Accounting & Finance
Getting your numbers right is one of the best investments you can make in your business. With cloud-based accounting software, you can track income and expenses, manage payroll, and prepare your BAS without the usual end-of-quarter scramble.
Whether you manage your own books or work with an accountant, the right tools will save time, reduce errors, and keep you compliant with ATO reporting.
Cloud-Based Accounting Software
Modern accounting software lives in the cloud — meaning your data is securely stored online and accessible anywhere, anytime. You’ll always be looking at the same up-to-date figures as your accountant or bookkeeper, with automatic bank feeds, reporting, and BAS preparation built in.
Popular Australian options include:
| Software | Highlights | Link |
|---|---|---|
| Xero | Cloud accounting built for small business. Handles invoicing, payroll, BAS, and Single Touch Payroll (STP) reporting. Integrates with most banks and practice management platforms. | xero.com |
| MYOB Business | Strong all-in-one accounting and payroll solution. Suitable for growing teams that need local support and ATO-compliant payroll. | myob.com |
| QuickBooks Online | Intuitive interface, excellent mobile app, and smart automation for expense tracking and BAS reporting. | quickbooks.intuit.com/au |
Integration with Practice Management Software
If you’re running a dental or healthcare practice, your practice management system likely already supports accounting integrations. These connections make it easy to sync invoices, payments, and patient records with your accounting software.
Common integrations:
Xero ↔ Dental4Windows / Core Practice / OASIS / Praktika
MYOB ↔ Dental4Windows / Exact
QuickBooks ↔ Cliniko / HealthEngine Payments
đź’ˇ Always confirm compatibility with your PMS provider or accountant before connecting systems to ensure data flows correctly and securely.
Business Activity Statements (BAS)
The Business Activity Statement (BAS) is how the Australian Taxation Office (ATO) collects information about a business’s tax obligations, including GST, PAYG withholding, and other instalments. Most GST-registered businesses need to lodge a BAS either quarterly or monthly, depending on their reporting setup.
What a BAS Includes
A BAS summarises key tax information for your business over a set reporting period. The sections you complete depend on your registration and business structure.
Common items reported:
Goods and Services Tax (GST) – collected on sales and paid on purchases
PAYG Withholding – tax withheld from employee wages
PAYG Instalments – pre-payments towards your income tax
Fuel Tax Credits – if applicable for certain industries
đź’ˇ Note: Some small businesses only report GST, while others include PAYG and other obligations. Your accountant or bookkeeper can confirm which sections apply to your situation.
Lodgement Frequency
Most small businesses lodge quarterly, but some are required or choose to lodge monthly.
Quarterly lodgement is the standard for businesses under the $20 million turnover threshold.
Common reporting frequencies:
Quarterly – for most small businesses
Monthly – for larger or high-GST-volume businesses
Annually – for some annual GST reporters (by election only)
Quarterly reporting periods:
| Quarter | Period Covered | Standard Due Date | If Lodged by Agent |
|---|---|---|---|
| Q1 | 1 July – 30 September | 28 October | Mid-November |
| Q2 | 1 October – 31 December | 28 February | Mid-March |
| Q3 | 1 January – 31 March | 28 April | 26 May |
| Q4 | 1 April – 30 June | 28 July | 25 August |
đź’ˇ Note: Due dates remain the same each year unless adjusted by the ATO. Agents and accountants generally receive extended deadlines.
How to Lodge and Pay
BAS can be lodged online through various channels, depending on your business setup and software.
Common lodgement methods:
Directly through your accounting software (e.g. Xero, MYOB, QuickBooks)
The ATO Business Portal or Online services for business
Via a registered BAS or tax agent
Payments can be made through BPAY, credit card, direct debit, or via your agent’s electronic funds transfer system.
đź’ˇ Tip: Keeping digital records of invoices, expenses, and payroll ensures BAS figures align with your accounting system and makes lodgement faster.
Record Keeping and Reconciliation
Accurate record keeping is essential for BAS preparation.
