Hire Remote Bookkeeper, Accountant , Tax return Preparer or Admin Person
Monthly Bookkeeping, Payroll, Financial Statements & Tax returns for Extraction Industry and Mining Companies
Quality Driven Approach
QuickBooks And Xero Certified Experts
50% Reduction
In Costs
Part Time / Full Time Resources For
- CPA Firms
- Bookkeeping Firms
- Business Owners & Startup Companies
Starting from AUD 700 for 40 hours months
Starting from AUD 2100 for 160 hours months
Hire Remote Team
Bookkeeping software expertise
saasu
intuit QuickBooks
netsuite
wave
Freshbooks
odoo
Xero Gold Partner
zoho books
simply accounting by sage
yendo
Our Services
We are a group of professionals who offer accounting and bookkeeping services to our clientele across the AU. We offer standard as well as tailored accounting and bookkeeping solutions based on the specific requirements of our clients, ensuring them the best results with our services.
Setting up Xero/Quickbooks
Fill out our checklist to complete the Setup of your Cloud Software in a day. We provide step by step guidance.
Day to Day Bookkeeping
We will ensure that your books are upto date on the daily/weekly basis so you can stay on top of the Financial position.
Year End Finalisation
We shall provide you complete Financials which can easily be used in preparation and completing Corporate Tax Return.
Payroll Setup and Processing
This covers filing your Payroll through Single Touch Payroll system, TFN Declaration, Superannuation Return filing, Installment Activity Statement filing & PAYG Calculations.
GST in Australia
We shall reconcile your GST input Credit account and Output liability account.
Monthly Management Reports
We provide customized reports based upon client requirement. (Sales Perfomance, KPI’s, Overheads reporting, etc)
Bookkeeping for CPA's
We provide end to end bookkeeping solutions for CPA’s and bookkeepers in the AU.
BAS Returns
We deal with BAS very closely for our clients to ensure that GST claim is correctly calculated and Submitted Timely.
Annual Company Tax Return
We shall do your Individual & company Tax filing through your ATO login.
Why are we the 1st choice of AU Businesses for Accounting & Tax Return Preparation
Reduce 50% in Current Costs
You will see a Cost reduction of at least 40-50% as compared to local Bookkeeper or Accountant.
Self Hosted PMS
Our standardized processes and decent Project Management system helps to communicate with you clearly and efficiently.
Faster Turnaround
We generally reply to every emails same day or within maximum 24 hours.
Starting from
US $10 Per Hour Bookkeeping service
Detailed & Regular Work Updates
We send emails that carry all the necessary information you need to carry out business operations.
Monthly Meetings with CPA
We conduct monthly meetings with CPA’s for effective communication and understanding client needs.
Meeting Deadlines
We finish all our work prior to deadlines to prevent any kind of chaos during finalization. .
Detailed Checklists
We prepare a well-defined checklist of all the requirements for you so that you don’t have any confusion.
High Quality of Work
Our Standardized Procedures and Checklists will ensure error free work. .
Cloud AddOns Expertise
Hubdoc
With Hubdoc, you can automatically import all your financial documents & export them into data you can use.
Gusto
Gusto offers fully integrated online payroll services that includes HR, benefits, and everything else you need for your business.
Spotlight Reporting
Attractive performance reports quickly and efficiently. Ideal for organizations that need deeper insight and analysis.
Receipt Bank
Receipt Bank converts those annoying bits of paper – receipts and invoices – into Xero data!
AutoEntry
AutoEntry captures, analyses and posts invoices, receipts and statements into your accounting solution.
Shopify
Connect Shopify and Xero to effectively manage your online sales, inventory and accounting requirements.
Bookkeeping and Accounting for the Mining Industry in Australia
In Australia, the mining industry has always been a driving force in the economy, fueling growth and prosperity. But behind every glittering gemstone or precious metal lies a complex web of financial transactions that require careful accounting and bookkeeping.
The mining industry has a great impact on the other industries of Australia. It has a huge share in the economy of the country. Just like any other industry, maintaining financial records is equally important for businesses operating within the mining industry of Australia. Let’s explore different types of accounting and bookkeeping specifically tailored for the mining industry in Australia.
Different Types of Accounting and Bookkeeping for the Mining Industry in Australia
-
Financial Accounting:
- Tracks and reports on the overall financial health of the mining company.
- Generates financial statements that include balance sheets, cash flow statements, and income statements.
