Updates in the Bookkeeping Industry
UPDATES IN THE BOOKKEEPING INDUSTRY
- cb-admin
- April 26, 2023
- 2:10 am
The world of bookkeeping in Australia is ever-changing, with new regulations, technologies, and best practices emerging constantly. In this article, we’ll cover some of the latest news and trends in the bookkeeping industry in Australia.
Firstly, the Australian Taxation Office (ATO) has implemented several changes to the tax system in the past year, which will impact bookkeepers and their clients. One such change is the introduction of Single Touch Payroll (STP), which requires employers to report their payroll data to the ATO in real-time, using compatible software. This change aims to improve compliance and make it easier for small businesses to manage their tax affairs.
Another significant development is the ATO’s increased focus on data matching and audit activity. The ATO has invested in technology to more efficiently identify businesses that are not complying with their tax obligations or are engaging in fraudulent behaviour. Bookkeepers play a crucial role in ensuring their clients are following the rules and avoiding sanctions.
The rise of cloud-based accounting software is another trend that is rapidly transforming bookkeeping in Australia. Platforms such as Xero, MYOB and QuickBooks are increasingly popular, offering benefits such as real-time data sharing, automatic reconciliation, and remote access. These tools are allowing bookkeepers to work more efficiently and provide more value to their clients.
In addition, the COVID-19 pandemic has had a significant impact on bookkeeping, with many businesses struggling to survive and requiring additional support, such as JobKeeper payments. Bookkeepers have played a vital role in helping their clients navigate this challenging period and access financial assistance.
Finally, the bookkeeping profession is becoming more professionalised and regulated, with the establishment of organisations such as the Institute of Certified Bookkeepers (ICB) and the introduction of certification programmes. These measures are aimed at improving the quality and credibility of bookkeeping services, enhancing the profession’s reputation and providing clients with greater confidence in their bookkeepers.
In conclusion, bookkeeping in Australia is a dynamic and ever-evolving industry, driven by technological advancements, regulatory changes, and economic circumstances. Keeping up with these developments is vital for bookkeepers to provide effective and valuable services to their clients. Contact us today at 1300 776 164 or send us an email at admin@kingsfordbookkeeping.com.au to discover more about how we can help your business thrive!