The ATO requires businesses to retain source documents for at least five years.
Good record-keeping practices:
Maintain digital copies of invoices and receipts
Reconcile bank accounts regularly to ensure transactions match
Keep payroll and superannuation records current
Review GST codes in your accounting system before lodging
💡 Note: Most accounting platforms can produce pre-filled BAS summaries, but it’s still important to review them for accuracy before submission.
Lodgement Support and Resources
If you’re unsure about your reporting obligations, registered BAS and tax agents can assist with lodgement, due-date extensions, and compliance checks.
Useful references:
đź’ˇ Tip: Agents who lodge on your behalf can often access later deadlines and automated reminders through the ATO portal.
Payroll, STP & Superannuation
Managing payroll correctly isn’t just about paying your team on time — it’s about staying compliant with ATO requirements and ensuring super, tax, and leave entitlements are handled properly. Whether you employ one dental assistant or a whole clinic team, the right payroll system can save time, reduce risk, and keep everything in sync with your accounting software.
Payroll Overview
Single Touch Payroll (STP) has transformed how Australian businesses handle employee payments.
Instead of manual summaries at the end of the year, every pay run now reports wages, PAYG withholding, and super details directly to the ATO in real time.
Key benefits:
Automatic tax and super reporting to the ATO each pay cycle.
No more manual group certificates or payment summaries.
Integrated employee records for wages, leave, and timesheets.
Easier EOFY reconciliation for accountants and bookkeepers.
đź’ˇ Even if you only employ one person, STP reporting is mandatory.
If you pay contractors through payroll, you must also include them in your STP reports when required.
Payroll Software Options
Most modern accounting systems include payroll tools or integrate with specialist apps that automate the process from end to end.
Popular options:
| Tool | Highlights | Notes |
|---|---|---|
| Payroller | Free, ATO-approved online payroll tool for small businesses. Handles wages, tax, and super with direct STP submission. | Ideal for micro or solo employers. |
| Xero Payroll | Built into Xero Accounting. Automates super, tax, and employee entitlements. | Seamless integration with Xero Books. |
| Employment Hero | Combines HR, onboarding, leave management, and payroll. | Great for larger practices or multiple locations. |
| Deputy | Staff rostering and timesheet app that syncs directly with Xero, MYOB, and QuickBooks. | Ideal for managing casual or rotating staff. |
💡 Tip: If your accountant or bookkeeper already uses a particular platform, it’s usually best to match their setup for smoother reporting.
Superannuation Obligations
In Australia, employers must pay superannuation guarantee (SG) contributions for eligible employees.
The current SG rate (as of 2025) is 11.5%, increasing to 12% on 1 July 2025.
Key rules:
Pay super at least quarterly, or more often if preferred.
Payments must go through an ATO-compliant clearing house, such as:
Small Business Superannuation Clearing House (SBSCH) – free for small businesses with <20 employees.< p>
Super portals built into Xero, MYOB, or QuickBooks.
Keep records of payments and contribution dates for 5 years.
💡 Tip: Many accounting platforms automatically calculate super owed and submit payments through the integrated clearing house — reducing the risk of missing deadlines.
Tips & Compliance Essentials
âś… Best practices for compliant payroll:
Ensure all employees have valid Tax File Numbers (TFN) on record.
Provide each employee with an up-to-date employment agreement outlining hours, pay rate, and entitlements.
Reconcile payroll monthly — confirm wages, PAYG, and super match accounting records.
Review Fair Work Awards regularly to ensure correct pay rates.
Common deadlines:
Superannuation payments – due 28 days after the end of each quarter.
PAYG withholding – reported automatically via STP.
End of financial year finalisation – must be completed in your payroll system by 14 July each year.
đź”— ATO – Superannuation for Employers
đź”— Fair Work Ombudsman – Pay and Conditions Tool
💡 Tip: Consider setting up reminders in your accounting system or Google Calendar for super and BAS deadlines — small misses can trigger late payment penalties.
