THE HELP CENTER

All You Need To Know

Our team is available as a resource for all of your accounting challenges and concerns. We have compiled a list of frequently asked questions that we receive from many of our clients. If you can’t find the answer you are looking for, feel free to get in touch and we will do our best to address your every need.

WHAT ARE THE DIFFERENCES BETWEEN AN ACCOUNTANT, A CPA AND A BOOKKEEPER?

With bookkeepers, there are a lot of minutiae involved, and keen attention to detail is paramount. Meanwhile, accountants tend to use the bookkeeper's inputs to create financial statements and periodically review and analyse the financial information recorded by bookkeepers. They conduct audits and forecast future business needs.

HOW LONG SHOULD I KEEP MY TAX RECORDS FOR?

You need to keep records for 5 years (in most cases) from the date you lodge your tax return. Records may include income statements, payment summaries and receipts.

WHAT ARE THE 4 QUARTERS IN THE FINANCIAL YEAR?

Most small businesses lodge their BAS and pay any amount owing (or get a refund) quarterly.

Quarter 1 (July, August and September)
Quarter 2 (October, November and December)
Quarter 3 (January, February and March)
Quarter 4 (April, May and June)