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In today’s fast-paced business environment, keeping your eye on the big picture while managing the daily grind can be challenging. From financial management to customer service, the demands on your time can prevent you from focusing on what truly matters – growing your business. This is where Business Process Outsourcing (BPO) can play a crucial role.
By outsourcing your accounting and financial processes, you can free up valuable time and resources, allowing you to concentrate on your core business activities. Attune Advisory offers expert BPO services tailored to your business needs, helping you maximise financial opportunities and streamline operations so let’s unpack some benefits and where the real power lies ...
BPO is not just about cost savings—it's about enhancing your business efficiency and gaining access to specialised expertise. Here’s how BPO can benefit your business:
1. Focus on Core Business Activities Outsourcing non-core functions like accounting allows you to redirect your focus to the areas of your business that drive growth and profitability. With the day-to-day financial tasks handled by experts, you can spend more time on strategy, innovation, and customer service.
2. Access to Expertise Attune Advisory provides a professional team with in-depth knowledge and experience in financial management. By partnering with us, you gain access to expertise that might be too costly or time-consuming to develop in-house. This ensures that your financial processes are managed efficiently and in compliance with Australian regulations.
3. Scalability and Flexibility As your business grows, your needs will change. BPO services are highly scalable, allowing you to adjust the level of support you receive as required. Whether you need more hands during tax season or additional expertise when entering a new market, BPO offers the flexibility to adapt to your business's evolving needs.
4. Cost Efficiency Outsourcing can be a cost-effective solution, reducing the need for full-time in-house staff and expensive infrastructure. With fixed-fee services from Attune Advisory, you can plan your budget more effectively without the worry of unexpected costs.
At Attune Advisory, we live and breathe cloud accounting solutions. The integration of cloud technology into your business processes can transform the way you operate. Here’s why cloud solutions are a game-changer:
1. Real-Time Information Cloud-based accounting systems provide you with real-time access to your financial data. This means you can make informed decisions quickly, with up-to-date information at your fingertips.
2. Improved Data Accuracy Cloud solutions reduce the risk of human error by automating data entry and integrating various business processes. This leads to more accurate financial records and better decision-making.
3. Cost Savings Moving to the cloud can significantly reduce hardware costs and IT maintenance expenses. Additionally, cloud services often come with a subscription-based model, allowing you to pay only for what you use.
Cloud tech stacks are the future of business – there’s little question… A cloud tech stack is a collection of cloud-based software that works together to streamline your business operations. At Attune Advisory, we can help you build a customised cloud tech stack tailored to your specific business needs.
For example, if you’re already using Xero for accounting, there are hundreds of apps that can integrate with Xero to automate processes and reduce the need for double data entry. This integration can cover various aspects of your business, including:
With a fully customisable cloud tech stack, all your business information can be available to you anywhere, at any time. This level of accessibility and integration not only increases efficiency but also future-proofs your business against technological changes.
To recap, Business Process Outsourcing, combined with cloud-based solutions, is a powerful strategy to enhance your business's efficiency and scalability. By partnering with Attune Advisory, you can focus on what truly matters – growing your business and securing your financial future as you do it – we’ll handle the rest. Contact us via 1300 866 113 or email us today to learn more about how our BPO services can benefit your business.
Finding the right tax accountant for your business is not just about searching “tax accountants near me”; it requires careful consideration. There isn’t a one-size-fits-all approach, and your decision should align with your specific tax needs and business preferences. However, some key factors can guide you in making an informed choice.
Here are some essential considerations to help you select the right tax accountant for your business.
While many tax accountants offer a broad range of services, what often sets them apart is their specific expertise. Whether you need help with lodging your end-of-year tax return or advice on restructuring your business to minimise tax liability, your chosen accountant should have a proven track record in these areas, especially with businesses similar in size to yours.
When evaluating potential accountants, consider whether they have successfully supported companies larger than yours. This experience indicates that they possess the capacity to meet your business’s needs as it grows. We’re completely open to discussing how your needs align with our experience, so don’t hesitate to chat to the Attune team to ensure the right fit is with us.
