About Empire Accounting & Finance
What services does Empire Accounting & Finance offer?
Empire Accounting & Finance offers a full suite of financial services for Australian small and medium businesses, including bookkeeping, business accounting, tax planning, BAS preparation and lodgement, payroll processing, accounts payable and receivable management, cash flow forecasting, management reporting, and Virtual CFO services.
Who does Empire Accounting & Finance work with?
We work with small and medium-sized businesses across Australia. Our clients include sole traders, partnerships, companies, and trusts across a wide range of industries including retail, construction, professional services, hospitality, and healthcare.
Where is Empire Accounting & Finance based?
Empire Accounting & Finance is an Australian accounting firm. We work with clients across Australia and can provide services remotely using cloud-based tools including Xero, MYOB, and QuickBooks Online.
Bookkeeping & Accounting
What is the difference between bookkeeping and accounting?
Bookkeeping involves the day-to-day recording of financial transactions — invoices, bills, bank reconciliations, and payroll. Accounting builds on this foundation to include financial reporting, tax planning, compliance, and strategic financial advice. Empire Accounting & Finance provides both services, giving you a complete financial management solution.
How often should I reconcile my bank accounts?
We recommend reconciling your bank accounts at least monthly — and ideally weekly if your business has high transaction volumes. Regular reconciliation helps you catch errors early, maintain accurate financial records, and have a clear picture of your cash position at all times.
What accounting software do you use?
We are certified advisors in Xero (our primary platform), MYOB, and QuickBooks Online. We will recommend the best software for your business based on your size, industry, and reporting needs.
Can you clean up my bookkeeping if it is behind?
Yes. We regularly assist business owners who have months or years of bookkeeping to catch up on. We will review your historical transactions, reconcile your accounts, correct any errors, and bring your books up to date so you can make informed decisions and meet your tax obligations.
Business Activity Statements (BAS)
What is a BAS and who needs to lodge one?
A Business Activity Statement (BAS) is a form businesses registered for GST must submit to the ATO to report and pay their tax obligations, including GST, PAYG withholding, and PAYG instalments. If your business is registered for GST, you must lodge a BAS either monthly or quarterly depending on your turnover and ATO registration.
Can you prepare and lodge my BAS?
Yes. Our bookkeepers prepare your BAS working paper each period, reconciling all GST figures from Xero against your source transactions. Harry Kahla (Principal) reviews and approves the BAS before lodgement. We lodge directly with the ATO via our registered agent portal, ensuring accuracy and on-time submission.
What happens if I lodge my BAS late?
Late BAS lodgements can attract Failure to Lodge (FTL) penalties from the ATO. The penalty amount depends on how late the lodgement is and the size of your business. We help you stay on top of your BAS due dates to avoid penalties.
Tax Planning & Returns
What tax planning services do you offer?
We offer proactive tax planning as part of our annual advisory service, including strategies to legally minimise your tax burden, review of business structure, assessment of small business tax concessions, Division 7A dividend planning, asset protection reviews, and year-end tax minimisation strategies. We meet with all clients annually (typically May–June) to review their tax position before year end.
Can you help me structure my business to minimise tax?
Yes. Business structure has a significant impact on your tax liability and asset protection. We review options including sole trader, partnership, company, and trust structures to find the most tax-effective arrangement for your circumstances. We work with your solicitor where legal documents are required.
How do I know if I am paying too much tax?
Signs you may be paying too much tax include not having reviewed your business structure recently, not using all available small business tax concessions, drawing salary rather than dividends (or vice versa), not maximising superannuation contributions, or having a mix of business and personal expenses that are not correctly allocated. Book a tax planning review with us to assess your position.
Virtual CFO Services
What is a Virtual CFO?
A Virtual CFO (Chief Financial Officer) provides high-level financial management and strategic advice to your business on a part-time or outsourced basis — giving you access to CFO-level expertise without the cost of a full-time executive. Empire Accounting & Finance provides Virtual CFO services including monthly management accounts, cash flow forecasting, KPI reporting, and strategic financial guidance.
How does the Virtual CFO monthly meeting work?
Each month we prepare your management accounts, KPI dashboard, and cash flow forecast ahead of a structured monthly meeting with Harry Kahla. In the meeting we review your financial performance, identify trends, and make strategic decisions together to keep your business on track. This service is available to select clients who want a hands-on financial partner.
