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As we slowly return to normality, Shaye Thyer of Intuit QuickBooks identifies some trends and offers a few tips for accountants to keep on top of their game.
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Tips for keeping on top during 2022
04 March 2022
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9 minute read
Accountants play a vital role in keeping businesses afloat and have been fantastic supports throughout the pandemic. As we embark on the third tax time under COVID, here are some thoughts on how accountants can deliver their best.
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Recurring monthly billing
There are opportunities for accounting businesses to deliver the best service to their customers whilst also setting up both parties for success. One way to do this is to make sure you agree on the scope of work upfront and then build this into a recurring monthly billing arrangement so clients can afford to work with you all year.
This ensures clients remain compliant, have ongoing support and have budgeted for your services. It can also avoid a heartbreaking conversation if your client has not budgeted for your services and can no longer afford to pay you – something that can happen if you rely solely on hourly rate billing after the fact.
ATO repayments
As opposed to previous years of the pandemic, where the ATO took a step back from chasing businesses on their outstanding payments, the ATO is starting to be more active.
Negotiating payment arrangements with the ATO has always been a superpower for accountants. It helps clients with affordable payment terms so they have sufficient cash flow to recover from the past couple of very difficult years.
This can be a helpful reminder to clients and shows that you can be instrumental in helping them manage finances and keep their business afloat.
Cash-flow planning
There is a huge opportunity to help clients with cash-flow planning, ideally ahead of tax time or in the new financial year. This is a good time to plan out not only ATO payment arrangements but also to tailor advice to the specifics of the businesses. Looking at busy periods of the year and individual challenges will enable clients to feel more prepared and to know when they should be spending and saving.
Single touch payroll 2.0
This year the ATO will roll out STP 2.0 for compliance and from 28 February, Intuit QuickBooks will be introducing this across the platform, meaning accountants can help keep their clients up to date on compliance. This will save time – and savings that can be passed on to clients – and offers a good opportunity for accountants to offer payroll services.
By providing ongoing support to businesses, planning for the year ahead and negotiating repayments, you can continue to help clients stay prepared and most importantly, remain as successful clients.
Shaye Thyer is head of accounting at Intuit QuickBooks.
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