FAQs

Expert accounting and tax services designed to help your business grow with confidence.

Two women are sitting at a table discussing documents. One woman is holding papers, while the other is writing in a notebook.

Frequently Asked Questions

Have questions about our accounting, tax, or business advisory services? Our FAQ page provides clear, straightforward answers to help you better understand how Margins Accounting supports individuals and businesses across Australia.

Learn more about our services, tax obligations, bookkeeping, business advisory, and what it's like to work with our team.

Everything you need to know about working with Margins Accounting.

  • At Margins & Margins, we help scale your business by leveraging our deep expertise in accounting, tax, and financial strategy. Through meticulous financial record-keeping and actionable insights, we optimise profitability, streamline operations, and ensure full compliance with regulatory standards. This allows you to focus on driving strategic growth, while we handle the critical financial aspects that support your success.

  • Most businesses benefit from weekly or monthly bookkeeping, depending on transaction volume and reporting needs. We offer flexible bookkeeping packages with weekly, fortnightly, or monthly processing to ensure your financial records remain accurate and up to date. 

  • The cost of our accounting services depends on the specific needs of your business, such as the complexity of your financial situation, the scope of services required, and the level of ongoing support. We offer customised solutions to ensure you get the most value, with competitive pricing that delivers high-quality services at an affordable rate. Please contact us to schedule a consultation, and we’ll be happy to provide a tailored proposal that fits your business needs.

  • We provide upfront quotes with fixed fees for all of our services. For ongoing services we provide monthly and quarterly payment options.

  • Yes. We do not outsource any of your accounting, bookkeeping or tax work. We take pride in delivering high-quality, tailored solutions services to meet the unique needs of our clients.

  • We work with leading accounting software platforms, including Xero, MYOB, and QuickBooks, to provide our clients with efficient and secure financial solutions. As Xero Certified advisors, we specialise in Xero cloud-based system, which everyday business tasks like invoicing, inventory management, purchasing, and expense tracking. We also offer initial training and ongoing support to help clients get the most out of their accounting software.

  • To commence our client onboarding process, we start with a free, no-obligation discovery call to understand our client's needs, objectives, and required scope of services. When you partner with us, we will create a client service agreement outlining the scope of work and associated service package. We then begin gathering all required information and securely gain access to relevant systems. Subsequently, we review the files and provide any necessary updates along with the next steps to follow. We recognise the distinct needs of each client, which is why we collaborate to tailor the onboarding process specifically for you, ensuring a personalised and streamlined experience.

Bookkeeping FAQs

  • We provide comprehensive bookkeeping services, including transaction processing, bank reconciliations, accounts payable and receivable, payroll support, BAS preparation, accounting software support, and ongoing bookkeeping to keep your financial records accurate, organised, and up to date. Explore our flexible bookkeeping packages or contact us to create a customised solution tailored to your business needs.

  • Most businesses benefit from weekly or monthly bookkeeping, depending on transaction volume and reporting needs. We offer flexible bookkeeping packages with weekly, fortnightly, or monthly processing to ensure your financial records remain accurate and up to date. 

  • Outsourcing your bookkeeping saves you time, reduces costly errors, and improves financial accuracy. It gives you more time to focus on growing your business while ensuring your records are compliant, tax-ready, and supported by experienced professionals.

  • Yes. We offer a bookkeeping catch-up and accounting software clean-up service for businesses that have fallen behind. Whether you're overdue by a few months or several years, we'll bring your records up to date, correct any issues, and help you stay on track with ongoing bookkeeping and reporting.

  • Absolutely. You'll retain full access to your accounting software, financial data, and reports at all times. We work within your system, giving you complete visibility while keeping your records accurate and up to date.

  • Absolutely. We make the transition simple by liaising with your previous bookkeeper, or accountant, reviewing your existing records, and ensuring your accounts are accurate before taking over your ongoing bookkeeping. Our goal is a seamless handover with minimal disruption to your business.

Business Advisory FAQs

  • Business advisory focuses on helping business owners improve profitability, cash flow, planning, and decision-making rather than simply preparing financial statements. We provide strategic insights, financial guidance, and practical solutions to help you understand your numbers and achieve your business goals. 