-
Cost Accounting:
- Analyzes and tracks mining operation expenses, such as labor costs and equipment expenses.
- Provides insights into production costs and informs pricing strategies.
-
Tax Accounting:
- Ensures compliance with tax laws and regulations specific to the mining industry.
- Prepares tax returns and calculates deductions and credits applicable to mining activities.
-
Bookkeeping:
- Manages day-to-day financial transactions within the mining company.
- Records all incoming and outgoing transactions accurately for up-to-date financial records.
Benefits of Accounting and Bookkeeping for the Mining Industry in Australia
- Provides precise financial information for better decision-making.
- Enables assessment of project profitability and resource allocation.
- Helps navigate complex tax regulations specific to the mining sector.
- Maximizes deductions and minimizes tax liabilities.
- Monitors cash inflows and outflows for effective capital management.
- Enables timely payments to suppliers and employees.
- Ensures accurate and on-time payment of wages to employees.
- Helps comply with labor regulations and maintain workforce satisfaction.
- Provides transparency to stakeholders, including investors, lenders, and regulatory bodies.
- Enhances trust and credibility in the mining business.
- Identifies potential financial risks and allows proactive risk management.
- Enables preparation for uncertainties in the industry.
- Facilitates in-depth financial analysis for future planning and growth.
- Helps forecast and prepare for financial challenges.
- Tracks expenses and supports cost-saving initiatives.
- Aids in optimizing operations and project budgets.
- Assists in managing resources effectively, including machinery and equipment.
- Helps extend the lifespan of assets through proper maintenance.
- Ensures adherence to industry-specific regulations and reporting requirements.
- Decreases the risk of penalties and legal issues.
Challenges of Accounting and Bookkeeping for the Mining Industry in Australia
-
Complex Financial Transactions and Reporting:
- Manages day-to-day financial transactions within the mining company.
- Handling multiple stakeholders and financial data can be overwhelming.
-
Compliance with Mining-Specific Tax Regulations:
- Strict guidelines by the Australian Taxation Office (ATO) for deductions, depreciation, and royalties.
- In case of compliance failure, it may result in penalties or legal problems.
-
Impact of Volatile Commodity Prices:
- Fluctuations in prices can significantly affect profit margins and cash flow.
- Financial records must be accurate for making informed decisions.
-
Managing Payroll for Large Workforce:
- Tracking hours worked across various locations can be time-consuming without efficient systems.
- Payroll management becomes challenging in the mining industry with a considerable workforce.
-
Challenges in Global Expansion:
- Dealing with currency exchange rates for international transactions.
- Handling offshore suppliers and transactions adds complexity to bookkeeping.
The mining life cycle can be broken down mainly into the following stages
-
Exploration:
- The exploration stage involves identifying potential mineral deposits and determining their quantity, quality, and distribution within a designated area.
- Geologists conduct surveys, collect rock and soil samples, and use various techniques like remote sensing, geophysical surveys, and drilling to gather data about the presence and characteristics of minerals.
- To locate mineral resources and assess their economic viability for future mining.
-
Evaluation Process:
- During this stage, collected data is analyzed to assess the feasibility of developing a mining operation.
- Engineers and economists evaluate geological data, estimate resource volumes, calculate potential profits, and assess environmental and social impacts.
- To determine if the deposit is economically viable and if the potential benefits outweigh the potential risks and costs.
-
Development Phase:
- If the evaluation is positive, the development phase begins, where plans are made to establish a mine and related infrastructure.
- Obtaining permits, securing funding, designing mine layouts, constructing access roads, setting up processing facilities, and establishing worker accommodations.
- To prepare the site for mining and ensure all necessary infrastructure is in place.
-
Production:
- This is the active mining phase where minerals are extracted from the deposit and processed for market.
- Drilling, blasting, excavating, transporting, crushing, and refining minerals. It involves the day-to-day operation of the mine, ensuring safety, efficiency, and environmental compliance.
- To extract minerals and deliver them to market while adhering to safety and environmental standards.
-
Closure and Rehabilitation Stage:
- As the mineral resource is depleted or mining operations become uneconomical, the closure and rehabilitation stage commences.
- Properly closing the mine, stabilizing waste piles, backfilling open pits, treating contaminated water, and restoring the land to a condition that is safe and environmentally sustainable.
- To minimize long-term environmental impacts and ensure the land is restored to a productive or natural state.
