Accounting Services Equipped with MYOB and SYSNET saves Late Payment Charges and Government Penalties

Client Requirement

Provide accounting services right from basic entries till calculation of taxes to be paid as well as filling the required reports for government submission. The services included the following:

• Entering stock details in the system and matching the actual stock with the system thrice a week
• Entering bills and invoices in the system from the scanned documents
• Making payments to creditors as and when due so that there are no late charges
• Calculating and processing weekly payroll by the deadlines
• Calculation of GST and PAYG to be paid to the ATO each month and quarter
• Preparing various reports each day for making different management decisions

Hi-Tech’s Performance

This is an ongoing project where we handle the entire accounts. Some of the measures taken by Hi-Tech include:

• All the work was set to be done on the client systems in their real time environment
• We coordinated daily time and tasks to be done on each day of the week and defined activities to be done by the bookkeeping team
• Onboard bookkeepers to work in special shifts to accommodate Australian timings.
• The project is divided into a team of dedicated bookkeepers, working on the project.
• Cross trained Book keepers, scheduled in shifts as a contingency measure.

Software Used

MYOB, Sysnet, Microsoft Excel

Benefits to Client

The client concentrates more on his business and expands branches as all the accounting functions, including tax filings are done at our end

• We have not missed any deadlines – for payroll, creditor payments, ATO payments. This has helped the client in not getting any late payment charges or government penalties
• All the reports required to make management decisions are prepared and changes are also suggested so that decisions can be taken and implemented faster.