Hire Remote Bookkeeper, Accountant , Tax return Preparer or Admin Person
Monthly Bookkeeping, Payroll, Financial Statements & Tax returns for Traders and Trading 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 Trading Firms in Australia
Are you a trading firm looking to level up your financial game? In today’s fast-paced business world, bookkeeping and accounting play a crucial role in ensuring the success and growth of trading firms. Whether you’re just starting or have been in the game for years, accurate and reliable financial records are essential. Here’s everything you need to know about bookkeeping and accounting specifically tailored for trading firms in Australia.
Core Aspects of Trading Firms in Australia
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Inventory Management
Inventory management is the basis of trading firms' operations. These companies typically deal with a wide range of products, necessitating the maintenance of accurate records of inventory levels.
Effective inventory management serves several essential purposes:
- Tracking Stock Levels: It enables trading firms to monitor the quantity of goods they have on hand, ensuring they have sufficient stock to meet customer demand.
- Preventing Overstocking or Understocking: Maintaining the right balance of inventory is critical. Overstocking fills the capital and storage space, whereas understocking can result in the loss of sales and unsatisfied customers.
- Optimizing Cash Flow: Efficient inventory management ensures that capital is not tied up in excessive inventory, freeing up funds for other operational needs.
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GST Compliance
Goods and Services Tax (GST) is a fundamental aspect of Australian taxation that trading firms must navigate. Accurate calculation and reporting of GST are vital to avoid legal issues and ensure compliance with Australian tax laws.
GST compliance involves:
- Proper Record-Keeping: Keeping detailed records of GST paid and collected is essential for accurate reporting and auditing purposes.
- Timely Filing: Trading firms need to submit GST returns on time to avoid penalties and interest charges.
- Understanding Input and Output Tax: Distinguishing between GST paid on purchases (input tax) and GST collected on sales (output tax) is crucial for accurate reporting and maximizing GST credits.
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Currency Exchange
Many trading firms in Australia engage in international transactions, introducing currency exchange complexities. Managing exchange rates and associated costs is vital for profitability.
Key considerations include:
- Hedging Strategies: Implementing strategies to mitigate currency exchange rate risks can protect trading firms from unexpected losses.
- Monitoring Exchange Rates: Keeping a close eye on currency exchange rates allows trading firms to make informed decisions about when to convert foreign currency holdings.
- Compliance with Accounting Standards: Properly accounting for currency exchange gains or losses is necessary to ensure financial reports accurately reflect the firm's financial position.
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Cash Flow Management
Cash flow for these firms can be highly volatile. Proper cash flow management is essential for ensuring the firm's liquidity and sustainability.
Key practices include:
- Budgeting: Creating and regularly updating cash flow forecasts helps trading firms anticipate cash needs and plan accordingly.
- Invoice Management: Timely invoicing and efficient accounts receivable management are crucial for maintaining a steady cash flow.
- Expense Control: Careful monitoring of expenses and cost-cutting measures can help stabilize cash flow during lean periods.
Role of Accounting and Bookkeeping in Trading Firms in Australia
Accounting and bookkeeping serve as the basis for trading firms, systematically recording, summarizing, and analyzing financial transactions. This includes carefully tracking sales, purchases, expenses, and revenue generated from trading activities.
Bookkeeping complements accounting by organizing records systematically. It involves recording daily business transactions such as invoices, receipts, bank statements, and tax documents. Bookkeepers ensure that all financial data is organized and up-to-date, facilitating easy access when needed.
Australia has a complex regulatory environment, and trading firms must adhere to various tax laws and reporting requirements. Accurate accounting practices help ensure compliance with these regulations, reducing the risk of legal issues or penalties. Regulatory authorities, such as the Australian Securities and Investments Commission (ASIC), set specific reporting standards that trading firms must meet.
Effective accounting practices provide valuable insights into a trading firm’s profitability and performance over time. By analyzing financial statements like income statements and balance sheets, prepared through accurate bookkeeping processes, trading firms can make informed decisions regarding resource allocation, pricing strategies, inventory management, and expansion plans.
