For more information on how tidytax can help you, follow these links…
“created by fully qualified accountants with over 20 years of combined experience looking after small business owners”
In an ideal scenario, the small business owner or bookkeeper would take the extra steps to make the bookkeeping data file accurate, and then gather and present all the paperwork the accountant will require in a format that the accountant can readily comprehend.
Our theory is that compliance costs, which are the costs for preparation of income tax returns, should be minimal to business owners through utilising the right professional for the right job so that business owners can free up funds to access the wealth of valuable advice available from their accountant.
Bookkeepers are essential to this process since they have the skills and are perfectly positioned to pull it all together and bridge the information gap.
Streamlining this process creates a win-win scenario for everyone involved:
- The business owner can sleep easily knowing that they have delegated the bookkeeping tasks wisely and are now getting the maximum value from the money they are spending on accounting and bookkeeping fees
- The bookkeeper can provide extra services using a clear and comprehensive system which ensures the data file is accurate and all supporting documentation collated in one go saving time and effort for all
- The accountant is freed up from the daily grind of compliance and can now provide small business owners with valuable advice like improving gross profit, improving bottom line profitability, tax planning, and improving cashflow management.
tidytax has been created to help business owners, bookkeepers and accountants access this information “nirvana”.
Generally, small business owners don’t have the time, knowledge or tools to get their bookkeeping processes perfect. After working all day in their business they spend late nights in the office; small business owners know how to keep their books, but don’t know how to go the extra step of pulling it all together or how to delegate the task to an internal or external bookkeeper.
Bookkeepers are often on their own because they are left to look after the “books”. Frequently they are excluded from communications with the accountant, so bookkeepers don’t necessarily know what they can do to help their clients minimise their compliance costs.
Accountants are under time pressure to keep fees down, and often get bogged down in bookkeeping tasks and chasing clients for more information. The cost for accountants to do this is at a minimum $100 per hour higher than a bookkeeper would charge; the bookkeeper receives no feedback and could do the work, but the accountant doesn’t have time to engage in the necessary communication to make this happen.
The client ends up being charged a premium for this often unnecessary situation.
Ultimately, overall communication is ineffective and the cycle repeats every year. Unlesss you use tidytax of course!