Latest Blogs
What Does an Income Statement Tell You About Your Business?
You did not start your business to do accounting. You started it because you wanted to follow your passion and earn a living from it. But just like those “Terms and Conditions” we often skip but really should read, learning about income statements is something you...
Why are Organised Books Key to Successful Tax Management?
For small business owners, tax season has always been a stressful time. Every year, many of us try to get through it without problems, hoping for a clear answer about where all our money has gone. But there is good news for business owners, you can make tax time...
Can a Bookkeeper Keep Your Business Financially On Track?
Running a business with a few clients can be easy and less complicated. However, with business growth, keeping and managing small daily financial transactions will require more of your time. That’s where you will need a bookkeeper who will be responsible for managing...
Understanding GST Rules for Small Businesses
Running a small business in Australia involves various financial responsibilities, and understanding the Goods and Services Tax (GST) is one of the most crucial. While GST can initially appear complex, the right guidance can make it straightforward and manageable,...
Understanding Cash Flow Statement and Income Statement
Running a business is not an easy task, but it can become even more challenging when you fail to keep track of your finances. Tracking and maintaining your business’s finances is crucial to make informed business decisions. Financial reports, such as income statements...
How Significant is Bookkeeping in Business Operations?
Bookkeeping might seem like a simple process of recording financial transactions, but it’s an essential part of running a business successfully. In Australia, bookkeeping encompasses more than simply monitoring business expenses and income. It’s about ensuring that...
How to Keep Your Business Bookkeeping Simple?
If you don’t have good, clear, and organised business records, your ability to measure the success of a business will be meaningless. Maintaining good and clean business records can help you make informed decisions that support business growth. Now, you may be...
When Should Businesses Start Keeping Records for Tax Time?
Many Australian business owners often underestimate the importance of keeping their records up-to-date and accurate. As a result, tax season can be a stressful time for them, as they are forced to manage their records at the last minute, which adds to the pressure. To...
The Simple Checklist to Prepare for a Financial Audit
You don’t need to worry about a financial audit if you have all the records and documents organised. You must learn how to prepare for a financial audit. However, if you are unfamiliar with the process involved in preparing for a financial audit, you can get...
Why Does Your Business Need Good Bookkeeping Software?
In this fast-paced business world, small and mid-sized businesses face various challenges in handling their financial operations. As a business owner, you might be wondering, “Do I need bookkeeping software for my small business?” The answer is yes. Bookkeeping...
Why Does Keeping Tax Records Matter for Every Taxpayer?
When it’s tax season, you may have to keep every record accurately because these records are often used by tax agents to prepare and lodge tax returns. If you have bookkeepers, then they will be responsible for keeping and maintaining company records. In this blog...
Role of Bookkeepers in Financial Budgeting and Forecasting
How often do you use past data of your business to make financial decisions for the company? Although past data can offer insight into your business’s financial condition, it is not the only factor you should be using – doing so could limit potential gains and future...
What is a Bookkeeping Workflow and Why is It Matter?
With your business constantly evolving, it might become difficult to manage all the finances and accounts. In this case, you need a trusted and tested method to manage your finances. No matter whether you have a small business or a large one, your bookkeeping process...
When Do Small Business Owners Have to Register for GST?
The Goods and Services Tax (GST) is a tax applied to goods and services in Australia. GST is a 10% tax imposed on most goods, services, and other items bought or sold across the country. If your business is obligated to register for GST, you are required to collect...
Role of Bookkeeping in Tax Efficiency for Small Businesses
Effective bookkeeping is crucial for financial and tax efficiency for a small business. If you are running a small business, you must ensure that you have accurate and updated business books. Accurate records are helpful at the time of tax lodgment. Tax lodgment is a...
Frequently Asked Questions About BAS and GST
If you run a business in Australia, you are required to submit business activity statement (BAS) to the ATO. It’s essential to understand your BAS to ensure you comply with tax obligations and avoid any costly fines and interest being applied by the ATO. What is a BAS...
Why Do Small Businesses Need a Bookkeeper to Stay on Track?
As a business owner, you are always busy creating new business strategies to grow your business. Maintaining business finances is another important point to consider when running a business. Accurate and managed business finances can help you fulfil your business...
How Do You Improve the Reconciliation Process?
Bank account reconciliation involves matching the records in your business’s bank account with the records in your accounting software. Depending on how often you make transactions or deposits to your account, the process can be done quarterly, monthly, or annually....