Different software available to help with accounting and bookkeeping for mining
- Xero: Cloud-based accounting software with real-time visibility, expense tracking, payroll management, and integration with other business tools.
- QuickBooks Online: Comprehensive accounting functionality, automation of tasks like invoicing, expense tracking by project, and detailed reporting for tax purposes.
- MinePoint ERP: Mining-specific software with modules for production cost tracking, equipment maintenance, safety compliance, and customizable stakeholder reports.
- Custom-built systems: Offer flexibility and customization but may come at a higher cost compared to off-the-shelf solutions.
Consider factors like the size of the mining operation, financial transaction complexity, and budget constraints when choosing accounting software.
The benefits of outsourcing accounting and bookkeeping for mining
- Cost savings
- Expertise in mining-specific regulations
- Focus on core competencies
- Flexibility and scalability
- Ensures compliance with tax laws and regulations.
How does Meru accounting help mining companies?
We at Meru Accounting provide a thorough analysis of books of accounts to know the viability of the Mining business as well as to know the profit. The mining industry has a vivacious opportunity if the investment is made carefully.
Mining business can be a huge opportunity given the entry and exit of investments in the asset are decided at the perfect time. Analysis of books of accounts can help in clearly determining the entry and exit time of accounts.
- We provide monthly profitability reports by a mine which helps the investor to track the expenses on the development of the mine.
- We help in deciding depreciation on mines scientifically to help find the exact cost of the materials excavated from the mine.
Bookkeeping for the mining business is a bit different as compared to other businesses. This is because of the thorough analysis of profit involved for a specific period. Therefore, they should always hire someone specialist to manage their books of accounts.
We, at Meru Accounting, provide top-class services from day-to-day bookkeeping to payroll management, and payable and receivable management. We indulge in proper profit evaluation before the actual work of the business starts. Then, we proceed further to the development phase with you, which involves digging into the mine.
Although no extraction resource happens during this phase, we still need to record the very day expense of the mining. However, the most crucial is the last process, the rehabilitation stage where we need to make the final reclamation of the mine when we are closing it. We indulge in this process with you and ensure that we do your bookkeeping and accounting very accurately and efficiently.
To know more about our services contact Meru Accounting today!
Conclusion
Accounting and bookkeeping are critical components of the mining industry in Australia. The unique financial challenges and regulatory requirements in the mining sector highlight the importance of maintaining accurate and up-to-date financial records. By utilizing professional accounting services or outsourcing to offshore experts like Meru Accounting, businesses can benefit from specialized knowledge tailored to the mining industry’s specific needs. This allows businesses to focus on their core operations while ensuring tax compliance and informed decision-making.
Meru Accounting enhances financial transparency, streamlines processes, identifies cost-saving opportunities, mitigates risks, and ensures compliance with tax regulations. As a business operating in the mining industry, you can leverage the experience and skills of Meru Accounting’s professional accountants. By doing so, you can optimize its financial operations, make informed decisions, and achieve sustainable growth and success within the dynamic mining sector.
Hiring Virtual Accountant With Meru Accounting
Meru Accounting provides world-class services that cater to all the needs of cloud accounting and bookkeeping of your business.
We work on the best accounting software like Xero and Quickbooks, as well as add-ons that will make sure all your work is up-to-date.
Help you with switching from your traditional software to Xero and Quickbooks.
We also manage VAT, BAS, Sales Tax and Indirect taxes for you so you are always ready at the end of the financial year.
When you choose to outsource your accounting work with us, it benefits you in the following ways:
- 1. Cost-saving
- 2. Access to skilled and experienced professionals
- 3. Better management of books of accounts
- 4. Decreased chances of errors
- 5. Improve business efficiency
- 6. De-burdens in-office employee’s dependency
- 7. Better turnaround time
We work on virtual technologies like Team Viewer, Virtual Private Network (VPN) to share and access data from your system.
You have to share your accounting software login details.
Through that, we complete all of your work and update it on the cloud, so you can have access to your data from anywhere and at any time.
Software is not a barrier for us. Due to our strong and professional accounting knowledge, we can prepare your books in almost any of the accounting software.
Our experts are always all ears to listen to your queries regarding bookkeeping and accounting or our services. You can contact us anytime by visiting: Contact Us page.
We provide our bookkeeping services at the rate of US $10 per hour. So, you only need to pay for the amount of time actual work is done.