Bookkeepers & Accountants
Good financial management relies on more than just software — it also depends on having the right people to help interpret the numbers. Many businesses work with both a bookkeeper and an accountant, each playing a different but complementary role in keeping records accurate and ensuring compliance with ATO obligations.
Overview
Bookkeepers and accountants both support the financial health of a business, but their focus differs.
A bookkeeper manages the daily flow of financial data, while an accountant uses that data to prepare reports, tax returns, and strategic advice.
Together, they help ensure your business remains compliant and financially organised throughout the year.
Typical division of work:
| Bookkeeper | Accountant |
|---|---|
| Records daily transactions | Reviews overall financial position |
| Reconciles bank accounts | Prepares BAS and tax returns |
| Manages payroll and super | Provides tax planning and compliance advice |
| Monitors outstanding invoices | Conducts audits or financial analysis |
💡 Note: Some accountants provide full bookkeeping services, especially for smaller businesses — always clarify what’s included.
The Role of a Bookkeeper
A bookkeeper’s primary role is to keep your business records accurate and up to date.
This includes entering income and expenses, reconciling bank feeds, managing payroll, and preparing data for quarterly BAS.
Typical responsibilities:
Recording daily transactions in accounting software
Reconciling bank, credit card, and loan accounts
Managing accounts receivable (invoices) and payable (bills)
Preparing and lodging BAS (if registered with the Tax Practitioners Board)
Processing payroll and superannuation payments
Benefits of regular bookkeeping:
Fewer end-of-year surprises
Accurate GST and BAS figures
Real-time visibility of cash flow
Easier collaboration with your accountant
đź’ˇ Tip: A registered BAS agent can legally lodge BAS on your behalf and communicate with the ATO if issues arise.
The Role of an Accountant
An accountant focuses on compliance, tax, and strategy.
They use the data provided by your bookkeeper to ensure reporting obligations are met and help plan for the future.
Common responsibilities:
Preparing and lodging income tax returns
Reviewing financial statements and performance
Advising on structure (sole trader, company, or trust)
Conducting cash-flow or profit analysis
Ensuring ATO and ASIC compliance
When to involve your accountant:
Before setting up a new business structure
When purchasing significant assets or equipment
Before the end of financial year to plan deductions
When preparing loan applications or financial reports
đź’ˇ Note: Accountants are often chartered or CPA-qualified, which ensures professional standards and ongoing education.
Finding Registered Professionals
Always confirm your bookkeeper or accountant is properly registered and qualified.
This ensures they are authorised to provide BAS or tax services and are bound by professional standards.
Official directories:
Tax Practitioners Board Register – check BAS or tax agent registration.
Find a Chartered Accountant (CA ANZ) – verify CA status.
Find a CPA (CPA Australia) – verify CPA membership.
💡 Tip: Ask about experience in your industry — for example, healthcare and dental bookkeeping often have unique reporting needs.
Working Together Effectively
Bookkeepers and accountants work best when they collaborate.
A consistent system and shared access to cloud-based software make it easier for everyone to stay aligned.
Practical collaboration tips:
Use shared cloud accounting (e.g. Xero, MYOB, or QuickBooks)
Set clear roles — who handles payroll, BAS, and reporting
Schedule a quarterly review meeting before each BAS lodgement
Keep receipts, invoices, and bank statements digital and accessible
💡 Tip: Many businesses invite their accountant into Xero or MYOB directly — this allows them to check figures and lodge reports without extra emails or file transfers.
Banking & Bank Feeds
Keeping business and personal finances separate isn’t just good practice — it’s essential for accurate reporting and compliance. Modern accounting systems now connect directly to your bank, so transactions import automatically and reconciliation becomes a simple daily task rather than a monthly chore.
Business Bank Accounts
Many businesses choose to use a separate bank account for their business income and expenses. This helps keep personal and business transactions distinct, making bookkeeping and reporting easier.
