Hello!
My name is Fiona, founder of Envy Accounts
Online. No hidden Fees. Accounting Packages, with free bookkeeping
Over my years of experienced I have witnessed time and time again that owners of businesses become stuck, overworked, and family and friends dissipate. You’re busy servicing clients. Expenses mount so you chase more clients to pay them. More clients equal more debt. And so, the cycle goes, and the result is the erosion of your personal time and money.
Successful businesses understand they can’t do it all and seek assistance. They enlist a tax accountant to prepare the tax return, and a bookkeeper to record their transactions to try to build some sort of understanding of where their cash is going throughout the year. This is great. A step in the right direction.
What I do
Simply put, I am a registered tax agent providing bookkeeping and business accountant services to help business owners process their everyday transactions into meaningful information that can be used to make executive decisions on the future of your business, and guide you on how to increase your wealth.
Problem with separation of bookkeeper and tax accountant
I see it fail time and time again. This system of a bookkeeper and a separate tax accountant. Why? A bookkeeper earns their credentials in less than a year, an accountant earns a degree after 3 years, and a registered tax agent accountant takes even longer and has to continue learning every year to keep their licence. There is a huge difference in their education.
The bookkeeper value adds to charge you higher fees; by providing monthly reports; which are great as you need them to make executive decisions on the direction of your business. But then the accountant changes the business accounts to bring them in-line with taxation law.
You have spent money employing a bookkeeper only to find the tax accountant has changed your accounts and now you’re unsure how reliable they were when the bookkeeper prepared them.
Added to this you’re wasting your personal time by answering questions from both the bookkeeper and accountant.
Business Accounting, My Approach
Striving to better your situation
Let’s pause a moment and look at the larger businesses out there. What are they doing? They have an inhouse accounts department which may include a bookkeeper, payroll officer, accounts payable and accounts receivable clerk and Business Accountant in charge.
Small businesses just don’t have enough transactions or revenue to warrant this expense and that is why they pay an hourly rate to a bookkeeper and another hourly rate to a tax accountant.
So, with this in mind Envy Accounts was born. Your personal online Business Accountant.
What is a Business Accountant?
An Accountant licensed to do all your business bookkeeping, payroll, budgets, forecasts, cashflow, management and financial reports, ASIC Compliance and ATO lodgements, including BAS, TPAR, FBT and tax returns.
We aim to make your business the envy of others
Knowledge is power, that we will teach, combined with the story of your captured historical accounts, we will guide you with the small incremental changes to increase your personal wealth.
Important Information
Policies & Your Rights
Our Credentials
Accounting Software we use
FAQ
Business structures we look after.
What business structure do you look after?
Envy Accounts look after sole traders, companies and trusts. We do not look after partnerships.
If you operate a business in NSW with a turnover of up to $600,000, with you as the only employee or yourself and one other employee, then Envy Accounts is happy to help with your bookkeeping, and ATO compliance.
If you are a sole trader without employees we will look after your bookkeeping and ATO compliance on a quarterly basis; in-line with your quarterly BAS lodgements.
If you operate your business as soletrader and have employees, or under a company or trust please look at our monthly package.
Do you lodge SMSF tax returns?
No, this is a specialty service that we do not provide, and we advise that you obtain special advice from a financial planner when determining if this product is right for you. We can legally let you know the tax effect on SMSF but we cannot advise on what to invest in and how much money you should add to SMSF; only financial advisers can.
Do you lodge personal income tax returns?
Yes. Please check out our pricing.
Subscription contract.
The monthly fee seems high
Fees are based on the provision of accounting services by a qualified and registered accountant. The fee includes your tax return for your business and yourself, along with financial reports, BAS and TPAR. And we throw in bookkeeping for free. As we’re doing the bookkeeping as per Australian Tax legislation, we know the accounts are correct and do not have to check and change your accounts which typically an accountant does in order to prepare your tax return.
Can I pay annually instead?
Cashflow is supreme to a business. Large annual payments are typically harder for a business to manage than monthly payments. That is why we have chosen a monthly payment system. It smooths the cashflow for your business, rather than a big bill at the end.
Are there lock in contracts?
The term of the contract is 12 months paid over monthly instalments. Envy Accounts has chosen monthly payments to improve your business cashflow. Smaller payments are easier for your business and ours.
When onboarding you will agree to a direct debit arrangement for those monthly payments.
You can request to break your contract, but doing so may incur fees and is dependent on which accounting package you signed, how much of your contract is left, along with whether you are new to us or in a repeat year.
We attempt to be fair when setting fees. The fees cover costs and time we have incurred up to the point which you choose to break the contract. If you have been with us for more than 12-months you may cancel your contract per ‘what if I want to cancel’ details under FAQ. If you are in your first year of the contract and you request to break the contract:
- Those under the ‘solo’ contract must pay the full 12 monthly instalments
- Those not under the ‘solo’ contract are required to pay the first 6-months of monthly instalments in full and adhere to the ‘what if I want to cancel’ details under FAQ, which may include an additional month if you are cancelling at the 6-month period.
What if I want to cancel?
Please notify us in writing. The following direct debit instalment will still be payable. As outlined under ‘are there lock in contracts’ additional costs may be payable.
We are happy to provide you with access, for one month, to a folder containing all of your receipts which you can download. After which time we will no longer store. Envy Accounts will sign over the Xero file to you, and you will need to pay the ongoing subscription to keep the data.
Can I access the accounting software?
Yes, you can access to Xero software. Excluding soletrader packages.
