Question 1

Why do people choose outsourced accounting services?

Accepted Answer

Easy! Outsourcing your business accounting saves you money in the long run and frees up your time to focus on growing your business. If you do not have the skills, desire nor the time to concentrate on your business books, financial statements or financial reporting, outsourcing your accounting to a professional is the way to go.

Question 2

What are the advantages of using an accountant?

Accepted Answer

There are so many advantages to using an accounting firm. These are the top ones from our Sleek clients – it saves you time, reduces your stress, reduces business risk, the convenience of working with a trusted advisor, and saves you money in the long term. Accounting firms such as Sleek offer a comprehensive range of services tailored to Australian businesses, including tax return preparation, balance sheet management, expense and payment handling, cash flow optimisation, and financial advisory.

Question 3

Which accounting services does Sleek provide?

Accepted Answer

Sleek provides all accounting services your company or sole trader entity will need – from annual company tax return, receipt upload, quarterly BAS submission, monthly bookkeeping, payroll, multi-currency Xero service and more.

Question 4

What is the difference between accounting and bookkeeping services?

Accepted Answer

Accounting and bookkeeping services are distinct yet interconnected components of financial management within a business. Bookkeeping primarily involves the systematic recording of financial transactions, including purchases, sales, receipts, and payments. It’s the foundational process that generates essential data for accurate financial records. On the other hand, accounting encompasses a broader scope, including financial analysis, interpretation, and decision-making based on the data provided by bookkeeping.Bookkeeping lays the groundwork by organizing and categorizing financial data, leading to the creation of financial statements like balance sheets, income statements, and cash flow statements. These statements present a snapshot of a company’s financial position. Conversely, accounting involves analyzing this data to provide insights into the business’s financial health, enabling strategic planning and informed decision-making.Furthermore, while bookkeeping is focused on day-to-day transactions and maintaining financial records, accounting extends to financial reporting, tax planning, and analysis. Accountants use the organized data to prepare financial reports, assist in tax returns, interpret financial statements, and provide recommendations for improving the company’s financial performance.In summary, bookkeeping is the foundation that provides data for financial reporting and statements, while accounting involves a more comprehensive analysis and interpretation of that data, encompassing financial reporting, tax returns, and strategic financial decision-making.

Question 5

Why do I need accounting services?

Accepted Answer

Having accounting services outsourced for your business in Australia is crucial for several reasons. Firstly, professional accountants manage financial reporting, ensuring accurate and comprehensive representation of your financial health. They play a vital role in generating precise financial statements, providing insights into your business’s performance and aiding in informed decision-making.
Additionally, skilled accountants navigate the complex tax landscape, helping you optimize your tax returns. They ensure compliance with tax regulations, identify eligible deductions, and help minimize tax liabilities. This expertise ensures that you meet all tax deadlines and obligations, avoiding penalties and maintaining a good standing with tax authorities.
Overall, accounting services not only save you time and effort but also contribute to your business’s financial stability and growth by providing the financial clarity necessary for strategic planning and sustainable success in the Australian business landscape.

Question 6

How much does outsourcing accounting for a small business cost in Australia?

Accepted Answer

The cost of outsourcing accounting for a small business in Australia varies based on factors like the extent of financial reporting, tax returns, and financial statement requirements. It can range from a few hundred to a few thousand dollars per month, depending on the complexity and services needed. Sleek provides you with your Xero accounting software subscription included in our plan price.Xero fees are normally as follows: Standard: $65 AUD / month ($780); Premium 5: $85 AUD/month ($1,020). Save yourself the additional cost and let our Sleek bookkeeping team keep your financials clean and up to date!

Question 7

What are the benefits of using Sleek's accounting services?