We take certain preventive measures to secure your data, like:
- Cyberoam Firewall to prevent any kind of foreign threat.
- Dual-step authentication
- Implement anti-virus
- Limit user access so that login details are with a few people.
Meru Accounting work on some of the best accounting software’s like:
- Xero
- Quickbooks
- Netsuite
- Saasu
- Wave
- Odoo
Along with that, we also work with many add-ons like Workflow Max, Receipt Bank, Slack, TradeGecko etc., to extend your software’s capacity and improved work experience.
To book for trial, call us on our numbers or Please fill out the form here.
Our Work Information
We have combined team of Professionals. Seniors are generally Certified Chartered Accountants. Junior Bookkeepers are having Qualifications like Bachelors of Commerce, Masters of Commerce, Masters in Business Administration in the subject of Accounts and Finance, Intermediate level Qualification of Chartered Accountancy, etc.
For information visit our work methodology page.
We prepare a checklist of information required for bookkeeping and send you at timely intervals so as to ensure that we can do bookkeeping faster.
We can provide to you once we move ahead in our interview.
We serve clients on MYOB and have expertise working in Essentials, Account Rights Plus, etc.
Yes, We are presently processing Payroll for Number of clients in US , UK and Australia and take care of complete payroll activities.
Goods and Service tax (GST) is levied on sales of all the goods and services in Australia. GST is generally chargeable at 10% of value of sales.
Business Activity Statement is a predefined form to be submitted to the Australian Tax office by all the business persons in order to report on their all the tax obligations during the period covered.
BAS is generally required to be filed quarterly by various businesses.
Bookkeeping for CPA(s)
Certified public accountants or CPAs are known as backbones of a business firm. They help a business to survive and stand in the market. They are financial experts. Their stronghold at accounting, taxation, and finance makes them feel that they don’t require any bookkeeping service to keep a check on all the updates and paperwork.
CPA(s) are very knowledgeable. But spending their time in compilation and updation of paperwork is not a part of their job. They can efficiently invest this time in looking up for new clients and strengthening of already made tie-ups with multiple business firms. CPA(s) often live under the misunderstanding that they need not hire a professional and invest extra money on bookkeeping.
This is an actual myth these days. Having a personalized bookkeeping service improvises the accountant’s productivity. Your work gets more organized and stays updated. Outsourcing accountant experts are well updated with all the latest technologies that are needed to thrive in the industry.
As an accountant, you shall have peace of mind if you know that your accounting processes are in safe hands. Your data is being accessed using the latest technologies. This becomes a major strength when your motto is to work with the maximum no. of clients.
A good bookkeeping service will know about software like Freshbooks, SageOne, Wave, Xero, Quickbooks, etc. When your accounts are with an expert, who is not just mending for paperwork, you are good to go. All these benefits prove the need for bookkeeping for a CPA’s growth and easy work processing.
The acronym CPA stands for Certified Public Accountants. A CPA is a certification issued by the American Institute of Certified Public Accountant (AICPA). A person certified as CPA acts as a financial advisor with a high degree of knowledge and experience in the field of accountancy. This certification is mostly preferred by the CA, CS, MBA Cost accountant, financial advisors for professional recognition.
CFA stands for Certified Financial Analyst certified by CFA institute whereas CPA stands for Certified Public Accountant certified by AICPA. The purpose CFA is to analyses different financial option and provides investments options to the key financial planner and upper management of investment companies, whereas CPA is trained accountant professional who assists in various accounting service and taxation. We can say CFA act as financial analyst whereas the role of the CPA is of a facilitator of the accounting process.
If an individual, business, firm, or organization needs help for the preparation of tax, they should hire a CPA. If they need assistance for financial planning and investment, then should hire a CFA.
The three E(s) of CPA are Education, Examination and Experience. These 3 E(s) are necessary to get licenses for CPA. Only passing out examination doesn’t make you eligible for a CPA license, you need to meet sufficient requirements to get a license. Contact to this site for more details https://www.aicpa.org/becomeacpa/cpaexam.html
An individual, business, or any organization needs assistance in finance, accounting and business require a CPA. A qualified CPA provides professional expertise and advice to your business.
CONTACT US FOR ANY QUESTIONS
Our Office Address
AU Office
Level 8/350 Collins Street, Melbourne VIC 3000, Australia
902, Shivalik Tower, Nr. Panchvati Cross Roads, Ahmedabad, Gujarat 380009, India