Effective communication is crucial in any business relationship. It’s important to know that when you have urgent questions about your tax position or changes in legislation, your accountant will respond promptly. Your ability to make informed financial decisions depends on having reliable communication channels.
If you’re considering a larger firm, ensure that you’ll have a dedicated point of contact for your tax queries. Personalised service is vital, as no one likes dealing with automated systems or overseas call centres when they need timely assistance.
Thanks to digital communication and cloud computing, businesses can now access accounting services from anywhere. However, this convenience can come with drawbacks, such as a lack of understanding of local tax laws or time zone differences that complicate scheduling.
Face-to-face interaction still plays a crucial role in building strong working relationships. If you prefer in-person meetings, consider choosing a tax accountant who is locally based and can attend meetings at your office.
The software your accountant uses can significantly impact your working relationship. While secure and up-to-date software is essential for managing financial data, it should also be user-friendly. You’ll want to ensure that you’re comfortable using the tools provided or that your accountant can assist with their integration into your business.
Opt for an accountant who uses collaborative software that is easy for you to navigate, ensuring smooth communication and data exchange.
You can also assess an accounting firm is by reading reviews from their clients. While firms provide an overview of their services, customer reviews offer insight into the actual experience of working with them. These testimonials can reveal how well the firm handles challenges and whether they meet client expectations.
Pay attention to how clients describe their relationship with the firm, including how long they’ve partnered and which accountants they’ve worked with. This information can indicate the strength of the firm’s client relationships. Also, note if clients mention specific services that are relevant to your business, as this can confirm the firm’s expertise in those areas.
Above all, your tax accountant should have the expertise to meet your specific business needs. If your business is involved in R&D, for example, ensure that your accountant can help you access relevant tax incentives. If you’re expanding your workforce, you’ll need an accountant who can manage complex payroll functions.
It’s also beneficial if your chosen accountant is part of a firm that offers other relevant services. While your tax accountant may not have commercial acumen for day-to-day business guidance, they should be able to connect you with colleagues who do, such as a commercial team providing CFO advisory services.
At Attune Advisory, our tax team understands the critical role that tax planning plays in our clients’ financial success. We specialise in delivering high-level tax advice across various industries, helping businesses of all sizes navigate complex tax issues and optimise their tax position.
If you’re looking for a tax accountant who can truly add value to your business, contact us today on 1300 866 113 to see how our team of experts can assist you.
Staying on top of your tax obligations is crucial for every business. Missing key lodgement and payment deadlines set by the Australian Tax Office (ATO) can result in penalties, interest charges, and unnecessary stress. To help you stay organised, here are the essential dates for August and September 2024.
And remember, with Attune Advisory on your side, you won’t need to keep a calendar. Our tax advisory team are always on the pulse and will request information from you when it’s required so you’re never behind on lodgements or payments.
• Quarter 4 (April–June) Activity Statements
– Final Lodgement Date: Ensure your electronically lodged activity statements are completed by this date.
– Action Items:
– Refer to Lodging your activity statements online for eligibility on extended lodgement dates.
– Finalise all your PAYG instalments before lodging your tax return to ensure accurate credits in your income tax assessment.
• PAYG Withholding Payment Summary Annual Report
– Final Lodgement Date: Summarise all employee payments and withholdings from salary, wages, and other payments.
– Important Notes:
– These amounts should already be reported at labels W1 and W2 on your previous financial year activity statements.
• Employee Share Scheme (ESS) Annual Report
– Final Lodgement Date: Ensure that your ESS annual report is lodged by this date.
• July Monthly Activity Statements
– Final Lodgement Date: Ensure all lodgement and payments are completed by this date.
• GST Reporting
– Final Lodgement Date: Eligible monthly GST reporters must elect to report GST annually by this date.
• Taxable Payments Annual Report
– Final Lodgement Date: This report is due for businesses in the following industries:
– Building and construction
– Government entities
– Cleaning services
– Courier or road freight services
– Information technology services
– Security, investigation, or surveillance services
• Superannuation Guarantee Charge Statement
– Final Lodgement Date: Lodge and pay for quarter 4 (1 April–30 June) if super contributions were not paid on time.
