Our Fixed Price Accounting & Tax Package
As for any other business, Global Hub is thriving to achieve maximum efficiency within our own business in order to provide our clients with cost effective and high quality services.
Our fixed price accounting & bookkeeping package is designed for small to mid-sized businesses utilising Xero, wishing to achieve the following:
- No surprise annual accounting bill (fixed every month);
- Need to focus on business, not back office work; and
- Transparency in separation of duties.
This is suited for everyone with the following attributes:
Businesses that are:
- ABN Holders;
- Require periodical financial statements;
- Require regular BAS lodgements;
- Require on-going support from CPA; and
- Xero users.
Please see the differences or contact us for further information.
The Differences
Our Fixed Price Accounting & Bookkeeping Packages generally cover the following functions:
- Lodgement of BASs
- Preparation of annual financial statement (quarterly, monthly if required)
- Ongoing E-mail support by a CPA for your tax & accounting queries
- Xero subscriptions
- Regular reconciliations (not including invoicing, bills, and/or payroll unless requested)
- Regular review of your data & accounts by a CPA
The below comparison tables illustrate both quantitative and qualitative differences on a hypothetical scenario using Xero {link to Xero page} (cloud accounting system) fixed price package solutions as follows.
Please note this guidance is for business clients only.
| Business turnover per year | approximately$750,000 per annum |
| Transactions per month | approximately 300-400 bank lines/month |
| Compliance Package | approximately $599/month |
| Bookkeeping Package | approximately $400/month |
Quantitative Differences (Costs)
| Description of Services | Conventional Setup | Global Hub |
| Compliance Package | - | $7,188 |
| Bookkeeping Package | - | $4,800 |
| In-house Accountant Annual Salary (Payscale data) | $43,000 | - |
| Superannuation for the in-house accountant (9.5%) | $4,085 | - |
| Accounting Software Subscription (Typical Price) | $1,000 | Included (Xero) |
| Annual Financials & Tax Return (External Accountant) | $4,000 | Included |
| Quarterly BAS Obligations (Typical Price) | $1,500 | Included |
| Tax Planning (Typical Price) | $2,000 | Included |
| Total | $55,585 | $11,988 |
Now that is nearly 80% reduction in your overhead costs. This cost effectiveness may be further enhanced by our tax planning advice!
Actual package quotations vary depending on the following factors:
- Annual Turnover
- Transaction Volume
- Complexity of the business/accounting requirements
- Activity statements frequency
- Number of employees
Individual business circumstances are different. Therefore, the above illustrations should be taken as guidance only.
Qualitative Differences
| Description | Conventional | Global Hub |
| Accountant Qualifications | Not Regulated (In-house) | CPA & Registered Migration Agent |
| Employee entitlement | Annual & Sick Leave | Not applicable |
| Location | At your office | On cloud – You can be anywhere in Australia |
| Document management | Paper | On cloud with bank level security (Xero) |
| Language | Generally limited | English, Japanese & Chinese Services at NO EXTRA COSTS |
| Questions to Accountants | Hourly Charge | E-mail supports included in fixed price packages |
| Accounting Expense | Hourly Charge | Fixed Monthly - No Surprise |
| Employee Visa Issues | Not Covered | In-house registered migration agent (Separate Quotation) |
| Work-life-balance for business owners | Limited by time spent on regular bookkeeping | More time in business and for your family |
| Expertise in other disciplines | Limited | Referrals available |
Under our Xero cloud solution, the above case assumes the following
Clients’ responsibilities:
- Raise invoices to customers and receive funds as required;
- Pay to suppliers as they fall due including;
- Your suppliers and employees;
- ATO;
- Superannuation Guarantee for employees;
- Payroll (although we can provide this service for additional fee)
- Providing/uploading expense source documents to your Xero account;
Our responsibilities:
- Reconciling transactions appearing on bank statements;
- Debtor/Creditor reconciliations;
- Quarterly activity statement preparation and lodgements
- Preparation of annual financial statements;
- Preparation and lodgement of annual business tax return (with up to 2 associated individuals)
- Annual tax planning (if required)
- Liaising with ATO on your behalf (General correspondence only)
- Responding to general accounting/taxation e-mail queries to the client
Other services not listed above can be provided on hourly based charge. For more accurate quotation tailored for your business, please contact us HERE.