Accepted Answer

We set up and provide you with Xero Accounting software which allows you to do everything fully digitally for keeping track of your company finances – you can simply send to our team a digital copy of any receipts/invoices for us to correctly reconcile for you. It is also mandatory for you to keep all of your business records for up to 5 years – we will reconcile this and help you to store it in the cloud for you! No need to keep your receipts. If you lose your accounting records this could open you up liabilities and penalties.The average salary of a qualified accountant in Australia is $100k ($8k per month) – by paying only a small fraction of this cost you get direct access to our qualified Sleek Accounting & Tax team to support you with your business through the financial year. Are you familiar with accounting and tax standards of Australia? We are! Leverage our expertise as are 450,000 other small businesses globally leveraging our effortless and fully digital accounting and tax support in Australia, Singapore, HK and the UK. You can get advice and reach out to our team for help as you grow and scale your business. Run your admin for your company fully online, no need to keep physical receipts, meet up in person or waste your valuable time.

Question 8

Should I hire an accountant as a sole trader?

Accepted Answer

As a sole trader, hiring an accountant can be a wise decision to navigate tax laws efficiently. Additionally a professional accountant will be more efficient in lodgement of your tax and is less prone to making financial errors. A professional accountant like Sleek can also offer valuable insights for your tax return and compliance.

Question 9

Do I need an accountant or bookkeeper?

Accepted Answer

Bookkeepers assist business owners with daily financial transactions and maintaining accurate records, crucial for operational management. Accountants, however, offer financial analysis, tax, and compliance advice, beneficial for broader financial management. In many cases, leveraging both roles through a professional services group will provide your business with the best possible coverage.

Question 10

Can I do my tax return by myself?

Accepted Answer

You can manage your tax return independently if your business and expenses are relatively simple, but seeking professional advice can ensure accuracy and maximise potential deductions.

Question 11

How can Sleek accountant services benefit my company?

Accepted Answer

Navigating the Australian tax landscape can be daunting for companies, whether startups or established businesses. Sleek offers bespoke accounting support tailored to your needs. From ensuring compliance with tax regulations to preparing financial statements and managing payroll efficiently, our expert team has you covered. With our friendly experts by your side, we'll maximise your tax returns, allowing you to focus on what really matters – growing your business.

Question 12

Can I use Sleek's services if I'm a sole trader business?

Accepted Answer

Absolutely! If you're tired of juggling various tasks as a sole trader, Sleek is here to lighten the load. Our skilled tax accountants will ensure you claim all eligible deductions, maximising your tax refund. With streamlined systems seamlessly handling bookkeeping and lodgements, you can concentrate on running your business while we take care of the numbers. Let us handle the complexities while you focus on your passion. Check out our transparently priced packages for sole traders here.

Question 13

How can Sleek assist with accounting services for my Partnership?

Accepted Answer

Running a partnership comes with its own unique tax challenges. Our experienced tax accountants are well-versed in these complexities, ensuring compliance with regulatory requirements while maximising tax benefits for your partnership. Whether it's navigating profit sharing or understanding capital gains, we provide expert guidance through partnership tax intricacies. With Sleek by your side, you can concentrate on growing your business together, knowing your finances are in safe hands.

Question 14

How can Sleek Accounting support my Trust?

Accepted Answer

Managing trust finances demands specialised expertise, and Sleek's team is equipped to handle all your accounting and taxation needs. From tax return preparation to compliance filings and investment income reporting, we've got you covered. With our meticulous attention to detail, we ensure your trust operates smoothly and efficiently, providing you with peace of mind. Let Sleek take the stress out of trust management, allowing you to focus on what truly matters to you.

Question 15

How can Sleek's outsourced accountants help?

Accepted Answer

We take care of everything so that you can focus on your business. Outsourcing accounting will also help you to focus 100% on launching and growing your business without being distracted by time consuming administration that is not a key factor of success for your business.

Question 16

What is the due date for tax return and BAS in Australia?

Accepted Answer

We help you to meet every important reporting deadline (BAS, Tax Return). For example if your company’s Business Activity Statement is not lodged on time, you will incur a fine from the Australian Taxation Office of $222 for every 28 days that it remains overdue and general interest charges for the total amount outstanding. Fines are compounding – i.e. if you don’t lodge your BAS for 1 year then you could be liable for $2,600 in late filing penalties plus additional penalties. The due date to lodge and pay your monthly BAS is the 21st day of the month following the end of the taxable period. For example, a July monthly BAS is due on 21 August.

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