Cloud Accounting & BAS

Accounting & BAS Solutions

We can recommend suitable software, tailor it to your needs and train you on the day-to-day functions. We set-up and maintain our clients’ books online in Xero or MYOB Essentials, on PC or Mac, with automatic bank feeds to save time. Bookkeeping by our employee accountants, to high standards and with Electra Frost’s oversight. We don’t outsource your work to cheap offshore providers. Ask us for quarterly BAS reminders, monthly reconciliations and insightful accounting advice whenever needed.

Under tax law, if you are carrying on a business you must keep records that record and explain all transactions and the methodology used to derive an estimate, determination or calculation. Unless your affairs are simple enough for a basic cash-book system it can be pretty time consuming and difficult to ‘do-it-yourself’ without accounting experience. If you operate your business through a company, you will most certainly need professional assistance.  

We’re here to help!

Accurate, bank-reconciled and reliable accounting records with correctly classified transactions readily provide the information your accountant needs when preparing your BAS or tax returns.

Rather than checking that all the numbers are in the right place your accountant should be focused on the bigger picture: identifying opportunities for your tax benefit and formulating valuable advice.

As professional accountants with great IT systems, we can offer streamlined and efficient alternatives to traditional bookkeeping. Our services aim to save you time and money and obtain you the best value from your consultations with Electra Frost.

We make it easy with Xero and MYOB

Do you need a simple, cost effective and accurate system for completing Business Activity Statements (BAS)?

Xero and MYOB provide a range of tools and services to help accountants and business clients streamline their accounting requirements.

Bottom line – it is bookkeeping and BAS made easy, and affordable.

  • Useful apps can synchronise with Xero and MYOB for saving receipts, invoicing, point-of-sale, time-tracking and other business management tools.
  • You can log in to your online file anytime to create and send invoices to your clients and record bills from suppliers.
  • Then match the bank transactions against the invoices when paid.
  • Attach electronic copies of your bills to their entry in the system.
  • You can easily run sales reports to chase up outstanding debtors, to help you get paid sooner.
  • Each day, week, month or quarter you can match or code the transactions, checking the GST on your tax invoices when necessary.
  • Record “Rules” so as time goes along your system can memorise regular transactions by amount or description.

Your time required could be reduced to around one hour a month, with our help… compared to endless hours of head scratching and cussing at the computer.

The benefits to you of Xero and MYOB include:

  • Your accounts are processed faster, more efficiently
  • You have essential, up-to-date information for business decisions
  • You can generate easy-to-understand monthly management reports
  • You spend much less time on compliance issues, freeing you to work on productive business activities
  • Your GST information will be prepared effectivel
  • Your BAS can be lodged by us before the due date
  • Your accounting records can be ready for us to do your Tax Return as early as July!

New System Set-Up

If you do it properly from the outset, you’ll save time and money later! We’re a Xero Silver Partner and MYOB Professional Partner. Our friendly and experienced Business Services Accountants can set up your accounting system and teach you how to get the most out of it. They work alongside Electra Frost on all functions of business accounting and tax, so you will benefit from their wealth of knowledge and strategic approach. We use Skype or Zoom video for meetings, so you don’t even need to leave your office! If you’re ready to reap the benefits of cloud accounting, we can make it work for you.

New System Set-Up and Training:

Initial meeting includes:
  • Choose the right software and subscription levels for your needs and budget
  • We set up your subscription with a software provider
  • Create your Chart of Accounts, tailored to your business (or based on your last Profit and Loss and Balance Sheet reports)
  • Set up the bank feeds
  • Enter conversion balances
  • Introduction to settings, features and system navigation.
Follow up meeting includes:

This is booked once the bank fees are active, usually 1-2 weeks later.

  • Import historical transactions and update bank balances
  • Create your customised branded invoice template
  • Train you on the essential daily bookkeeping functions – document management, contacts, invoicing, tracking debtors, bills, cash expenses.
  • Set up some transaction rules and automations
  • Show you how to allocate banking transactions
  • Introduction to accounting reports
  • Tips on how to get the most of the system and work well with your accountants and advisers.
  • Advice Notes – a personalised summary and reminder of what was discussed and recommended to you.

