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Through the years Stones Sharp Accountants has adapted to countless changes in the volatile business landscape. One element remains consistent however, and that is our ability to consistently help our clients achieve their goals through cooperating in partnership. Our firm has been established for more than eighty years, and our client relationships continue to be based on the expert advice we give, along with a high level of mutual trust. Our partners Shane and Eric employ a highly consultative method towards business accounting, taxation and planning. We feel it does not matter how large or small a company is, with the proper advice and planning there’s no limit to what they are capable of achieving. Our dynamic team performs as an efficient and powerful unit, allowing maximum effort and focus to be put into the areas which yield the greatest returns. We would like to think our clients view us not only as their  “accountants”, but more their business partners.

As Certified Practicing Accountants, our abilities lie not just in the complex areas of higher level taxation planning and accounting, but also in the following areas:

  • Taxation for businesses
  • Taxation for Trusts
  • Taxation for Superannuation & SMSF
  • Taxation for Deceased Estates
  • Taxation for Individuals
  • Accounting
  • Business Management Consulting
  • Corporate Governance
  • Audit Insurance
  • Bookkeeping

We’re also proud to say we handle clients of all shapes and sizes, in a wide range of industries. From multi million dollar companies, medium sized business, down to sole traders and individuals – we are proud to offer a truly customised and individual  approach towards all of the client in the Stones Sharp family. We feel all companies and individuals have enormous potential to maximize their financial goals, through thorough planning and expert guidance. We are proud to say we genuinely share the journey with our clients, through the highs and lows, and whatever challenges come our way. We feel even the tiniest change in habit or focus can produce incredible results, especially if those habits & implementations can be reinforced over time. Over the last 80 years in business, we have developed our very own set of philosophies and formulas for success, and we look forward to sharing those with you. We truly pride ourselves on our capability to arm our clients with creative and effective strategies to help them not only now but well into their future.

Stone Sharp Accountants encourage you to contact one of our friendly staff to schedule an appointment, and discover how we can help you gain the competitive advantage you deserve.

Bookkeeping For Accounts & Taxation Purposes

For every small scale business entrepreneur, the part of bookkeeping is certainly a heavy burden. Though, it is significant that he establishes a proficient bookkeeping system from the start itself while managing business. Managing a business which sticks to the laws and business prerequisites warrants the maintenance and setup of some well structured system of accounting. For an accounting process to succeed, it is fundamental that some mode of financial accounting like the goings and receivables be established, and that all these records present a true bookkeeping image for tax purposes as well as for analysis.

Bookkeeping is an essential part of a business; one can state lots of reasons like: bookkeeping documents preparation, audit purposes, as a basis for strategic decision making reasons and preparation of financier prospectus and other documents. All stated and done, there are still lots of small sized business entrepreneurs that do not keep suitable tabs on financial part of their business. This can lead towards larger headaches when the tax personnel comes knocking, ultimately.

In order for somebody to maintain adequate bookkeeping records, one should adopt a strategy of keeping the receipts as well as cheque stubs as proofs of income going out and coming in. These documents have to be compiled on regular basis, entered on to a basic spreadsheet and have to be filed for later references as a result. This is obliged to enable one to make a fundamental cash flow account. It will show the monies going out and the monies coming in on an everyday basis. Keeping a tight tag on this can be of great assistance in dealing with the administrative part of managing a business.

One has to prepare a monthly profit and loss account, and has to bear in mind the cash flow statements one has prepared and any other financial information snippets pertinent to the business. Work out the gross profit; to start with, through deducting direct costs of sales of goods from total sales figures.

Afterward, one may go on to find the net profit figure by taking away all other expenditures pertinent to the business, involving lighting & heating, salaries and interest repayments. This will deliver you with the net profit and will allow you to look for how much money you have made around the stated period. In the end, one should also embark on making the balance sheet as part of the accounting system. This system will keep in check all the liabilities and assets of one’s business procedure.

Alternatively, only short term liabilities are taken into consideration in the subtraction from total assets. The long term liabilities are keep in as if they were considered as assets. Keeping right bookkeeping records while managing business is very imperative for operation and marketing purposes, primarily when one requires submitting tax related documents and statutory accounts. It is advisable for the business and one ought to make certain that one is updated with the accounting documentation aspects and record keeping part so as to prevent problems like fraud and tax evasion.