What are some common mistakes made in bookkeeping and accounting for trading firms in Australia?
Mistakes happen, and when it comes to bookkeeping and accounting for trading firms in Australia, there are a few common pitfalls that can trip up even the most diligent business owners. Let’s take a look at some of these mistakes so you can avoid them:
What do trading firms in Australia need to know about bookkeeping and accounting practices?
- Comply with regulations set by the Australian Accounting Standards Board (AASB).
- Follow guidelines for preparing accurate financial statements.
- Keep records of income, expenses, assets, and liabilities in detail.
- Track financial performance, make informed decisions, and prepare accurate tax returns.
- Understand various account types – revenue, expense, asset, liability, and equity accounts.
- Properly classify transactions to ensure accurate recording.
- Grasp industry-specific taxation laws.
- Understand Goods and Services Tax (GST) obligations.
- Be aware of other relevant taxes like payroll tax or fringe benefits tax.
- Consider reliable accounting software or professional bookkeepers.
- Cloud-based systems offer real-time access to financial data.
- Leverage accounting information for informed decision-making.
- Analyze financial statements to assess performance and plan strategies.
- Prepare accurate financial statements to meet reporting requirements.
- Maintain compliance with regulations to avoid penalties.
- Use financial data to drive business strategies.
- Monitor cash flow and profitability for effective management.
How does Meru accounting help trading firms in Australia?
- Expertise in accounting services: Accounting for Trading Firms – Trading firms are very uncertain about gaining profit and revenue due to the risk involved in trading! We at Meru Accounting understand this uniqueness and based on it we provide our clients with the best accounting and bookkeeping services. We also provide them with regular accounting statements. So the firms can test their businesses and can make important decisions based on it.
- Receivables management: Receiving payments on time is required for a firm to grow and flourish in its business, and thus we have our highly trained staff to provide our clients with accurate receivables management services on time. When using online payment gateways like Paypal, Skrillex, Stripe, Transfirst, Square N, We Pay, etc.; we help you ensure timely receipts of payments along with accurate reconcilement.
- Payroll management: Trading firms’ payroll systems can be a little complex as they also include a commission to be paid to employees and thus accuracy is much needed. We at Meru Accounting with the proper expertise in accounting software provide our clients with the most efficient and easy solution for paying the employees and site workers.
- Cash flow management: Trading firms’ nature requires a different cash flow management, and to provide that we have our expert team of professionals. We regularly monitor the accounts and reconcile them with the receipts of payments. So, there are no discrepancies and shortages of cash flow, which is essential for trading in specific markets.
- Profitability per batch: With our expert team, we help our clients judge their profit per batch for the performed trades, which can help in decision-making and turn profitable for our clients.
- Tax planning: Planning taxes at an earlier stage can benefit a trading firm to save on taxes. We provide our clients with our best tax analysis to plan their taxes systematically.
- Taxation: Taxation is an essential part of a business and requires knowledge and time to execute it properly. Thus, we at Meru Accounting give our clients taxation services, so they can work on their core part and grow their business with no worry.
Conclusion
In conclusion, accurate bookkeeping and accounting practices are essential for trading firms in Australia. These practices go beyond mere financial record-keeping; they serve as the core of a firm’s financial health, compliance with legal obligations, and strategic decision-making. Trading firms must recognize the significance of maintaining detailed and precise financial records, which provide insights into profitability, cash flow management, and performance evaluation.
Meru Accounting, a leading expert in providing comprehensive financial solutions, provides services that perfectly align with the needs of trading firms. Meru Accounting offers specialized expertise, advanced technology, and compliance assurance, all of which trading firms require to thrive in today’s competitive landscape. Through Meru Accounting’s services, trading firms can gain access to accurate and up-to-date financial information, enabling them to make informed choices, achieve regulatory compliance, and establish credibility with stakeholders.
Ultimately, just as accurate navigation is vital for a trading vessel to reach its destination safely, careful bookkeeping and accounting, exemplified by services like those offered by Meru Accounting, take trading firms toward sustained growth, sound financial management, and a competitive edge in the dynamic Australian market.
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
