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Tailored Accounting Solutions for Australian Businesses

At Panacea, we specialize in providing comprehensive back-office accounting solutions tailored to meet the needs of businesses in Australia. Our expertise in using innovative software and our commitment to excellence ensures that our clients receive the highest quality service. Below are the core services we offer, along with details on how we set up for success:

Accounting & Bookkeeping

We provide meticulous accounting and bookkeeping services, ensuring that your financial records are accurate and up-to-date.

 

  • Software Utilized: Xero, Hubdoc, Class Accounting (SMSF).
  • Key Activities:
    • Daily transaction monitoring, bank statement reconciliations, and maintenance of comprehensive financial records.
    • Xero Setup:
      • Enter basic company details.
      • Setup GST details.
      • Import the chart of accounts.
      • Bring in opening conversion balances.
      • Lodge bank feed forms with Xero & enter banking account details.
      • Import contacts and fixed assets into Xero.
      • Set up any tracking codes.
      • Journal year-to-date balances into Xero.

Individual Tax Returns

Our experienced team prepares individual tax returns to ensure compliance with Australian tax regulations.

 

  • Software Utilized: Xero Practice Manager and Xero HQ.
  • Key Activities:
    • Downloading pre-filling reports from the ATO.
    • Reviewing client data for accuracy.
    • Preparation of business schedules and reconciliation of all income and expenses.
    • Calculation of capital gains on asset disposal and determination of income tax liability/refund.
    • Compile and finalize documents for lodgement and signature.

Business Annual Accounts & Tax Returns

We handle the preparation of annual business accounts and tax returns, aimed at minimizing tax liabilities while achieving compliance.

  • Software Utilized: Xero, Annature, Syft.
  • Key Activities:
    • Comprehensive review of financial health.
    • Preparation of financial statements and tax returns coupled with strategic tax planning advice.

Workpapers and Reconciliations

Our expert team ensures all financial activities are thoroughly documented and reconciled for accuracy.

  • Software Utilized: Nitro PDF, Microsoft Office.
  • Key Activities:
    • Preparation of work papers.
    • Conducting reconciliations for all transactions to support year-end audits.

Business Activity Statement (BAS) Preparation

We assist clients with timely and accurate BAS submissions.

  • Software Utilized: Xero.
  • Key Activities:
    • Preparing work papers for BAS filings.
    • Monthly and quarterly reporting, ensuring GST compliance.

Quarterly Business Activity Statement (BAS) Preparation

Ensure compliance with ATO requirements with our quarterly BAS services.

  • Key Activities:
    • Reconciling bank and credit card accounts.
    • Reviewing GST transactions and preparing the necessary documentation for BAS submissions.

Annual Company Accounts Plus Tax

We prepare annual financial accounts ensuring clarity and precision.

  • Key Activities:
    • Reconciling all accounts and preparing necessary work papers.
    • Communicating with clients throughout the process.

Monthly Bookkeeping and Payroll Services

Our bookkeeping services efficiently manage financial processes.

  • Software Utilized: Hubdoc.
  • Key Activities:
    • Publishing and entering invoices, bills, and expenses into the accounting system.
    • Preparing and distributing management reports.
    • Finalizing bank reconciliations and reviewing Profit and Loss Statements for accuracy.

Super Fund - Annual Accounts Plus Tax

We assist with managing superannuation fund accounts to ensure compliance.

  • Key Activities:
    • Importing bank statements and reconciling transactions.
    • Preparing financial documents and tax returns for super funds.

Software We Use

  • Xero: A leading accounting software providing real-time financial data and automation capabilities.
  • Hubdoc: A document management tool simplifying the collection and processing of bills and receipts.
  • Class Accounting (SMSF): Software for Self-Managed Super Funds, enabling streamlined fund management.

Why Choose Us?

We provide services for the clients of various accounting firms in Australia. By choosing Panacea, you align with a dedicated partner who understands the intricate needs of the Australian market. Our commitment to personalized service, combined with industry-leading software, allows us to offer solutions that drive efficiency, compliance, and growth.