In October the ATO released this handy guide – GST and the integrity of your business systems – What you need to know to keep your systems healthy
The Australian GST system is complex – if you don't get it right it can cost you time and money to rectify and perhaps put you under the scrutiny of the ATO. This guide will provide you with a series of checklists and information to give your systems and procedures a health check.
With complex laws and compliance its advisable to get a professional, whether that be your accountant or bookkeeper, to check your systems regularly and ensure you have the correct procedures in replace to accurately capture and report your liabilities.
When your car breaks down or needs servicing do you do it yourself? Generally the answer would be no. However when it comes to managing and maintainly the financial systems and health of a business many think they can. Accountants and bookkeepers are professionals – they undertake training and other professional development activities to keep their knowledge current.
Whether you use a manual or computerised package to cater to your financial management needs its always a great idea to get the professionals in to guide you. When systems and procedures are set up correctly from the start and monitored on a regular basis you are able to rest easy knowing that you have done all you can to ensure the integrity of your financial management.
So todays thought provoking questions to you are
- When was the last time you reviewed your systems and procedures to ensure that you are capturing and reporting your liabilities correctly?
- What systems and controls do you have in place? Are these documented?
- Has your business experienced rapid growth, key staff changes, restructuring or installation of new accounting software recently?
- Are your staff provided with accurate training and support in the areas of financial management and GST?
Check your systems today and if you need any help contact our team at TNG – we are professionals who can provide you with the confidence to keep your business well oiled and maximise your business profits