What We Can Offer You
From sorting out timesheets to the preparation of pay slips, payroll takes a lot of time. At Coastal Tax, we can streamline the process for your business. We are able to do your entire payroll process for you, or advise and implement business systems and software that will ensure you look forward to paying your employees!
If you use a current cloud accounting system, such as Xero, MYOB or Quickbooks, we can process your payroll using the system you already have in place. Letting our team take care of the process gives you peace of mind and more time to focus on the important things! For Bookkeeping and Payroll help in Newcastle, we can help!
PAYROLL SET-UP
Another complicated component of payroll is the initial set-up. It can be risky to do this yourself if you lack experience. Luckily, we are here to help. Our team can set-up this feature on your current cloud accounting system – this will ensure setup only needs to be done once, and that it is done right. Our services are completely tailored to each business to ensure the process is smooth, effective and time efficient.
PAYROLL TAX
In every Australian state, payroll tax is paid on wages. If it wasn’t already confusing enough, each state’s tax amount differs slightly – this can cause a huge headache if your business has employees in a number of states.
Our team can provide expert guidance on your obligations for your state(s). We don’t just ‘do’ payroll, we work with you ensuring you have an understanding about the obligations you are abiding by. With assistance from our team, your business will comply with all obligations in a cost-effective way, pay tax on the correct components of your wage bill, reduce the risk of misstating tax payable and manage payroll audits.
Bookkeeping
We understand how vital it is to prepare management reports and accounts that provide accurate and timely financial and statistical information. This information is required by managers to make day-to-day and short-term decisions, and is vital for the business.
Coastal Tax have team members that specialise in Bookkeeping and Management Accounting to ensure your reports are all organised and correct.
A retail point of sale system typically includes a cash register (which in recent times comprises a computer, monitor, cash drawer, receipt printer, customer display and a barcode scanner) and the majority of retail POS systems also include a debit/credit card reader. We can help setup this software and integrate it with the other business software that you are using.
Bookkeeping involves the process of recording, analysing and interpreting the financial transactions of a business or individual. The discipline of bookkeeping accounts for a large proportion of the accounting process.
A bookkeeper’s duty is to set up financial statements so that an accountant can easily perform legal and tax management in a timely manner.
A skilled and compliant bookkeeper should be able to produce financial records that give business accurate information about its financial activities. These records are critical to the future success of any business. Not only are these records necessary for the business, they are also required by law. Australian legislation states that businesses must have up to date financial records to ensure that they pay all necessary taxes and levies.
Records must be kept that are accurate and true for a period of at least 5 years from the date that the documents were prepared, obtained or the transaction completed, whichever occurs the latest. Some records, such as payroll, must be kept for a minimum of 7 years.
Data entry is the act of entering information into electronic formats by using word processing or data processing software hosted on a computer and its data entry operators who perform these tasks. In truth, though “data entry” sounds technical, you can get many of these jobs with no previous experience.
Payment Setups for you to approve securely
Bank & Credit Card Reconciliation
Inventory Control
Reconciliations Supplier Statements
Coding & data entry of Supplier Statements
Creating, coding & issuing of invoices
Assisting with a creditors procedure
Weekly and Monthly Creditors Reports
Weekly & Monthly P&L, Balance Sheet & Cashflow Reports
Multicurrency - Foreign Exchange Gain/Loss Calculations
Weekly and Monthly Debtor Reports
Fixed Asset Register management
Budget V Actual Comparisons
Preparation of BAS & IAS Statements
Financial statement and other financial information distributed to people outside of a company.