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All Things Change

Peregian Accounting Services
Unit 3 12 Grebe Street
Peregian Beach Q 4573

Our long term clients will know that we last increased our fees 5 years ago. We have done very well to keep costs down and improve systems and we have passed those savings on to you.

But we could not do so forever so effective immediately our hourly rate will increase to $70 an hour + GST from $60 an hour + GST.

While we cannot promise it, we hope it will be another 5 years before any further increases are needed.

We have already migrated most of our clients to the "cloud". When I did my IT degree my uni called it distributed network services but now everyone knows it as the cloud. I mention this because for many clients who are already using the cloud with us ( think XERO, Intuit, Reckon, MYOB Essentials, SAASU, Simple Fund 360 and the ubiquitous email) they may well see no increase in overall costs. This is due to the efficiencies these online systems bring to the party.

So, if we have not already discussed it with you or you have been reluctant to go online, there are real benefits to be had.

Do you have to learn new systems?
You can be 100% involved or leave it 100% to us. Your choice. Plus, the basics are the same in any program. It may look different, it may be in a different spot, but money out of the bank is still money out of the bank. Most clients do not need to know more than a few relatively simple things. Invoicing, paying invoices and how to process a payment from the bank.

Will it cost me more?
Unlikely. The cost of having an online accounting program is offset by the time saved. Be warned though, we find with clients who try and do it themselves that it often takes us longer to do the tax. Yes it is easy, 95% anyway. It is the 5% that gets you and it often takes a long time to fix things. If you are a plumber, stick to plumbing. You can make more money from that than from being an average bookkeeper. You think you are saving money but the reality is, you do a lot of unnecessary work and end up costing the same as if we did it all for you. When you should have been out there running your business. No rule is true for everyone but for the vast majority that has been our experience.

On another note, MyTax or Etax. The ATO and the government have been heavily promoting the ease of lodging yourself. They populate the information for you ( we use the same information as our starting point) and all you have to do is agree. What is not to like ? The ATO recently released the statistics for the 2011-12 tax year for individuals. This is a summary of the average across Australia of all individual tax returns lodged. It showed average taxable income was $53,778.02 and the average work related deductions totalled $2,264.34. Will you know what you can or cannot claim when the rules change almost every day? Will you be able to identify opportunities to reduce tax such as putting interest income in the lower income partner's name or superannuation recontribution strategies ? The ATO will not be telling you that. Then there is the time it would take you to thoroughly research all the rules and get the maximum entitlement. Some commentators have called this tax by stealth. If you do not claim all you are entitled to, you pay more tax than you need to. I leave that judgement to you to draw your own conclusions.

And finally, we are doing more and more returns by email or by having the information dropped off to us. You can email, post to us or just send us the information. You can even take a photo using your smart phone of any information and email that to us. We prepare the return and only sit down with you when all the basic work is done. At that point we ask questions desiged to maximise the deductions. The result is it only takes a few minutes of your time as you do not have to watch as we do the groundwork. You still get a one on one with us but it only takes a fraction of your time. It has been proving very popular and we urge you to consider it.

Geoff Wallis
Principal, Peregian Accounting Services

Peregian Beach near our office
Peregian Beach near our office
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Peregian Accounting -
Adaptive Accounting

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