  • No. Business advisory is valuable for businesses of all sizes, especially small businesses looking to improve profitability, manage cash flow, and make smarter decisions. Early access to the right advice can help you identify opportunities, overcome challenges, and build a stronger foundation for future growth.

  • The frequency depends on your business needs and goals. Some businesses benefit from monthly advisory meetings, while others may need quarterly reviews or support during key growth stages. We tailor our approach to provide the right level of guidance for your business.

  • Our business advisory services include cash flow forecasting, budgeting, financial reporting, profitability analysis, business planning, performance reviews, KPI tracking, and strategic advice to support your business growth. 

  • Absolutely. You'll retain full access to your accounting software, financial data, and reports at all times. We work within your system, giving you complete visibility while keeping your records accurate and up to date.

  • Business Advisory focuses on helping businesses through key events and strategic decisions, such as business setup, restructuring, succession planning, improving profitability, securing finance, and planning for growth.

    Virtual CFO provides ongoing financial leadership for your business. In addition to strategic advice, your Virtual CFO oversees budgeting, cash flow, forecasting, management reporting, and financial performance, working alongside your leadership team on a regular basis.

    In short: Business Advisory helps you navigate important business decisions and milestones, while a Virtual CFO provides continuous financial guidance to support long-term growth and performance.

  • A Virtual CFO (Chief Financial Officer) provides strategic financial guidance and insights similar to an in-house CFO, without the cost of hiring a full-time executive. They help business owners with cash flow forecasting, budgeting, financial analysis, performance reporting, and strategic decision-making to support growth and profitability.

  • Yes. We provide Virtual CFO services designed to give businesses access to experienced financial guidance without the expense of employing a full-time CFO. Our services can include financial reporting, cash flow forecasting, budgeting, KPI tracking, business performance reviews, and strategic advice tailored to your business goals.

  • The cost of Virtual CFO services depends on your business size, complexity, and the level of support required. We tailored the service offering to your needs, whether you require monthly financial reviews, ongoing strategic support, or assistance with specific business challenges. Contact us to discuss a solution that fits your business.

Individual Tax FAQs

  • We can help you get back on track by preparing and lodging outstanding tax returns and working through the process with you. Our team will review your records, identify what’s required, and provide practical guidance to help resolve overdue obligations and minimise stress.

  • An individual tax return is a form you file with the Australian Taxation Office (ATO) to report your income, deductions, and other tax-related information for a specific financial year. The purpose of filing your tax return is to determine whether you owe additional tax, are entitled to a refund, or have a balance due.

  • You'll need details of your income (such as PAYG summaries, rental income, and any other sources of income), records of any deductions (e.g work-related expenses). If you’re unsure about what to provide, check out our Individual Tax Return Checklist or our team can help guide you through the process.

  • You can maximise your tax refund by understanding eligible deductions, tax offsets and rebates, ensure you keep all records and use a tax agent to ensure accuracy and ATO compliance.

  • Our income tax returns start from $200 ex GST. Additional costs may apply if your tax affair require extra work such as rental income, sale of investments, business schedules, etc.

    You can claim the cost of managing your tax affairs as a deduction on your income tax return.

  • Records should be kept for at least five years from the date of your tax return lodgement as the ATO may request them.

Switching to Margins FAQs

  • No. Changing accountants is easier than most people expect. Our team manages the transition, works directly with your previous accountant where required, and ensures your accounting and tax records are transferred accurately so there's no interruption to your business.

  • We’ll typically request key records such as financial statements, tax returns, depreciation schedules, accounting software access, and any relevant business documents to ensure a smooth transition. We’ll work with you and your previous accountant where required to obtain the information needed to provide ongoing, accurate support for your business.

  • No. Once you appoint us as your new accountant, we can handle the transition process on your behalf. We will issue a Professional Clearance Letter to your previous accountant (with your authority) and request the necessary information to ensure a smooth handover.

If you can't find the answer to your question, please don't hesitate to contact us. Our team is here to assist you.

Get In Touch