“The BankLink Service provides small business clients of Prouse Family Accountants with solutions to simplify the accounting process – letting small business owners spend less time on accounting and more time on their business (or with their family).”

For a small monthly fee,  BankLink automates and streamlines your accounting by virtually eliminating manual data entry and the collection of receipts and bank statements.

You don’t have to spend hours doing your books with software (like MYOB or Quickbooks) that is often complex and expensive to use.

And, BankLink makes it easy for Prouse Family Accountants to send your business regular financial information so you can make well informed business decisions.

How does it work?

BankLink securely collects electronic copies of your statement information from your bank or financial institution and then delivers this directly to Prouse Family Accountants.

Using BankLink, we can process your transactions and, where additional information is required, request additional information from you.

Using your data, we can prepare income tax returns, financial reports, budgets and GST business activity statements quickly and without thousands of dollars in book keeping fees.

• Click here to see a video demonstration

Benefits for your business

• Simplifies and automates your accounting process
• Saves you time and money – virtually eliminates manual data entry and reduces time spent on bookwork
• Accurate and secure data supplied to your accountant daily, weekly or monthly
• Timely financial reports to help with business decision making (cash flow, P&L etc)
• Reduces stress – you don’t need to understand accounting, you’ll have fewer queries from your accountant, and you won’t need to supply receipts, bank statements or files from other accounting software

Is it safe and secure?

Absolutely. BankLink is completely secure and has achieved PCI DSS (Payment Card Industry Data Security Standard) compliancy — a security standard set by the major credit card companies. You do not disclose your bank passwords at any time and the service does not have any internet banking capabilities.

Electronic copies of your transactions are sent to Prouse Family Accountants under strict international security measures, in accordance with the requirements of all the major banks. Your transaction data is supplied in encrypted form and cannot be accessed by anyone other than us.

Is it expensive?

No. Packages start from $99 per month (including BAS lodgment) and our BankLink clients consistently spend a lot less money on accounting fees than small business clients with MYOB or Quickbooks.

Less stress + Better financial reports + More time for you + No bookkeeping fees

Banklink removes the need for internal bookkeepers and accounting packages to deal with the GST and Business Activity Statement. It removes the need for computer hardware, accounting software, and monthly bookkeeping or time cost of maintaining a stand alone accounting system eg MYOB, Quickbooks etc .

How to get started

Call the office on 9400 8400 and make an appointment with Carel, Matthew or Tracey or email joondalup@prouse.com.au.  

We will then provide you with a written quote for BankLink and give you a registration form to complete and send to your bank authorising us to receive an electronic copy of your bank statement.

Typically, you will need to allow 2-3 weeks for the BankLink service to be enabled on your business bank accounts.

The Australian Tax Office recently announced that they will be keeping close tabs on the performance of small businesses and subcontractors. The ATO has released more than 70 industry benchmarks for a wide range of business activities.

The benchmarks look at small business performance (sales, turnover and profit) and the value of costs and inputs (materials, wages, tools etc) and produce a series of guidelines and formulas that help small business owners – and the tax office – measure their actual performance against the benchmarks.

The purpose of benchmarks

• compare a business with others in the industry to assess performance
• check that tax obligations are being met, in particular the recording of all cash transactions
• work out if a business needs to adjust its record-keeping practices, and
• assess whether the Tax Office is likely to select a business for an audit or review.
• identify businesses that may be avoiding their tax obligations.

Two types of benchmarks for the small business sector have been developed by the ATO.

• performance benchmarks: based on information small businesses report to the Tax Office on income tax returns and business activity statements (BASs); and
• input benchmarks: based on information industry participants and trade associations provide to the Tax Office.

Who has been benchmarked?

More than 70 industries have been benchmarked including:

• Baking
• Bricklaying
• Cleaning
• Concreting
• Hair Dressing
• Painting
• Roof guttering
• Roof painting and repair
• Timber floor installation

Visit the ATO website for the complete list of benchmarked industries

What does it all mean?

To start with, your business performance will be compared to the average performance of your industry category, based on the information supplied in your tax returns and activity statements.

If your trading results do not conform to your industry’s norms, the data-matching system at the ATO will flag your business for tax auditing or investigation.

Don’t panic! We can help you.

We can compare your business with the industry benchmarks monthly, quarterly or annually. Contact us if you would like some more information.

The MYOB business survey found that getting affordable and reliable business advice was a difficulty for more than one in four Australian small businesses.

Newly established and businesses with fewer than 20 employees had the most difficulty.

We provide affordable taxation and business advice

Our office can advise small business clients in the following capacities:

• Establishing new business structures and registrations
• Budgets, cashflow projections and profit analysis
• Taxation planning
• Records and book keeping
• Cost benefit analysis of equipment, staff and services
• Investment and financing analysis
• Determining insurance and financing requirements
• Determing the right software package

Our partners can also assist with:

• Superannuation
• Risk and General Insurance
• Home Loans, Investment, Vehicle and Equipment Finance
• Wills, Probate and Estate Planning
• Contracts, Leases and Business Settlements
• Property Settlement Services
• Property Management Services
• Computer support and software training

Tax deductible business advice from $110

To make an appointment please call 9400 8400 or use the contact form below.