- March 28, 2020
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- Posted by: user
Wealthpath Accountants have put in place methods and procedures to ensure the timely and effective delivery of services to all of our clients while safeguarding the health and well being of staff and customers.
We are committed to supporting our people, our clients and our community in these challenging times.
We are absolutely committed to minimising any disruption to the delivery of the vital taxation, bookkeeping and accounting services that we provide for our clients.
Timely, cost effective accounting and business advisory services are absolutely vital to the survival of any business. This is even more the case in these times of unprecedented economic upheaval.
Talk to us for a free, no obligation, chat about what we can do to help you survive the current emergency. 1300 268 800
What are we doing?
All our data, accounting, bookkeeping and communications are cloud based. If you have an internet connection then we can help and support your business just as effectively as before the current crisis.
Once we have set up the necessary software solutions and with our help, you may well be able to run your business in real time with no more than a mobile phone.
There may be disruption to some outside services such as Auspost but we have robust alternatives in place. This includes plans in the eventuality that restrictions are further heightened.
Our operating times are unchanged but we can no longer provide face to face or onsite services. Teleconferencing and cloud based documents services are just as effective and if you are not familiar with this we can help you set it up.
But most interactions with our clients were by internet (email and Gdrive) and phone even before the crisis. So we see few problems with this measure.
We can still set up and train you on cloud based accounting and bookkeeping software and still offer the full suite of Wealthpath Accounting services.
In the long term, you may well find being able to operate anywhere – with everything you need any place you can access the internet, a liberating experience. You may well find modernising and streamlining how you operate your business a challenge. But one that will make you more efficient, flexible and help your bottom line.
Especially in a time when everyone you deal with is doing the same. If you don’t keep up – you get left behind!
It can be daunting getting used to working from home but we can guide and support you with this. Call us for some advice and tips about operating a business from home and setting up modern accounting software that lets you operate from just about anywhere.
Wealthpath Accounting can set up services tailored to your unique circumstances. We can provide your business with as much – or as little, support and help as you require.
Why do I need accounting services now?
Every business in Australia is threatened in the short term but also in the long term. Many businesses are not going to last until the end of the COVID 19 emergency.
Survival calls for smart and tough choices. Wealthpath Accounting can help you to survive until you can once again thrive. Challenges include:
- Cash flow
- Minimising costs
- Retaining customers
- Attracting new business
- Identifying trends (good and bad)
- Staff costs
- Equipment costs
- Premises costs
- Maximising government support
- Caring for employees
The government is introducing new measures to support Australian businesses almost every day. We can help you to identify what is best for you and how to assist you to obtain that help – and then how to use it in the most effective way to ensure your business survives.
What is the Commonwealth of Australia doing to help?
Here is a list of resources that you should consult. Feel free to contact us as some of these measures are confusing and they may have implications you should be aware of. Some of them have also not been legislated into law yet. So how they will be implemented and administered is not clear.
Some of the help being proposed includes changes to taxation that will be quite complex in practice.
Please contact us on 1300 268 800 for advice about any of the measures you can see below.
For support measures on offer or proposed, go to “Support measures to assist those affected by COVID-19”. Click HERE.
An instant asset write off allows you to immediately write off the cost of every asset that cost less than the threshold. During this emergency, that threshold is $150,000 (it used to be $30,000) “Instant asset write-off for eligible businesses”. Click HERE.
The Australian Tax Office website uses quick codes. These are the little code number you can see on the bottom right of every page. Just paste the quick code into the search bar at the top right of every page (opposite the Australian coat of arms) to go straight to that page.
ATO quick codes
QC 61775 “COVID-19”
QC 61763 “Support measures to assist those affected by COVID-19”
QC 23235 “Early access to your super”
QC 61925 “Boosting cash flow for employers”
QC 61417 “Instant asset write-off for eligible businesses”
To add to this post (2/4/20): The Commonwealth has announced the Jobkeeper programme. The idea is that employers who keep paying their employees wages will be subsidised by the government. This will be done via Single Touch Payroll (STP).
So the employer pays the wages (which the government can see via the STP software) and then “The Government will provide $1,500 per fortnight per employee for up to 6 months”.
Very importantly, “Employees that are re-engaged by a business that was their employer on 1 March 2020 will also be eligible.”
This has only been announced, it hasn’t been legislated into law yet and the nuts and bolts of how it works hasn’t been worked out. Ignore the media reports as much of it is incorrect.
THE ONLY authoritative source of information at the moment is on the treasury.gov.au website. Download the “Supporting businesses to retain jobs” fact sheet and the “JobKeeper payment – Information for employers” fact sheet by clicking HERE.
You can register your interest in this initative on the Australian Tax Office website by clicking HERE.
Resources to work effectively from home
The software listed below is not exhaustive. There is a whole lot of software that is designed to make working remotely from anywhere very easy. All you need is an internet connection or a smart phone.
The most important is online accounting software. Wealthpath Accountants are Xero Bronze Partners so we recommend Xero but we can also set up and train you on any accounting and bookkeeping software such as MYOB, Quickbooks, etc.
Because you are accessing it from the internet, you can use accounting software from anywhere with any device – you are not installing it on any particular computer or location. That means any staff member can get access from anywhere on various devices. So everyone is “working from the same book” in real time.
There are a whole lot of other advantages that can save you money – but also make you money. Xero, like most online bookkeeping software, has hundreds of apps that you can add for all kinds of functionality. (Way too many to go into here – but take my word for it, whatever particular need your business has – there is an add on for it).
Talk to us on 1300 268 800 to learn more.
Gdrive is 15 GB of free storage (you can buy more) offered by Google. If you have a Google account then you are probably already using Gdrive, (if you have a Gmail account – then you already have a Google account).
Gdrive means that files like Word documents or Excel spreadsheets that are stored on your Gdrive folder on your computer – automatically synchronise with the same files stored on Google’s servers.
Multiple people can work on the same file from different locations. Or they can just log into Gdrive from their phones, laptops or computers and work on them online.
You can also give or share files with other people. For example. Lets say you have a folder stuffed with some spreadsheets you want to share with Wealthpath Accountants so we can prepare your quarterly BAS.
- On your computer, go to drive.google.com.
- Click the folder you want to share with us.
- Click on the “Share” button (looks like a little person with a + next to it’s head).
- At the top right, click “Get shareable link”.
- Next to “Anyone with the link,” click the little “Down” arrow.
- Choose whether people can actually edit the file or just view it.
- Copy and paste the link into an email and send it to us.
That’s all there is to it!
Teamviewer allows for remote desktop access between computers. In other words, I can see what’s on your computer and you can see what’s on my computer. It is perfectly safe and very easy. We use this tool all the time to train people on how to use Xero. I’s free for personal use. So you can “try before you buy”. Download it by clicking HERE.
Even the Australian government is pushing this one. Zoom is video conferencing software that lets you hold “virtual” meetings and conferences. You can learn more (and sign up for the free “Basic” package) by clicking HERE.