Management Accounting

Contact Us

AustAsia’s management accounting team provides the full range of management accounting and bookkeeping services to a wide range of industry clients.

From one-person, sole trader contractors, through to complex, retail and industrial-sector organisations, the services provided by our team range from checking and lodging quarterly Business Activity Statements (BAS), through to the complete finance and accounting “back-office” function, providing the complete solution for:

  • Bank account management and reconciliations
  • Creditor and debtor management
  • Payroll and salary sacrifice management
  • Management reporting, and
  • “Virtual CFO” services

AustAsia Accounting Services is a recognised Partner Firm for Xero and MYOB accounting software services.  The team also works with a variety of other accounting systems including Quicken, Agrimaster, and Reckon, to name a few.

Furthermore, we work with and incorporate third-party provider software, to make our clients’ lives easier, and complete our own work with a higher degree of efficiency. These other software platforms include

  • ReceiptBank
  • Hubdoc
  • Castaway
  • Futrli

Our qualified accountants can help you prepare the necessary financial statements in order to comply with the various regulations but more importantly highlights your business’ health and trajectory.

Accurate and timely preparation of financial reports including financial statements provides various benefits for business owners to determine the operational performance and status of their business.

The two basic financial statements include:

  1. Income Statement: Also referred to as a Profit & Loss Statements, this reports on the business’ income, expenses and profits over a period of time and highlights it’s performance.
  2. Balance Sheet: Also referred to as a Statement of Financial Position and provides a snapshot of the business’ assets and liabilities at a specific point in time.

Financial reports are prepared according to the Australian Accounting Standards. Generally, there are two types of financial reports, these are:

  1. Special Purpose Financial Reports
    This format of financial reporting generally, as a minimum, comprises of Income Statement and a Balance Sheet but varies depending on the business’ requirements. These are the type of reports most Small to Medium Enterprises (SME’s) would be required to prepare for various stakeholders including the owner’s themselves.
  2. General Purpose Financial Reports (GPFR)
    These reports are usually required to be prepared by medium to large enterprises which are useful to existing and potential investors and other stakeholders including lenders and creditors in making decisions regarding the allocation of their resources to the reporting entity. Typically, these enterprises have a large number of employees, a high number of users and stakeholders that relies heavily on the financial reports to make decisions regarding the application of their resources.

General-purpose financial statements are prepared during the financial year and includes a balance sheet, income statement, statement of owner’s equity/retained earnings, and statement of cash flows.

At AustAsia Accounting Services, our objective is to assist you with your future business growth and profitability.

We provide a number of bookkeeping compliance services that assist you to:

  1. Manage the growth of your businesses;
  2. Plan for taxation commitments;
  3. Manage cashflow;
  4. Protect their assets within the business and also what they have accumulated outside of their business; and
  5. Show clients where their profit is within the business – that is, the profit and loss shows a profit, but where is the actual cash.

We also have the knowledge and expertise to recommend which accounting software is best suited to your business needs. This depends on a number of aspects such as the level of functionality required, price point and technical compatibility. We are also able to provide software training, implementations, ongoing support and troubleshooting.

At AustAsia Accounting Services, we know the importance of balancing your books and we can provide the following services to assist with your bank reconciliations:

  1. Monthly bank reconciliations;
  2. Processing of general ledger;
  3. Identifying differences in business’ financial records and bank statements

We also check your financial records against your bank statements and also establish the correct balance in your bank account after adjusting for deposits not yet banked and cheques not yet presented.

Our team members are trained and experienced professionals in the use of various accounting software for accurate financial reporting. Our approach with bank reconciliations provides complete compliance and assists with reporting useful information to business owners in a cost-effective manner.

Typically, Chief Finacial Offers (CFOs) are appointed for medium to large businesses to provide the financial expertise, insights and meaningful reports to assist the Chief Executive Officer (CEO) or owners of the business to make smart and informed financial decision.