While not a legal requirement for all business types, this approach supports better record keeping — something the ATO emphasises for small business compliance.
Typical benefits include:
Clearer visibility of business cash flow
Easier to review income and expenses for BAS or tax
More efficient reconciliation within accounting software
Reduced risk of errors when lodging returns
Points to compare when choosing an account:
Monthly fees and transaction limits
Integration with accounting software (e.g. Xero, MYOB, QuickBooks)
Online and mobile banking options
Ability to connect merchant or payment facilities
đź”— ATO – Record keeping for business
💡 Note: Companies and trusts must hold a business account in the entity’s name. Sole traders may use a personal account but often prefer to keep finances separate for simplicity.
Connecting Bank Feeds
Bank feeds provide a secure connection between your bank and accounting platform, allowing daily transactions to appear automatically within your books.
They streamline reconciliation and help keep reports accurate throughout the year.
How they work:
Authorise the connection through your accounting software.
Select your bank and account type.
Verify using secure online banking credentials.
Once approved, transactions import daily for review and coding.
Supported banks include:
Commonwealth Bank (CBA)
ANZ
Westpac
NAB
Bank of Queensland (BOQ)
Suncorp
Bendigo Bank
Macquarie Bank
💡 Note: Bank feeds are read-only — they import data but cannot move or modify funds.
Reconciling Transactions
Reconciliation is the process of matching imported bank transactions with entries such as invoices, bills, or payroll.
Regular reconciliation ensures your reports reflect the true position of your business and makes BAS and end-of-year preparation faster.
Common reconciliation steps:
Review suggested matches and confirm accuracy
Allocate unrecognised transactions to the correct account code
Investigate duplicates or anomalies before approving
Reconcile regularly rather than waiting until quarter-end
Benefits:
Accurate cash flow tracking
Reduced risk of double entries
Consistent GST reporting
Clearer audit trail for tax time
đź’ˇ Tip: Many businesses reconcile weekly to keep records up to date and reduce the workload before BAS deadlines.
Business Banking Options
Most Australian banks offer accounts designed for small businesses with features such as daily feeds, internet banking, and optional merchant facilities.
| Bank | Account Type | Link |
|---|---|---|
| Commonwealth Bank | Business Transaction Account | commbank.com.au |
| ANZ | Business Everyday Account | anz.com.au |
| Westpac | Business Choice Account | westpac.com.au |
| NAB | Business Everyday Account | nab.com.au |
| BOQ | Business Banking Accounts | boq.com.au |
| Suncorp | Business Premium Account | suncorp.com.au |
💡 Tip: Check which accounting platforms your bank supports before opening a new account — most major banks now connect seamlessly with Xero, MYOB, and QuickBooks.
Merchant & Payment Integrations
Many banks and payment providers offer merchant facilities or EFTPOS systems that integrate with accounting and practice management software.
This allows automatic recording of daily sales and settlements, improving accuracy and efficiency.
Common integrations include:
CBA Smart EFTPOS / Albert – integrates with Xero and MYOB for automatic settlement matching.
Westpac EFTPOS Now – includes daily transaction reporting and batch summaries.
ANZ Worldline – secure payment processing for online and in-person transactions.
Tyro – widely used in healthcare, integrates with HICAPS and major practice software.
đź’ˇ Note: Each provider has different settlement timing and reporting features. Reviewing these details before connecting ensures smoother reconciliation.
Finance Solutions for Healthcare Professionals
Healthcare businesses often require specialist finance — whether it’s for new dental chairs, a fitout, or buying into an established practice. Many Australian lenders offer dedicated products for medical and dental professionals, designed with flexible terms and an understanding of healthcare cash flow.
The information below outlines common finance types and lists well-known providers that operate in this space.
Overview
Financing allows practices to manage large upfront costs by spreading payments over time.
Common uses include equipment purchases, technology upgrades, practice refurbishments, or acquiring an existing clinic.
