Australian Bookkeepers Network

Over the years the Australian Bookkeepers Network (ABN) have engaged the industry’s best to lend their advice to other bookkeepers on how to get through the End-Of-Financial-Year (EOFY) period. Here's an insight into their tips for tacking EOFY!

Good morning ☀  And happy public holiday to a lot of our members today! (although, do bookkeepers ever REALLY get a break on a public holiday?) Just your friendly reminder about the helpful EOFY webinars we have going live this week! Tomorrow June 11th we have our annual Australian Payroll Association Preparing Payroll for EOY Webinar and it's one you won't want to miss! This webinar draws upon many real-world examples and activities AND you can revisit it anytime with the convenient FREE recording! - Everything you need to know to prepare EOY payroll - 2 hours CPE - ABN member discounts (Members can register for a discounted $176!) - Get a FREE copy of the recording to replay anytime Register here: https://lnkd.in/gYhTpad9 On Wednesday June 12th, Bookkeeper Radio is talking all things Mastering Financial Statements for EOFY with Fishbowl! During this session you will learn why the Balance Sheet is such an integral part of the year end perfect set of books as we deep dive into: - Key Reconciliation strategies; - Debtors/Receivable year end processes; - Stock/inventory year end management, count and valuation strategies; - Fixed Asset reconciliation; and - The often overlooked Capital/Equity accounts for a variety of different trading structures. Register here: https://lnkd.in/gaAaT4Zc

Our ABN Orange Man is here with another End of Year resource, and this one is the next episode of Bookkeeper Radio - EOFY Mastering Financial Statements! This Bookkeeper Radio episode is centered all around ensuring accurate and comprehensive financial statements for your clients! Partnering with Simon Jupe from Fishbowl, Peter and Kelvin will discuss why the Balance Sheet is such an integral part of the year end! They'll also chat about: - Key Reconciliation strategies; - Debtors/Receivable year end processes; - Stock/inventory year end management, count and valuation strategies; - Fixed Asset reconciliation; and - The often overlooked Capital/Equity accounts for a variety of different trading structures. Join us next Wednesday 12th June 2024 at 12:00pm! Register here: https://lnkd.in/gzYXVd6S

Our ABN Orange Man is here with a quick tax saving tip for your Year End planning! 💡 Review your Stock on Hand If you operate a business that deals in stock or inventory, then review your stock valuation and write down or write off any stock that is slow moving, damaged or obsolete. Complete a stock take and remember that stock can be valued at the lower of cost or net realizable value. Small businesses can avoid doing a formal stock take if the balance of their stock has not changed by more than $5,000 in the last year.

Pre-insolvency specialist business consultants, de Jonge Read, warn that even profitable companies are at risk of new ATO debt disclosure laws, urging vigilance around tax compliance.

In case you missed it, we had the wonderful Janine Shepherd AM on Bookkeeper Radio this afternoon, and she gave us a great sneak peek into what she's going to be talking about at The Bookkeeper Event in October! Janine is one of our keynote speakers, and we're so excited for you to hear her talk about resilience, overcoming challenges, and tapping into your strengths! If you haven't got your tickets yet, it's not too late! But tickets ARE selling out fast, so grab yours at https://bkevent.com.au/

After time spent working with the ATO, the Australian Bookkeepers Association (ABA) has worked with the ATO to secure an important change to the CAL process to reduce the threat of BAS Agents having their clients kicked out of their OSfA (delinking).

🤝 ABN Partners: Dext In recent times, the Australian Taxation Office (ATO) has launched a concerted effort to recover over $34 billion in deferred debts from small businesses and self-employed individuals. This aggressive approach, coupled with a sluggish economy and escalating insolvency rates, poses significant hurdles for businesses across various sectors, including construction, hospitality, and retail. To help you and your clients to navigate these turbulent times and safeguard the business's financial stability, our ABN Partner Dext is excited to invite you to their upcoming webinar: Navigating Cash Flow Challenges: Strategies for Small Businesses Amidst ATO Debt Recovery. Join us on: Date: Tuesday, 6th June, 2024 Time: 2:00pm (Melbourne/Sydney time) Speakers: Kelvin Deer, Australian Bookkeepers Network & George Bartlett, Dext Register here: https://lnkd.in/gidhGNVG

New NFP Reporting Rules The new financial year sees some rule changes affecting Not For Profit (NFP) organisations. NFPs including sporting clubs, community service groups, cultural organisations and more currently enjoy an income tax exemption. The changes impose obligations on certain NFPs in order to preserve their tax free status. Bookkeepers often find themselves working for NFPs in both paid and sometimes unpaid capacities as part of their support for valuable local community organisations. Join this episode of Bookkeeper Radio where we speak with our resident tax expert and answer some important questions about the new NFP regime: • What NFPs are affected? • What steps should the NFP be taking now? • How does the reporting regime work? • What is the role of the bookkeeper working with an NFP? Date: Tuesday 28th May 2024 Session Start Time: 12:00pm Register here: https://lnkd.in/gPJGChsB

🤝 ABN Partners: MYOB Calling all MYOB Partner Program members - it's time to register for Discover Q2! You'll learn about the latest MYOB product updates and connect with the wider MYOB community. What's in store for Discover Q2: 1. Exclusive Economic Overview with Emma Fawcett and Westpac Economist Jameson Coombs, 2. MYOB Business and Partner Program updates, 3. MYOB Practice Manager and Nimbus update, 4. and more! 6 June at 12.00 pm AEST Register now - https://lnkd.in/gSQMf7Uw