YOUR INVESTMENT:   $400 plus GST.

Optional extras, if required (charged hourly):

  • Employee set up, payroll and superannuation functions.
  • Full bank reconciliation
  • Importing data from other system, e.g. card files.
  • Assistance with compatible software ‘Add-Ons’
  • BAS preparation advice – GST and PAYG instalments basics.

Existing System Health-Check

Can’t work out why you can’t balance? Are you finding it difficult to maintain your Xero or MYOB file yourself? Could it have been set up better? Do your accounts need a bit of a tidy up before tax time?

Let’s get forensic on your file! Don’t waste hours and evenings trying to work it out by yourself. You need professional help. We can identify the problems, tell you what needs fixing and how, train you on how to manage the system better and offer some great solutions.

Existing System Health Check

Includes: 

  • Pre-consultation questionnaire – to tell us your concerns.
  • Preliminary analysis of your system set up , transactions and balances
  • Consultation on Zoom or Skype video – discussing our findings, making recommendations, and training
  • Correcting some income and expenses classifications and GST coding with you
  • Balance sheet analysis
  • Follow-up advice notes for your future reference.

YOUR INVESTMENT:   From $250 to $500 plus GST (depending on how extensive and needy your accounting records are)

Optional bookkeeping extras, if required (charged hourly):

  • Extensive re-classification of incorrectly recorded transactions.
  • Entering invoices, bills, and cash payments.
  • Payroll processing and ATO lodgements.
  • Bank reconciliation.

 Contact us now with any questions. We look forward to assisting you!

Training

Whether you’re setting up a new file, migrating from an old system, getting your existing records into order, can’t BALANCE… or just need to know because you don’t know what you don’t know…! We can work with you to solve all the problems and show you or your staff how to better manage your system. Our training sessions are held over Skype or Zoom video from our office, and are tailored to your requirements.

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Services Packages

Our clients’ businesses are unique, so we make sure we get to know about you and your business in order to offer you the appropriate accounting and tax services. Our business packages may suit your financial budget, and there are no surprises with our fixed monthly fees. You will always have the option to adjust the plan to meet your needs.

Bookkeeping is important to ensure your business is compliant with tax law and ASIC. Up-to-date books also allow you to take advantage of new opportunities, and to monitor and react to changes. We help take away the headache and paperwork of your bookkeeping tasks so you can focus on growing your business.

Bookkeeping Packages

  • SMALL: For businesses with up to 70 transactions per month and paperless payables. $70 /week plus GST
  • MEDIUM:  For businesses with up to 150 transactions per month and paperless payables. $110 /week plus GST
  • LARGE:  For businesses with up to 250 transactions per month and paperless payables. $180 /week plus GST
  • CATCH-UP BULK: For businesses that have fallen behind. P.O.A.

Business Packages

Sole Trader Standard

  • Perfect for contractors, freelancers and micro-businesses.
  • $85 /month plus GST
  • Free Standard Xero or MYOB Essentials subscription.
  • Annual Financial Statements
  • Annual Income Tax Return
  • Annual Tax Review Meeting

Small Business Plus

  • Quarterly and annual compliance for your business, plus pro-active advice.
  • $230 /month plus GST
  • Free Standard Xero or MYOB Essentials subscription.
  • Annual Financial Statements
  • Annual Income Tax Return
  • Annual Tax Review and Business Strategy Meeting
  • Quarterly BAS Lodgements

Company On Track

  • Advice every quarter, with all your tax and ASIC requirements taken care of.
  • $495 /month plus GST
  • Free Xero or MYOB subscription (advanced options available)
  • Annual Financial Statements
  • Annual Income Tax Return
  • Annual Tax Review and Business Strategy Meeting
  • Quarterly BAS Lodgements
  • Quarterly accounting system health check
  • Quarterly management reports
  • Quarterly business advisory meeting
  • KPI development and analysis
  • Annual tax planning
  • Annual budget development
  • Lodgement of annual PAYG payment summaries
  • ASIC administration – annual declaration with filing fee paid