New Layer

Focus on Business Scalability & High-value Advisory Services,
Optimizing Revenue Generation

Audit Services and Institute Compliance (ASIC) is an independent and objective assurance and advisory function that is guided by a philosophy of adding value to improve the operations of the California Institute of Technology (the Institute). It assists the Institute in accomplishing its objectives by bringing a systematic and disciplined approach to evaluate and improve the effectiveness of the organization’s governance, risk management, compliance, and internal control.

This Charter describes the mission, commitment, authority, independence, accountability, and principal responsibilities of ASIC.

GST & Financial Reporting

BAS Reporting & Record Keeping

Client Registrations

Monthly or Quarterly Reports

Regular Bookkeeping

Business Activity Statements (BAS): An Overview

The mere mention of the term ‘Business Activity Statement’ (BAS) is enough to make many business owners break out in a sweat. Even more stressful than that is having to come up with the cash to pay it if you haven’t been putting the money aside.

All businesses registered for GST need to lodge a BAS. Any anxiety associated with BAS time can be more easily managed when you fully understand what activity statements are, when and if they need to be lodged and when they need to be paid by.

If you have a system in place that prepares you for BAS time, the “red tape” process can actually be positive for you and your business.

How to prepare your BAS

1. Get everything up to date

Make sure that your MYOB accounting software is up to date and all bank feeds are imported, allocated and bank reconciliations done..

2. Print off your MYOB report

At the end of the week or month, print off the MYOB reports to prepare your BAS. Now you have an estimate of what you would have to pay should your BAS be due right now.

3. Check your bank balance

Ideally, you should have enough money in your business bank account to cover it. (This account could also be used to set aside employee obligations such as superannuation guarantee.)

4. Create a Profit and Loss Statement

After you have printed the BAS reports, also print a Profit and Loss Statement. This will show you how much money you have made in the week or the month to date.

UPDATE: You can now lodge your BAS right from MYOB. You can see the exact process to get your BAS done in a flash, here.

5. Preparation breeds confidence

Here is where the magic starts. By being organised, capturing information regularly, and setting aside money by generating weekly and monthly reports, you will start to focus more on your numbers. You will gain more confidence in this area of your business and you will be more prepared when it comes to meeting your obligations – including those relating to the ATO.

What is a Business Activity Statement (BAS)?

Business Activity Statement (BAS) is a government form that all businesses must lodge to the Australian Tax Office (ATO). It’s a summary of all the business taxes you have paid or will pay to the government during a specific period.Most Australian businesses will lodge their BAS monthly, quarterly or annually.

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Our Work Flow Model

Our approach to Various accounting roles like Bookkeeping, Tax returns, Lodgements, SMS, and Payroll processing, involves a streamlined and secure workflow model. We propose sharing client data via a secure cloud drive, such as Google Drive or Dropbox, ensuring real-time access and enhanced data security. All work performed on the data will be saved directly to the shared drive, prioritizing data integrity and client privacy. We have integrated various workflow tools & software in our operations model to enhance efficiency and productivity and negate any margins for error.

Our team will conduct reconciliation and prepare the client’s financials on trusted platforms like Xero Lodgeit, QB, Myob, etc. In the case of any queries regarding bank entries, we will draft and share an email for your review and approval before forwarding it to the client.