Specialist healthcare lenders understand the seasonal nature of patient income and can structure repayments around your business cycle.
Common finance types:
Equipment and technology loans
Fitout or refurbishment funding
Goodwill and practice acquisition loans
Vehicle and asset finance
Working capital lines of credit
đź’ˇ Note: Interest rates and eligibility criteria vary between providers. Always confirm the terms and suitability for your business with a licensed financial adviser or lender representative.
Equipment & Fitout Loans
Dental and medical equipment can be a major investment — often ranging from $10,000 to $200,000 or more.
Rather than paying in full, many practices use equipment finance or leasing options that spread the cost over 3–7 years.
Typical inclusions:
Dental chairs, imaging equipment, sterilisation units
Computer systems, patient management software, or IT infrastructure
Clinic refurbishments, cabinetry, or lighting upgrades
Potential benefits:
Preserves cash flow for day-to-day operations
Allows upgrades without large upfront costs
Interest may be deductible (check with your accountant)
đź’ˇ Tip: Some finance providers work directly with equipment suppliers, allowing bundled finance at the time of purchase.
Practice Purchase & Expansion Loans
Buying into or expanding a healthcare practice often requires larger-scale funding.
Specialist lenders and banks provide “goodwill” or “practice acquisition” loans based on the established reputation and cash flow of the business.
Common uses:
Purchasing an existing practice or partnership share
Opening an additional location
Refurbishing or expanding facilities
Typical features:
Longer loan terms (up to 10 years)
Fixed or variable rate options
Potential to use practice revenue as security
đź’ˇ Note: Lenders often assess personal credit history and practice profitability.
It’s best to prepare financial statements and forecasts before applying.
Vehicle & Asset Finance
Vehicles and other business assets can be financed through standard commercial loan products offered by banks and healthcare finance providers.
Typical inclusions:
Practice vehicles for mobile or outreach services
IT hardware, business equipment, or office fitouts
Signage and other capital improvements
Common structures:
Chattel Mortgage – you own the asset while paying off the loan
Lease Agreement – lender owns the asset, you pay to use it
Hire Purchase – ownership transfers after the final payment
đź’ˇ Tip: Compare total repayment cost (not just interest rate) and confirm whether GST and depreciation apply to your chosen structure.
Major Healthcare Finance Providers
Below are well-known Australian lenders that offer finance tailored to medical and dental professionals.
These links go directly to their respective healthcare or practice finance pages.
| Provider / Brand | What They Offer | Website |
|---|---|---|
| Credabl | Independent healthcare finance specialist offering funding for equipment, fitouts, vehicles, and practice purchases. | credabl.com.au |
| Medfin (Owned by NAB) | NAB’s healthcare finance division providing tailored lending for medical, dental, and veterinary professionals. | medfin.com.au |
| BOQ Specialist | Bank of Queensland’s healthcare arm, offering practice, equipment, and fitout loans. | boqspecialist.com.au |
| CBA & Bankwest | Medical and dental practice finance under the CBA Group, with asset and working capital loan options. | commbank.com.au |
| Westpac Group (incl. St.George, BankSA, Bank of Melbourne) | Healthcare finance across all brands in the Westpac Group for practice, equipment, and goodwill loans. | westpac.com.au |
| ANZ Health | Finance for practice setup, expansion, and equipment with dedicated healthcare relationship managers. | anz.com.au |
| Suncorp Bank | Business and asset finance for medical and dental professionals, including fitouts and vehicles. | suncorp.com.au |
đź’ˇ Note: Availability and lending criteria vary. Always review fees, loan terms, and early repayment conditions before applying.
Disclaimer-Â This information is provided as general business guidance onlyand does not constitute financial or credit advice. Always assess your individual circumstances and seek professional advice before entering any loan or finance agreement.
Disclaimer
The information and resources provided on this website, including links to third-party tools and government sites, are intended as general guidance only. While every effort is made to ensure accuracy, Milkcan Marketing does not guarantee that the information is current or complete.
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