The information required on a valid tax invoice of $1000 or more is:

• The ABN of the entity issuing the tax invoice
• The GST-inclusive price of the taxable sale
• The words 'Tax Invoice' stated prominently
• The date of issue of the tax invoice
• The name of the supplier
• The name of the recipient
• The address or ABN of the recipient
• A brief description of each thing supplied
• For each description, the quantity of goods or extent of services supplied
• Where GST payable on the sale is exactly1/11th of the total price, either the GST amount or a statement that 'The total price includes GST", and
• Where GST payable on the sale is less than 1/11th of the total price, the amount excluding GST for the sale(s), and the amount of GST payable.

Any business who has their records kept by a qualified bookkeeper will know they have nothing to fear when the Tax man comes calling. They know that their records are being maintained to a high level of accuracy and reliability.

With a qualified bookkeeper there are no suspense items, no unresolved questions, no one sided entries, no fudging of the figures, no unbalanced bank/cash accounts, no capital items wrongly allocated to repairs or other expense headings.

When you use a qualified bookkeeper you have a source of knowledge that you can tap at all times for answers to complex questions about accounts, tax, GST. They quickly become your rock of knowledge behind your business bookkeeping and financial matters.

You focus exclusively on your business, safe in the knowledge that your books are in totally safe, completely professional hands.

What if I want to do some of the work myself?

No problem. You can do as much or as little as you like. We're able to help with setup and training only, or we can provide ongoing monitoring and ongoing bookkeeping services as well as taking care of your ATO obligations along the full financial year, until it is time to email your accountant the required files for tax return preparation and advice.

No. We have developed many systems and checklists like a franchise would, however we feel that we are able to maintain a higher level of quality control as a stand-alone company.

Yes. We have chosen to focus on the day to day part of accounting in business (know as bookkeeping). As a result you will still need an accountant. Your accountant will prepare and lodge your tax return, however the amount of time that your accountant requires may reduce due to the level of detail your records are kept in when they are managed by myaccounts.

In the end, all the forecasts and accounting programs in the world are no compensation for getting more cash in the door. Here are some tips on how to improve your business's cash flow.

1. Set your credit terms carefully. Carefully research the standard credit period for your industry and make an honest assessment about the consequences of shortening your credit terms.
2. Make your debtors pay quickly. One idea is to ensure debtors know how much time they have by sending payment notices on different coloured paper. Talk constantly with major debtors as payment deadlines approach. A small discount for early payment can also provide an effective incentive to put that cheque in the mail.
3. Pay your creditors slowly. Take advantage of credit terms where you can and prioritise costs according to the severity of the consequences for not paying. Wages, taxes and direct debits are at the top of the list, key suppliers second and everyone else last.
4. Smooth out the lumps. Know when lean cash flow patches are coming and plan accordingly. Avoid funding major purchases from your business's working capital unless you are sure you have the cash to cover it.
5. Use finance products effectively. Overdrafts, premium funding, lease facilities and cash flow funding products can all be excellent tools to help match a business's cash supply with planned outlays if used sensibly.
6. Do not incur penalties. The ATO and the ASIC both impose penalties for late lodgments or payments in some circumstances. Paying these debts first will save you money and stress.
7. Keep your hands out of the till. Discipline yourself to make cash drawings only in line with conservative cash flow forecasts.