Services
Outsourced Accountancy Services for Accountants
Outsourced accountancy services for Accountants
We specialise in cloud accounting technology and provide accounting services using software’s such as Xero, QuickBooks and MYOB
Why outsource to JEMAJO Accountants
We provide fixed-fee pricing to ensure you know exactly how much you are going to pay each month helping you to manage cash flow and fix costs on each assignment
We are a team of qualified accountants based in Sri Lanka
With our support, you can focus on growing your client portfolio or providing added value services whilst having confidence the compliance services are delivered with excellence
You can significantly reduce overheads with our support in the following areas:
● Software costs
● Recruitment fees
● Reduce additional costs from time write offs
Our team can help to further reduce the burden placed on you by cutting out the middle person and liasing directly with your clients to help resolve any bookkeeping, tax or accounting queries
What is small business accounting?
No matter the size of your business it is always important to make sure your business accounting is managed properly. You don’t have to be a financial guru, but making sure you understand the key elements of bookkeeping, accounting and tax is vitally important, even for small company accounts.
Small Business Accounting
Overall, accounting is the process of recording, summarising and analysing financial transactions of a business. It is important to do this to monitor performance, assess taxes and plan for the future. Getting such accounting basics right for a small business can make the real difference, as most of us just starting a business or growing a company don’t have deep pockets to cover an unexpected tax bill or supplier invoice. So, this is where small business accounting services really help but where exactly do you start?
Looking at business compliance is probably the best starting point. For example, most of the countries has recently introduced ‘Making Tax Digital’ which means most VAT/ GST registered businesses now have to ensure the accounting options they use include keeping digital records and sending digital tax returns. There is a vast range of accounting software which has been especially designed for small businesses and many of the products are pretty affordable, however with lots of accounting software options out there, the most important thing to do is to do your research and pick a service which really matches your business needs.
Many accountancy firms specialise in supporting smaller owner-managed businesses (as well as being small businesses themselves)! Accountants can offer support with a range of services, from business plans and forecasts, to year end accounts and tax returns, as well as advisory regarding business sales or purchases and tax planning such as capital gains tax on property or other assets.
- Bookkeeping – All businesses and those who are self-employed are required to record and keep evidence of financial transactions. These may include storing and recording purchases invoices, sales invoices, payroll records, receipts and payments made by an individual person or by an organisation or company. Therefore, bookkeeping is a way to document and classify accounting transactions, in addition to monitor business performance and manage accounting and reporting requirements
- Payroll– If you are employing staff (or directors) then there is a requirement to potentially deduct tax for the employees when their salaries are made
- Corporation Tax– Most incorporated (for-profit) companies have to pay corporation tax on its taxable profits.
- VAT – If you have a taxable turnover over £85,000 per annum then it is compulsory to register and prepare VAT returns to HMRC
- BAS – The business activity statement (BAS) is a form submitted to the Australian Tax Office (ATO) by registered business entities to report their tax obligations, including GST, pay as you earn (PAYE) & fringe benefits tax (FBT)
- Budgets and forecasting – It is important to your business success because you set targets for income and expenditure and then you can hold yourself accountable to those targets as the year progresses