Accounts NextGen

According to finance and accounting experts, including the tax accountants in Melbourne CBD , the profession of Accountancy has been going through some significant changes and will face the three main and enormous challenges in the upcoming decades. That means a thorough need is emerging for the respective accountancy people and educational institutions to respond.  The first one is incessantly evolving digital technology. The second one is the impact of globalization, and the last but not least is new norms and regulations in Accountancy. A renowned name in the field of Accountancy called the Association of Chartered Certified Accountants had conducted research named ‘drivers of change and future skills’. The research states that by 2025, the three significant changes, such as digital technology, the impact of globalization, and new regulations, will immensely impact the profession. Digital technological change  The digital technology has been evolving into a massive re...

  Every accountant knows that accounting is the primary language of business. That language has gone through many changes throughout many years. But with all the changes, accounting has always worked towards making the job, just a little easier.  Accounting technology has impacted every industry differently.   Over the last decade, technology has been developing exponentially, and the technological landscape is happening with innovative advancements. Therefore, managing accounts is getting tougher day by day. For pacing up with the change, i.e., digital age, accountants must undergo digital learning platforms.     Top 4 Accounting Trends prevailing currently and are expected to rule the future    Cloud accounting   The accounting world's latest trend is shifting towards a cloud-based system to reduce overhead, and IT cost. In the cloud accounting system, the software is provided on various server stations of the company, and the ac...

Taxation has been a great dilemma for the business houses whenever the new budget and tax policies are discussed or passed on the parliamentary houses. And especially for the small business owners, it is quite an obstacle to clear wisely. Every well-established business firm needs great and well-executed strategies to mitigate the tax during the financial seasons.    Income tax is one of the crucial subjects on which small business owners seek advice mostly. As the business kicks start, the lesson will help the owners to decide precisely what kind of entity they need to operate the business that can carry it forward too. This will help the owners widen the tax benefits, and when it comes to selling the company, the owners can minimize the tax owed through the small enterprise capital income tax concession.  Is it worth going with a tax accountant? The one thing you need to clear in your mind is that you can’t expect from an accountant to complete or do all the accountancy...

  The Australian Prime Minister Scott Morrison gave a lifeline to the small businesses by continuing the JobKeeper scheme for the eligible businesses until March 2021. Due to the COVID-19 crisis, this unemployment benefit scheme is extended for six months. This critical decision came into existence two days before the Treasurer Josh Frydenberg delivered the federal budget. The job keepers can slate better with this extension until March 2021 to better support their business.   However, the tax accountants in Melbourne are of the view that this subsidy scheme will now be established as a two-tier payment mode scheme. This scheme was reframed with some extensions, tightened eligibility, and pay cuts. What Changes You Will See in This Newly Extended JobKeeper Scheme? ●        The second phase of this scheme will run until 28 March 2021. ●        The scheme will be reframing and based upon the hours and has a t...