Compliance Management of RTO Accounts:

Most RTO’s have overlook the need of designing and implementing a compliance based bookkeeping and accounting system which will provide efficiency, compliance and at the same time evaluate KPI’s for financial performance.

I am a big fan of “XERO” Bookkeeping and Accounting software which has smartly out-class its rival such as MYOB and QUICK BOOK. Already helped few RTO’s in developing and maintaining their Accounting system in XERO.

The following areas requires careful and detail analysis while implementing an information based bookkeeping and accounting system.

FBT on Company Car and Entertainment Expense:

The private use of company resources attract FBT. Its compliance based management help business to meet legal requirements. Special accounting treatment and heads of accounts should be created to manage FBT.

PAYPAL payment reference on Invoice for quick payment and its Transaction Fee Management:

PAY PAL help businesses to collect dues from trainees in most effective and safe way. Its international availability has further enhanced its importance. XERO provide one to one reconciliation of all payment received via PAY PAL plus its places a link on “Student Invoice” to pay directly online. Again for transaction fee charged, special accounting head should be created and managed properly.

XERO FOR KPI analysis:

The budgeting tool in XERO helps to determine the performance of the RTO in terms of  Sales, Profitability and Cash Management. Keeping an smart eye on the figures will help RTO in carefully re designing or re evaluating their business strategies.

GST element on non accredited resources:

For all Non-Accredited Courses, GST must be charged and reported via BAS Return. Alot  of RTO’s have placed general setting and fail to recognize its correct accounting treatment.

Wisenet integration with XERO:

Invoice and information details about students can be updated in XERO and Wise net  and  vice versa. Inbound and out bound sharing is available to keep both system up to date.

The article is written by M.Taseer Subhan , Registered Tax Agent, providing Online and Face to Face Accounting and Compliance service to RTO at competitive Price. For Consultation, Contact him at 0404635578.