At AustAsia Accounting Services, our Virtual CFO services benefit our clients, to provide exactly that as we recognise that most small to medium-sized businesses need the same financial expertise and support, but without the big cost of hiring a full-time internal CFO.

Our team works closely with your business to add significant value from cashflow forecasting and budgeting, efficiency and process improvements, strategic and financial planning to enhance growth and maximise profitability.

We acknowledge as business owners, payroll often causes headaches for you and mistakes can be costly and unnecessarily time-consuming. Not to mention, keeping up-to-date with the ever-changing awards is a challenging task, especially when you have other more important matters to attend to, to keep your business running smoothly.

Our team are experienced in providing seamless payroll services using the various cloud-based software including Xero, MYOB or Quickbooks and ensures that employees are paid correctly, on-time and every time.

Good record keeping of debtors and creditors is essential to the ongoing success of your business. Cash keeps businesses thrive and our team of qualified professionals has what it takes to understand the industry and climate your business currently operating in. Bills and supplier payments can get out of control quite quickly if not carefully managed. Our creditor and debtor management services ensure that you will always know what’s currently outstanding and that payments are made on time. This enables you as the business owner to forge relationships with your suppliers and customers.

Our Debtor and Creditor Management service include invoicing your customers, and managing and recording supplier invoices to ensure payments are processed in a timely manner. We can also review ongoing debtors and send ongoing email courtesy reminders, reconcile credit card statements, record GST and upload payments into your bank accounts electronically. This service provides you with peace of mind and convenience to ensure you have the accurate information you need to run your business and the knowledge that our qualified professionals have it covered.

Business Specialists and Advisers in

Our Management Accounting Team

ABOUT US
UX Designer

Kara Lucas

Far far away, behind the word mountains, far from the countries Vokalia and Consonantia, there live the blind texts.

Far far away, behind the word mountains, far from the countries Vokalia and Consonantia, there live the blind texts. Separated they live in Bookmarksgrove right at the coast of the Semantics, a large language ocean. A small river named Duden flows by their place and supplies it with the necessary regelialia. It is a paradisematic country, in which roasted parts of sentences fly into your mouth.
UX Designer

Kara Lucas

Far far away, behind the word mountains, far from the countries Vokalia and Consonantia, there live the blind texts.

Far far away, behind the word mountains, far from the countries Vokalia and Consonantia, there live the blind texts. Separated they live in Bookmarksgrove right at the coast of the Semantics, a large language ocean. A small river named Duden flows by their place and supplies it with the necessary regelialia. It is a paradisematic country, in which roasted parts of sentences fly into your mouth.
UX Designer

Kara Lucas

Far far away, behind the word mountains, far from the countries Vokalia and Consonantia, there live the blind texts.

Far far away, behind the word mountains, far from the countries Vokalia and Consonantia, there live the blind texts. Separated they live in Bookmarksgrove right at the coast of the Semantics, a large language ocean. A small river named Duden flows by their place and supplies it with the necessary regelialia. It is a paradisematic country, in which roasted parts of sentences fly into your mouth.

Latest Management Accounting Insights

Filter

The ATO Big Brother is watching!

The ATO Big Brother is watching!

26/07/2021
The ATO is increasing their focus on collecting more tax, as the Government is spending more money. With the new programs for COVID19, the ATO is using this as an opportunity to increase its activity, particularly on COVID19 programs.
Super Guarantee to 10%

Superannuation Guarantee rate rising
for payroll periods after 1 July 2021

24/06/2021
The superannuation guarantee rate will increase to 10% for all payroll payments made from July 1, 2021.
Small Business key dates for end of financial year

End of Financial Year Key dates for Small Business

17/06/2021
We have prepared a summary of key dates to keep you on top of your business obligations, leading up to the end of the financial year.

AAG Tax Planning Strategies for 30 June 2021

31/05/2021
With the end of the financial year just weeks away, we’ve prepared some tax planning strategies to maximise your deductions for 30 June 2021