We do request to ensure accuracy of the software that you do not enter journals, change the chart of accounts or reconcile any bank accounts.
If you are a “solo” package, we do use accounting software which we pay for in order to perform our duties. This software though is not a fully functioning software, and will not assist you in invoicing. Access to this software is purely by us, Envy Accounts. We may use Xero or Quickbooks as our accounting software for soletraders.
What to expect during my contract.
Will my data be safe and private?
Your data and finances are safe and secure with our cloud-based bookkeeping and accounting services.
We utilize software that supports the use of 2 factor authentication and request that you use it to keep your data safe.
Please see our disclaimers and privacy policy for further information.
Will you come to my office?
No, we are a virtual service. We are real people in the modern age that have gone through covid and seen how adaptable all businesses are. It is less time consuming for you and me to stay virtual. If I come to your office, you are going to be covering my travel time. We aim to give you the most bang for your buck.
Zoom/Team meetings are available.
We are becoming a paperless society. And let’s face it those receipts and documents fade and get lost. We have a mechanism so that you can send that information to us and then never have to deal with it again. Oops you say, I need to return that faulty tool. Not an issue. All your receipts that you have sent to us are saved. Just tell us and we will provide you with access.
What can I expect each month?
You will be provided with access to an app that you can place on your mobile to upload bills, receipts, invoices, loan documents, bank statements, and payroll related information including timesheets, updates of new/departing employees or changes to hours or rates.
We will process the payroll and provide you with an ABA file that you can upload to your business bank account and to make payment. Pay slips will be emailed to staff, and monthly we will lodge and organize payment of the superannuation payments.
Bookkeeping duties of bank account reconciliation and allocation to correct accounts will be performed.
Next, we will perform accounting journals for any month end adjustments such as prepayments, accruals, provisions or loan adjustments.
Your monthly PAYGW activity statement will be prepared and sent to you for signing, then lodgement. We will raise a bill in the accounting software for you to make payment. PAYGW are the tax withheld amounts on the payroll.
The accounts will be analysed for fluctuations in income and expenses and cash flow assessed monthly reports prepared.
This monthly service is not available for ‘Solo’ packages.
What can I expect each quarter?
Your quarterly Business Activity Statement will be prepared and sent to you for signing, then lodgement. For clients under the ‘Plus’ package we will raise a bill in the accounting software for you to make payment.
For clients under the ‘Solo’ package we require you to share you bank statement for the quarter via the app that we share will you. The app is a mechanism for safe and secure transfer of data to us. You will also need to share via this app invoices, purchase receipts and documents for loans entered during the quarter.
We aim to get the BAS to you within 10 business days to ensure that you have plenty of time to manage payments. The June BAS will be prepared by the 31st July (in-line with your business tax return).
Lodgements are always dependent on you to provide requested documents in a timely manner to provide us with sufficient time to prepare the accounts.
What can I expect each year?
Preparation of set of business financial reports, and tax returns prepared by 31st July; dependent on receiving information from you in a timely manner.
Lodgement of Taxable Payment Summary (TPAR) for Construction, Cleaning and Courier businesses.
Lodgement of LSL for Construction Industry clients.
Lodgement of Fringe Benefit Tax return for those operating under entity structures requiring this ATO lodgement. A questionnaire will be sent to you on the 31st March requesting answers to assist us with the preparation of this form.
Payroll and super.
Do you process payroll?
Yes, if you package includes payroll we manage:
* Single touch payroll
* leave entitlements
* Superannuation
* BAS related lodgements.
Is there a limit to how many employees you will process?
Yes, we will only manage up to 2 employees, including yours. We like to focus on mum and dad run small businesses. This number of employees also aligns with Xero accounting package included.
We will work with you to determine a pay that is suitable for your business and personal needs.
Payroll for non-related employees are processed at hours and rates supplied by you. We do not determine award rates or provide advice on the correct rates. It is your responsibility to ensure that your employees are paid correctly. We recommend obtaining advice from the employment relations in your State or Territory.
If your pay fluctuates each pay period or they are based on timesheets, to ensure pays are processed in a timely manner it is your responsibility to submit timesheets to us in a timely manner to enable us to process the payroll on time.
How do you manage payroll?
You let us know of any new employees and their details. We then add them to the payroll system and notify the ATO.
All rates and hours are supplied by you. We do not determine award rates for your employees or provide advice on the correct employment entitlements. It is your responsibility to ensure that your employees are paid correctly. We recommend obtaining advice from a specialist such as the fairwork.gov.au for NSW.
At the end of each pay period send us the timesheet for each employee (which we supply).
We then process the pay run and send you an aba file, for you to upload with your bank in order to make payment to your staff.
We then email payslips to each employee.
How do you manage super?
Non and late payment of Superannuation is heavily watched by the ATO and penalized with fees and interest.
Future changes will come in that will require Superannuation payments paid at time of payroll.
When payroll is conducted, we will organize the corresponding superannuation to be directly paid via your business account to the Superannuation Clearing House.
Why lodge super so frequently, and not quarterly?
Cash flow is your number one to survival. Making regular payments of superannuation means you will not have a nasty surprise at the end of the quarter and your bank account won’t look superficially overstated. Soon the ATO will also require payment of superannuation at the same time as payroll. Best to get used to it now.
Envy Accounts
3 Amy Close, Wyong NSW 2259
SERVICING CENTRAL COAST AND WIDER REGION OF
NEW SOUTH WALES
Disclaimer
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