What’s new

30 April 2019

Time to move to online accounting

We will be contacting all clients who are not yet using an online accounting program for their bookkeeping, particularly those with employees, to let them know that now is the time to start transitioning to an online accounting subscription program. We recommend Xero as our preferred online accounting system.

It has become necessary to make the move over to online accounting, due to the extension of Single Touch Payroll (STP) to all employers. 

Single Touch Payroll (STP), which was previously only a requirement for employers with over 20 employees, is being rolled out to all employers from 1 July 2019. Single Touch Payroll is a new reporting scheme that requires employers to send details of each pay run, including their employees' gross wages, PAYG tax withheld and super accrued each time an employee is paid. The details are reported to the ATO via an electronic lodgement system. To be able to do this you will need to be using STP compliant accounting software.

The move over to online accounting will also assist with processing as most of the current online accounting programs allow for bank feeds. This means bank account transactions are imported directly into Xero, or your preferred online program, each day. Your accounts can be updated more often and you can access reports to better track how your business is performing.

If you are currently using MYOB for bookkeeping there is the option to bring across historical data from your current MYOB file into Xero. This conversion of data would mean that prior year accounts can be accessed from Xero, without having to refer back to the old MYOB file. Please note, the conversion would need to be done before setting up a new Xero subscription. To discuss this option further, please call our office.

If you’d prefer to use a different online accounting program, please let us know so we can discuss your requirements and confirm that the program will be STP compliant. 

The best time to make the change over is the new financial year, so we can start recording your accounts in Xero, or your preferred online program, from 1 July 2019 on. If you’re ready to make the move over to Xero, please let us know and we can discuss the next steps to get your subscription up and running.

 

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