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Category: Closely Held Payees

Reporting requirements for Closely Held Payees

As an award-winning and trusted bookkeeping practice, we understand the importance of staying up-to-date with changes in payroll processes. One change that has recently come into effect is the reporting requirements for Closely Held Payees. What are Closely Held Payees (CHP)? A closely held payee is an individual who is directly related to the entity […]

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We worked with an accountant to help their importer client.

Problem
An accountant introduced us to a new importer client of his. He was 12-months behind in both his bookkeeping and compliance (unlodged BAS). The client’s previous bookkeeper hadn’t picked up the GST component on import customs and the file needed a lot of extra work to bring it up to scratch.
Outcome
Streamline accounting procedures so that the client can provide information and paperwork. We’ve also connected add-ons to Xero to assist the process. Provide end-to-end bookkeeping, payroll, accounts payable, accounts receivable, monthly reports, manage multi-currency accounts and import of stock, BAS lodgement, STP, super, and more. Liaise with accountant to help client stay on track and ensure file is current for monthly advisory sessions between client and accountant.
Solution
The client is now back on track and his bookkeeping compliance is up to date. They are managing growth and cashflow, building their business, and they don’t have to worry that they’re behind anymore. The accountant doesn’t need to worry either because he knows everything is in place so that he can concentrate on planning and the business advisory that he wants to do.
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