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Smooth out your BAS process by finding GST and ABN Errors

60% of Xero accounting files audited in the last quarter contained ABN or GST errors, commonly found in preparation of BAS statements as well as bookkeeping. These pertain to GST discrepancies as well as ABN status, as to whether a business has had its ABN cancelled.

A tool known as XBert AI Audit is designed to assist in identifying these errors, which can help reduce time for BAS preparation by 20 minutes. Without clicking through every transaction, XBert AI Audit will be able to resolve these issues, as well as create audit risk alerts.

Now is a good time to review your management accounts and make a time with your advisor to understand any gaps or discrepancies.  If the initial review of the position indicates items for further review it may be time to discuss the issues with an insolvency expert.  What is Liquidation is operated by insolvency experts who are happy to offer a 30min no fee obligation consultation.

Source:  Accountants Daily

Accountants as moral support

The practice of accounting today is no longer simply about crunching numbers and examining the financial performance and position of a business. It is also about providing moral support in view of the personal distress financial problems for a business can cause for business owners and staff. It also stems from the ability to build trust between accountants and their clients. Such relationships tend to be longer term.

Source:  Accountants Daily

Omicron will delay but not derail recovery

While Omicron COVID has caused a modicum of disruption, it appears this is more likely to delay rather than derail the economic recovery that is already underway. Some experts believe that impacts will either be short-lived, or that doomsday scenarios are overblown. We’ll see.

Source:  Accountants Daily

Revamped JobKeeper to benefit SMEs

The NSW government is revamping JobSaver in a way to benefit SMEs who have been hard hit by COVID. It is also hoped that staffing levels and customer bases will be shored up in the process. It is expected that Omicron will not derail economic recovery.

Source:  SmartCompany