Accumen News | Accumen Accountants and Business Advisors

The end of the financial year is almost here. It’s time to get organised with our EOFY Checklist!

Your essential EOFY checklist for business to help you wrap up the year smoothly and set yourself up for success in the next:End of Financial Year - EOFY Checklist

Complete outstanding tasks – Catch up on any unfinished tasks, whether it’s stocktaking, updating your profit and loss statements, reconciling accounts, finalising reports, or completing other admin duties. Start now to avoid the June rush!
 
Gather records to claim deductions – Make sure all your receipts, invoices, and records are organised. This will help you maximise your deductions and reduce your tax bill. If you’re a sole trader, you can use the ATO app’s myDeductions tool to record your business income and expenses during the year ➡https://www.ato.gov.au/online-services/online-services-for-individuals-and-sole-traders/ato-app/mydeductions
 
Check your tax agent is registered with the Tax Practitioners Board (TPB) – Ensure your tax agent is officially registered and up-to-date to avoid any issues with your filings or potential penalties.
 
Keep up to date with tax changes – Stay informed about changes in tax laws or rates that could impact your business. Organise a meeting with your tax agent to make sure you keep ahead of any changes that have, or might occur within this tax year. Being aware ensures you’re fully compliant.
 
Review your finances – Take a close look at your profit and loss, balance sheets, and cash flow. This will help you assess your financial health and plan for the year ahead.
 
Beware of tax refund scams – With tax time comes scams. Be cautious of unsolicited messages claiming you’re entitled to a refund, and always verify with the official channels.
 
Review your business & marketing plans – Reflect on your business strategy and marketing efforts. What worked well? What could be improved? Use this insight to adjust your approach for the next financial year.
 
Review your business structure – Is your current business structure still the best option for your financial goals? Consider seeking professional advice to ensure you’re optimised for success.
 
Check your insurances – Review your insurance coverage—are you fully protected? Make sure all your business assets and liabilities are adequately insured to prevent surprises.
 
Preparation ahead of time will ensure a stress-free EOFY, and a stronger start to the new financial year.
For further information and insights for your business, go to our Useful Information page.

Welcome to the Accumen Secure Client Portal and Document Management System

Streamlining your document management with Accumen Accountants and Business Advisors.

About the Accumen Secure Client Portal

The Accumen Secure Client Portal is a secure, cloud-based document management system designed to simplify the way you collaborate with us and manage your important financial records. Through your client portal, you can securely access, upload, and share files anytime, anywhere.

How to Log In

  1. Check your email for an invitation to the Accumen Secure Client Portal. Click the link provided to set up your account.
  2. Included in this email will be a brochure outlining how to access the new Secure Client Portal. This brochure can also be found here.
  3. You will be directed to the Microsoft 365 login screen. You can also Watch the video if you need help with the login.
  4. Once you login, you will be directed to your portal homepage. You’ll see a document section on your home screen, and this will present you with documents we have recently shared with you.
  5. All entities shared with you will appear here so you can easily locate the documents your are looking for.

How to Upload a Document to the Accumen Secure Client Portal

  1. You can also share documents with us quickly and securely. To upload files for us, simply open the relevant entity folder and locate and open the Upload folder.
  2. Locate the documents on your computer that you wish to share and drag and drop them into your upload folder. your files will be synchronized with our system every 15 minutes.
  3. On successful upload your files will be removed from the upload folder and we will be automatically notified.

Learn More:

Discover more about our client portal features and how it benefits your workflow:

More Information

For assistance, contact your advisor at Accumen Accountants or email us at admin@accumen.com.

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Xero

When it comes to streamlining your accounting, have you had a look at Xero? We’re big fans and are delighted with the benefits clients are experiencing. Being able to invoice, create expense claims and view reports on the go, while collaborating with us and other team members saves them a stack of time. The business insights it offers into areas for possible improvement are also proving invaluable.
Other technological advancements in the business world are even seeing finance giants starting to use powerful intelligence like OCR (optical character recognition) combined with AI (artificial intelligence) to automatically read receipts and process other data. Imagine the 1000’s of hours this could save (as it’s proven for them) freeing up time for growth activities like business strategy…
Let us know if you are curious about or would like assistance implementing Xero in your business.

The age-old debate between industry vs retail super funds continues… 

And you may have heard some interesting headlines stemming from the Productivity Commission’s draft report into superannuation, which included comparisons between these types of funds…

While some of the big industry providers may boast high returns there are many others that are close to being closed down based on their under performance for members.

The right retail super fund can offer many advantages, such as greater investment choice and better insurance options for improved outcomes overall.

Financial advisors like us can guide you on which fund is best for you, including whether a self-managed super fund is more in line with your goals and lifestyle. (1 in 15 Australians now have a self-managed super fund and the uptake is rising daily.)

Feel free to call if you have any questions or would like assistance with managing your superannuation. We pride ourselves on our superannuation expertise, continually undertaking further development in this field, including being one of just a few licensees able to advise on SMSF’s throughout the central west.

Going above and beyond to ensure heard earned contributions are maximising retirement income is standard practice here.