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Tips to Make GST and BAS Easier for Small Business Owners
Meeting GST and BAS obligations is essential for every business owner. While preparing and lodging reports, you can easily get lost in the process. However, understanding crucial facts about GST and BAS is crucial for every business owner. Understanding the Basics of...
Balance Sheet Vs Profit and Loss Statement
Did you know that nearly 60% of small businesses in Australia fail within their first three years due to poor financial management, according to the research? It’s an interesting fact that underscores the importance of understanding your financial reports. In today’s...
The Complete List of BAS Due Dates 2025
As a business owner, it’s essential to prepare a business activity statement and monitor BAS statement due dates 2025 so you can maintain good standing with the ATO. Businesses registered for Goods and Services Tax (GST) must submit a BAS as it allows you to report on...
What is the Starting Point of a Bank Account Reconciliation?
Performing bank account reconciliation is crucial to maintaining a business's financial record integrity. It involves making a comparison of the company’s records against the bank statements provided by the bank to address discrepancies. This process is crucial for...
How to Fix Business Books with Good Bookkeeping Practices?
Running a business comes with numerous rewards and challenges. While focusing on business stability is crucial in the early stages, bookkeeping needs attention from day one. Good bookkeeping practices are crucial for maintaining the financial health of a business and...
What is Included in a Balance Sheet?
Good financial health is crucial for running a business successfully, regardless of the business’s size. Balance sheets are one of the best methods to handle your existing finances during a specific period. You might be wondering what is on the balance sheet. In this...
Why is a Profit and Loss Statement Important for Your Business?
Many startup business owners often ask whether they need to prepare financial statements. For an accountant or a bookkeeper, the answer is ‘yes’, but it’s crucial to clarify the purpose of preparing financial statements and their purpose. In today’s blog, we’ll...
Does Bookkeeping Boost Financial Efficiency of a Company?
For many business owners, it might be difficult to record, prepare and maintain business books. Bookkeeping involves monitoring, recording, and maintaining day-to-day financial transactions. Managing business books is crucial for the financial efficiency of a company,...
Choose a Bookkeeper for Financial Analysis and Reporting
Running a business successfully takes a lot of dedication and effort. This is why many business owners opt for bookkeeping services in the starting to avoid any kind of mess in business finances. You can also get in touch with a reliable bookkeeper in Melbourne for...
How to Lodge Your Business Activity Statement (BAS)?
If your business is registered for GST, you must declare how much you have earned and paid by preparing and filing a business activity statement (BAS). If you are busy expanding your business and don’t have enough time to prepare and lodge BAS, you can reach out to a...
Record Keeping for PSI: What Records Should You Keep?
You may wonder which income is considered PSI and which is not. Before we dive in, we’ll discuss the basics of personal service income (PSI). What is Personal Service Income (PSI)? Income is considered PSI when over 50% of the received income from a contract is a...
How Often Should You Do Your Bookkeeping?
Managing business finances is one of the primary factors of a company that requires careful attention. One of the crucial components of this process is bookkeeping, which involves systematically recording of financial transactions of a company. Many business owners...
Basics of Payroll for Small Business Owners
When it comes to payroll management, many business owners feel lost and overwhelmed. No matter whether you are managing payroll on your own or you have a team of professionals, it’s important to properly handle payroll. In this blog post, we’ll discuss the basics of...
What happens to a business if you have poor cash flow?
Cash is the backbone of a business, that’s why it’s crucial to maintain cash flow of a company to run a business smoothly. When cash flow issues arise, they can affect small businesses in several ways, causing late fees, missed payments, etc. If left unresolved, cash...
Year-End Bookkeeping Tips for Small Business Owners
Every business owner needs to keep and maintain accurate business records. Record-keeping is vital for cash flow management, meeting tax obligations, and understanding the financial position of a company. According to the law, you must explain all financial...
What Happens If You Don’t Do Bank Account Reconciliation?
As a business owner, you might wonder why it is important to reconcile your bank accounts. Well, bank account reconciliation is essential that keep the business finances in order. Now, the question arises: what exactly you can prevent by preparing a bank...
Bookkeeping for Startups: Set Up Right From Day One
Starting a new business comes with excitement as well as challenges. To keep your business running smoothly, ensure to get bookkeeping services for small businesses right from day one. Hiring a bookkeeper for your startup can be a smart decision that you can make....
How to Identify Bookkeeping Errors with Reconciliation?
As a business owner, you understand how crucial it is to maintain accurate records. However, amid daily activities, it's common for transactions to get lost. That's why bank reconciliation is essential. This important process not only helps ensure your records are...