We are scheduling visits now to assist our clients with their September BAS Returns. If you haven’t already done so, please let us know the first moment that we could visit, so that we can schedule your appointment.

To make a booking, please click on the link for the person looking after you:

Martin McLean - MYOB Certifed Consultant
Amanda Covacci - Accountant; MYOB & Quickbooks Consultant
Amelia Savor - MYOB Consultant; Xero Certified Advisor
Tina Dalby - Quicken Professional Partner

In the current economic climate, it is not uncommon to reach BAS time and not have the funds available to pay the Tax Office. There are several ways you can ease the burden each quarter.

• Open a GST Liability Holding Account - Take a look at your BAS Returns over the last 12 months and make an educated guess at what you average quarterly liability is likely to be. Divide this by twelve to work out what amount per week this works out to be.  Open a bank account (preferably high interest or one that offsets the interest on mortgage or loan) and use it only for keeping your BAS/IAS funds in.  Each week, deposit your calculated amount into it so you can rest assured that when BAS time comes around, you will have the money ready (and save a few pennies on interest as a bonus!).
• Apply for an Extension - If BAS time has already arrived and you don't have the money to pay your liability, there is the option of an extension.  If you apply to the ATO for a business extension, instead of simply waiting until you have the required funds, you will save money on overdue fees and interest which the ATO can waive.  Contact the ATO for more information.

In March 2009 the Australian Parliament passed new legislation confirming the status of "Registered BAS Agent". While the ATO is not yet ready for anyone to apply for this qualification, it is imperative that we conduct ourselves within the new guidelines in order to successfully apply to become a Registered BAS Agent.

If we are providing a BAS Service to you then we must be "Working under the Direction of a Registered Tax Agent" and so we are utilising the Australian Bookkeepers Network (ABN) BASWizard program to process BAS Returns and to have them checked and certified for lodgement by ABN's Registered Tax Agent.

This is an excellent service with a 48 hour turnaround and permits us a fourteen day extension for electronic lodgement via the ATO Portal and for payment by you. The cost of providing this service is $175 (+ GST) per BAS Return however we can reduce this fee significantly for clients with many BAS Returns to be lodged (we have one client with 14 BAS Returns!)

Regulation of the Bookkeeping industry is “the new way” … it is the ATO’s intention to protect you, the consumer, from contract bookkeepers who may not be sufficiently experienced, knowledgeable or competent to provide you with a good BAS Service.

Introducing Amelia Savor…

Amelia Savor has joined Teamrace recently as a Consultant and has expertise in MYOB and Quickbooks.  She is also Queensland’s first Xero Certified Advisor and a trainer and consultant for the Job Management software, simPRO.  Amelia has over ten years experience in Accounts, Finance and Business Management and has worked in various industries, including Recruitment, Fire Protection and Fabrication. Amelia is the one to turn to if you are looking for advice on choosing the right Accounting Software for your business.

The world's easiest accounting system

Teamrace has entered a professional partnership with Xero, an exciting new online Accounting Software backed by the Ex CEO and Co-Founder of MYOB, Craig Winkler.   Boasting technologically advanced features such as automatic bank feeds and iPhone compatibility, Xero gives businesses easy access to bank transactions, invoices, reports, GST & BAS - anytime and anywhere.  Xero is a full accrual accounting system that is intuitive and very easy to use, and at a small monthly fee for unlimited users, with no contracts, it is very financially accessible.

While Xero doesn't have payroll functionality itself, it integrates seamlessly with ePayroll, a web based payroll solution which fully automates and streamlines the payroll function of a business. The solution is comprehensive and will assure total compliance with all the payroll related legal obligations. Simple to use and cost effective, ePayroll can integrate with Employee Self Service and Web based leave management so that employees and managers can apply for leave and expense reimbursement, change personal details and view payslips on line.   It also has a direct link with the ATO, enabling electronic submission on Tax File Number Declaration Forms, and automated statutory payments.

We have Amelia Savor, Queensland’s first Xero Certified Advisor, on our team and ready to answer any questions about the software that is quite possibly the next big thing in Accounting Programs.

For more information on Xero, click here.  For more ePayroll information, click here.

If you are looking for a way to manage the workflow of your jobs-based business more efficiently, then simPRO may be for you.  Designed for project and service trade businesses by an Electrical Contractor, simPRO is a fantastic Job Management Software that enables a business to:

• Schedule staff efficiently and transfer employment costs directly to the job,
• Create purchase orders directly from supplier catalogues and send costs directly to each individual job,
• Have a purchasing system that recommends the preferred supplier,
• Have a purchasing system that automatically checks each supplier invoice for any discrepancies,
• Have a minimum 95% hours billable every week,
• Create fast accurate quotes or estimates directly from supplier catalogues,
• Have all the information needed about any quote, job, and purchase order, progress claim or invoice at hand anywhere there is a PC or laptop.

This software is not limited to trade businesses, however.  Teamrace is using simPRO internally to take advantage of its staff management, capacity planning and job management features.  For more information, contact Amelia at Teamrace for a demonstration – your business will thank you!

Is your Accounting data safe? Do you have regular secure off-site Backups?

We strongly recommend that you use ClientFileSync, a program that automatically synchronizes files between clients, Teamrace and a secure off-site data centre. Your accounting data files can be backed up automatically every night and be stored in two separate secure data centres for less than $10/month.

ClientFileSync provides:

• File synchronization between multiple parties.
• Off-site backup.
• Bank grade security measures and protection.
• Totally private - only the computers within the Sync Group can access the file (only Teamrace and the Client).
• Superfast synchronization. Only the changed parts of the file are copied ensuring the fastest, most secure file transfer on the market.
• Get rid of the hundreds of versions of the same file that you never look at and keep the “roll over” automated and secure.

Contact us for more information or to take advantage of this fantastic service.

Teamrace began getting their accounts back on track straight away. Two years of data had to be re-worked with much new data entry, then bank accounts reconciled and the BAS returns re-lodged. We streamlined the chart of accounts to ensure that it was user friendly, created depreciation tables and loan amortisation schedules, and adjusted the Accounts accordingly.   There were many items that the small business owner was unaware they could claim as deductible expenses and they were also paying too much for their WorkCover insurance.  Teamrace then trained the client so that they could keep their own accounts well.

Our Bookkeepers and Consultants have been carefully selected and they are very cost effective because they know their subject so well and because they have an excellent work ethic; they are also enjoyable to work with.

Our fees are:

Bookkeeping                             $60/hr (+ GST)

Consulting, Installation, Setup     $100/hr (+ GST)

Consulting (qualified Accountant) $125/hr (+ GST)

Martin (troubleshooting, etc)       $150/hr (+ GST)