What are the services listed in my engagement with Incra?

If there are items on this list that aren't included in your engagement and you're curious to learn more, please contact your Client Manager!

 

Annual Financial Statements
Preparation of the financial statements for the past period, including:

• Income Statement - a snapshot of your business performance
• Profit & Loss Statement - a detailed statement of income and expenses
• Balance Sheet - your net worth statement, what you own less what you owe
• Depreciation Schedule - listing of your fixed assets and their written down values
• Supplementary management reports including ratios analysis, statement of historical cashflows, and tax projection (for Quarterly Financial Statements or other interim period such as monthly or bi-annual)

Adjustment and reconciliation of your accounting file - to make sure that the reports in your system match ours.  If you don't use Xero, this adjustment and reconciliation takes the form of an Adjustment Journal.

 

Tax Return
Preparation & lodgment of the Tax Return, including implementation of tax minimisation strategies - so you don't pay more tax than you need to.

Company Secretarial Services
Representing you to Australian Securities & Investment Commission (ASIC) to handle all ASIC related correspondence, use of our office as registered address for ASIC notices.


FBT
Preparation and lodgment of Fringe Benefits Tax (FBT) for the year, including:

• Calculation of fringe benefits tax liability
• Calculation of any bookkeeping, payroll and GST adjustments required
• Preparation of necessary declarations and reports

 

Trust Resolution

Assistance with preparation and finalisation of annual Trust Income Resolution in accordance with the trust deed, completed prior to 30 June each year for the trust.

 

Annual General Meeting
Meeting to review the performance of the business and look to the year ahead:

• Present and review the annual financial reports and related tax returns, discuss any areas of concern and identify opportunities
• Review notes from last meeting and check progress of action points
• Review the business strategy for the year ahead
• Set action points and assign tasks as required

 

Annual Budget, Balance Sheet Projection & Cash Flow Forecast

Preparation of annual budget, balance sheet projection & cash flow forecast, including:

• Working with you to set profit budget for the next 12 months
• Projection of Balance Sheet to determine your future financial position
• Cash flow forecast to ensure you can fund the business for the next 12 months, including any gap strategies that need to be employed
• Linking your forecast with actual data so meaningful actual versus budget reporting can be completed.

 

Equity Reporting

Preparation of comprehensive Equity Statement as at the end of the period, showing detailed movement in your net worth as a result of the financial performance of your business operations and investments.

 

BAS/ IAS

Preparation and lodgment of monthly Instalment Activity Statements, quarterly (or monthly in some cases) Business Activity Statements using financial information sourced directly from your accounting system where we have access to it, or provided by you, once your accounts have been reconciled for the period.

Some clients complete their own IAS and use Incra's services just for the BAS.

 

Annual GST Return

Preparation and lodgment of Annual GST Return for basic entities that are not required to report on the quarterly/monthly BAS schedule, including:

• Review of financial data for the period, provided by you
• Calculation of required reporting labels
• Advising you of outcome and liaising with you regarding payment

 

Annual Payroll Tax Reconciliation

Preparation and lodgment of Annual Payroll Tax Reconciliation for NSW and VIC.

 

Quarterly review meeting - to help keep your business on track

Face-to-face meeting with you (in-person or Teams/Zoom, as agreed) to:

• Present and review the most recent financial reports, discuss any areas of concern and identify opportunities
• Review notes from last meeting and check progress of action points
• Set action points and assign tasks as required

 

Quarterly Business Analysis Report (QBAR)

Preparation of quarterly ratio analysis, with report customised to your business' unique requirements:

• KPI summary, growth and cashflow analysis, and overall business health check
• Presentation of the report, including commentary and analysis

 

Quarterly Tax Forecast

Report detailing forecasted tax payments for next 12 months, reviewed & updated quarterly.  Some clients choose to have this service bi-annually where tax affairs are simpler and less subject to change due to business activity.

 

Monthly Check-in meeting

Monthly video meeting with you for review of your internal management reports and for the purpose of:

• Working with your team to implement monthly reporting procedures
• Providing feedback and advice on obtaining accurate monthly financial reports
• Check-in on business performance and discuss challenges/ opportunities

Usually coupled with quarterly services, this is a helpful interim discussion to keep on track for quarterly goals and objectives.

 

SMSF Annual Accounts & Tax Return

Preparation of the financial statements & tax return, including:

• Annual statutory reporting for Self Managed Superannuation Fund
• Arrange annual audit using external third party auditor, all fees included as a disbursement

 

If any item listed is still unclear or you'd like to better understand it, please reach out to your advisor or accountant contact at Incra or email hello@incragroup.com.au!