How it works
We complete all transactions through the bank account and card or cards associated with that account ONLY – NO cash receipts (constant handling of cash is waving a red flag to the ATO and who needs the aggravation anyway).
Annual subcontractor statements are completed, as we all need to keep a subcontractors register.
Payroll is completed through our payroll system
You will probably have better information than you had before, keeping a pulse on your business – our accounting system is also a great business tool, not just for tax.
You get to see if you are in the ATO benchmarks and what you need to focus on.
What you do –
Ask further questions, look at our FAQ
Sign up to be our client.
Check to see if the accounts are behind and catch-up if needed, so we know that we are working with an updated balance sheet.
Sign in to the Precis Accounting bank feed so we never ask for statements again
Supply us with copies of financial agreements that relate to your business (car leases, equipment leases etc.), plus any other information you think we may need.
And we are ready to go.
What you do after –
Supply us with any new finance agreements (these don’t happen often)
Check the monthly accounts completed that we send to you, sign the BAS and the tax returns when due.
Ask any questions about the accounts you have.
Get on with your business.
What we do –
Having the information from the bank feed, complete your accounts and send you the cash report (cruncher).
Every month complete the profit and loss and send these through to you.
Every quarter complete your BAS and every year pass through the annual accounts for lodgement and signature. Easy for you.
A quick Cunning Fox service that allows you to get on with your business, with Precis Accounting.
No extras for bookkeeping or accounting.
No extras for BAS and tax lodgements,
All information of your finances are constantly sent to you. You can see the financial statements, BAS and tax returns. How much you have made and what you owe in tax.
It’s easy to audit our work with the information we give you.
Annual tax returns for the business.
You don’t need to worry about subscribing to an accounting package The Cunning Fox does the work for you.
You don’t need to waste time learning how to use an accounting program or be embarrassed about asking how to use it – The Cunning Fox does it all for you.
It may look like a virtual accounting service, but your accountant is there to help, answer questions and help you understand the reports and the finances of your business – no limit.
Our unique number cruncher report, allows you to review and check work and understand your cash flow as well as accounts without making reading accounts a “turnoff”.
So let me ask you again – after paying $86 including GST per week there is nothing else to pay?
That’s right that’s the fee plus payroll which will depend on the number of staff you have.
That’s right – that’s the bookkeeping, accounting, BAS, and tax returns all rolled into one fee.
What if I am behind in my accounts?
We can help you – and quickly.
We can complete a catch-up of all the accounts and lodgements.
In most cases we can complete this for the same price as the program, and we will have you up to date and compliant quickly, and we will talk to the taxman if needed so you don’t have that stress.
Why does this deal include payroll?
One of the major costs to an accounting firm is auditing payroll at the end of the year, to send out group certificates and complete a PAYG summary.
By offering a competitive payroll service, we are able to keep everything up to date with our own Audits.
If the ATO came looking for an audit we would be ready.
What about creditor’s ledger and any debtors I may have?
Because we are reporting on a cash basis, and can do so up to $10 million dollars of turnover, the creditor’s ledger and debtor’s ledger are not needed to complete the accounts for the Australian Taxation Office.
You keep the creditors and debtors’ ledger as well as make payment when the bills are due.
When you pay the bills or collect a debt that is when they become part of the reportable accounts.