Why You Are Sent Your Monthly Reports?
Accounting reports will let you keep track of business transactions, but they will also – and this is an important point – help you maintain a budget, predict cash flow, and forecast revenue. They also allow for an assessment of the current situation compared to a previous one.
Included in your monthly reports are:
- Balance Sheet
- Profit & Loss
- Accounts Payable
- Accounts Receivable
- Suspense Report
- ATO Integrated account
- + Other reports
What Is a Balance Sheet?
The term balance sheet refers to a financial statement that reports a company’s assets, liabilities, and shareholder equity at a specific point in time. It provides a snapshot of a company’s finances (what it owns and owes) as of the date of publication.
Assets = Liabilities + Shareholders’ Equity
This formula is intuitive. That’s because a company has to pay for all the things it owns (assets) by either borrowing money (taking on liabilities) or taking it from investors (issuing shareholder equity).
New Client ID Guidelines
The Australian Taxation Office (ATO) and the Tax Practitioners Board (TPB) have developed new guidelines on client identity verification. These guidelines will also help improve security to stop criminals from committing tax fraud by stealing taxpayer identities.
NEW SECURITY MEASURES AT A Girl Friday:
- Implementation of increased Proof of ID requirements
- Use of Nord VPN
- 2 factor security for all internet transactions
- Upgraded Policies relating to all cyber and online security risk
- Business Risk management assessment by external specialist
- Increased back-up and data safety technology introduced
- Upgraded Firewall, Anti-virus and anti-malware solutions