COVID-19 Update: Prioritising our clients' and associates' health

Accounting Services For Businesses

4 min read

H&R Block are committed to helping our business clients achieve their personal and business goals, by offering a full range of accounting services tailored meet their needs.

Regardless of what stage of the business life cycle you are in, H&R Block can assist you from establishing a new entity through to help your business grow.

Our compliance services can assist businesses with their requirements to report their financial and other information to the Regulators; such as the ATO and ASIC. These services include:

  • Income tax returns

  • Business Activity Statements

  • ASIC & corporate secretarial

  • Statutory accounts

  • Financial & Regulatory reporting

To prepare information, for lodgement with regulatory bodies, a business needs to have accurate accounting records.

Accounting records

To determine how a business is preforming, represented through its financial reports as well as provide the basis for forward projections and to make timely business decisions, it is important that the business’ accounting records are accurate and kept up-to-date. The best way to achieve this is by using accounting and business software to record all income and expenditure transactions.

Besides making good business sense, it is also a legal requirement for a business to have appropriate bookkeeping records. Business records are to be kept for 5 years.  

Having an effective method of recording business transactions also assists to reduce administration time while also providing a means to keep accurate records to assist in:

  • The analysis of business activities;

  • Lodging and paying tax;

  • Meeting all your reporting requirements;

  • Finance applications or in attracting potential investors;

  • Assisting in business exit or succession plans when the time comes

It is recommended that accounting records be maintained using recognised accounting software; with features that include the ability to generate customer sales invoices, links to Point-of-Sale systems, maintain records of customers who owe you money, keep a track of amounts owed to Suppliers, record bank transactions plus compulsory ongoing reporting to the ATO on wages paid under ‘Single Touch Payroll’ requirements.

‘Microsoft-Excel’ is not an accounting system and is not recommended for maintaining a business’ accounting records and does not have the features outlined above.  

Through advances in technology and Cloud-based accounting and management software business owners and managers can update their accounting records in any place that has internet connection; compared with software resides on a desktop computer and therefore only accessible when sitting in front of that computer.  

Live bank feeds are also available, with the ability to upload bank transactions into accounting software on a daily basis.

When using software to maintain accounting records it is important to set-up them up in a correct format from the start; with live bank feeds streamlined, an appropriate Chart of Accounts established and automated posting of transactions. If this is done correctly, it is much easier for business owners and their accountants to prepare accurate Business Activity Statements and Income Tax returns for lodging with the ATO, accurately calculate depreciation on assets owned, plus preparation of financial and management accounts to monitor the performance of the business (including monitoring cashflow, receivables and payables, margins, pricing, costs and trends).

For business owners who do not have the time, interest or expertise to maintain their accounting records, Outsourcing is a viable option. The advantages of Outsourcing the maintenance of accounting records to external bookkeepers has the advantages of:

  • Saving time: allowing you to get valuable time back; to spend on other things you like doing best or better at doing, such as making a profit or having more time with your family.

  • Expertise: giving you access to a qualified resource; to someone who understands your reporting obligations and has the technical knowledge to help to make things easier for you.

  • Save money: as an external bookkeeper isn’t a staff member; saving you money because you don’t have to hire or manage an additional employee, with associated on-costs.

  • Access to technology: eliminating the need to purchase computer equipment or incur software costs and training; while still allowing you access to the latest technology that can provide you with real-time visibility into your financial performance as well as streamlining the preparation of tax returns and financial statements.

H&R Block can assist you in both setting up your accounting records so that you can maintain them yourself or, alternatively, we can maintain your accounting records and generate useful business reports for you on your behalf.

Accounting Services

H&R Block provides an extensive range of services to assist you to run your business, such as:

  • Advice and set-up of companies, trusts and partnerships

  • Preparation of budgets, cashflow forecasts and Key-Performance Indicators (KPIs)

  • Performance reporting, matching and reporting actual results with goals & objectives

  • Business plans & advice on your business activities

  • Updating your accounting records

  • Taxation planning & strategies

  • Business advice & profit improvement

  • Asset protection

  • Grant applications  & R&D tax offsets

  • Organisation reviews & feedback

  • Competitor analysis & market reviews

  • Exit & Succession plans

  • Estate Planning

In providing these services, we believe that it is important that we stay relevant to our clients, so that the benefits gained from our services far outweigh fees that are paid.

Our extensive range of accounting services are available through a network of offices around Australia, at competitive rates.

Contact H&R Block Business Services should you require any assistance with your company or trust accounting or taxation matters.

Financial Services Financial Advice
Share with your friends

Book an online appointment today

Our H&R Block accountants are now working online. Book an appointment with an expert.

Related Articles

3 Home Loan Options to Finance Your Dream House

Fulfilling your dream house can be a challenging experience. But there are lo...
7 min read

How Estate Planning Works in Australia

There is more about estate planning than deciding who gets what when you die....
4 min read