– Key Points:
– You can offset late contributions against the super guarantee charge for the quarter.
– Note that the super guarantee charge is non-deductible for income tax purposes.
• Final Lodgement Date: Ensure that your August monthly business activity statement is lodged and paid by this date.
• PAYG Withholding Payment Summary Annual Report
– Final Lodgement Date: Lodge this report if prepared by a BAS agent or tax agent (excluding large withholders with annual withholdings over $1 million).
• Annual TFN Withholding Report 2024
– Final Lodgement Date: Required if a trustee of a closely held trust has withheld amounts from payments to beneficiaries.
Staying informed and timely with these key dates will help ensure your business remains compliant and avoids unnecessary penalties. So, for tailored advice and assistance with your tax obligations, get in touch with the Attune Advisory team on 1300 866 113 or send us a message to start the conversation – we're here to keep your business on track.
Hosting the Olympic Games is often seen as a significant opportunity for countries and cities to showcase their capabilities on a global stage. Despite the rising costs associated with hosting the event, the potential economic benefits cannot be overlooked.
There’s stakeholders of every kind when it comes to an city hosting an Olympic Games – from local advertisers, businesses their families all the way through to the state and nation hosting. So with that in mind, we thought we’d take a look at some of the impacts, benefits and concepts behind what an Olympic games means for the host.
The costs of hosting the Olympics have indeed skyrocketed over the years. The 2024 Paris Olympics is expected to be a critical test of whether recent reforms have made hosting a more viable financial option. Historically, the Olympics have evolved significantly since the first modern games in 1896. In the latter half of the 20th century, the costs associated with hosting and the revenue generated grew rapidly. This growth sparked considerable controversy over the financial burden placed on host countries.
A growing number of economists argue that the economic benefits of hosting the Olympics are often exaggerated. Critics highlight that many host countries end up with substantial debts and ongoing maintenance liabilities once the games have left their locality. These financial challenges have led to calls for reforms in the Olympic bidding and selection process. Suggestions include incentivising realistic budget planning, increasing transparency, and promoting sustainable investments that serve the public interest long after the Games have concluded.
Despite these criticisms, supporters of the Olympics contend that hosting the Games can significantly enhance a city’s global profile and drive economic benefits through tourism and infrastructure investments. The infrastructure developed for the Games often includes improvements in transportation, housing, and sports facilities, which can have long-term benefits for the host city. For instance, the 2000 Sydney Olympics led to substantial investments in the city’s infrastructure, which continue to benefit residents and businesses today.
This isn’t just in the form of sporting facilities, rather to make room for an event of scale, host cities like Sydney build serious improvements across the board to allow for attendees and athletes that create lasting impact for the city as a whole.
One of the primary economic benefits of hosting the Olympics is the short and long-term boosts to tourism. The influx of athletes, officials, and spectators from around the world can generate significant revenue for local businesses. Additionally, the global media coverage of the event can raise the profile of the host city, attracting future tourists and investors that would have otherwise not seen value in a locaiton. Again, with Sydney as an example, we saw a notable increase in tourism following the 2000 Olympics, with many visitors drawn by the city's enhanced global reputation – we knew it was a great place before-hand of course!
The long-term economic impact of hosting the Olympics is another critical consideration. While the initial investment can be substantial, the benefits can extend far beyond the closing ceremony. Improved infrastructure, increased tourism, and enhanced global visibility can contribute to sustained economic growth. Moreover, the skills and experience gained by local workers and businesses involved in organising and hosting the Games can have lasting positive effects on the local economy, making room for new business and opportunities not otherwise seen.
While the costs can be high, the potential economic benefits, including tourism, infrastructure development, and global exposure, are significant. By carefully planning and managing the financial aspects of hosting, cities can maximise these benefits and ensure a positive economic legacy. With the 2024 Paris Olympics underway, it will be interesting to see how recent reforms influence the economic outcomes for the host city and provide valuable lessons for future hosts, including Brisbane in 2032. We’ll be keeping a close eye!
Stay tuned to our socials and website for more.
