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Common Small Business Bookkeeping Challenges and Solutions
Regardless of the size of the company, business books play an important role in every business. It is essential to take care of the bookkeeping process in an effective manner throughout the year. When it comes to small businesses, may experience several problems,...
Importance of Bank Reconciliation for Your Business
Mostly everyone in business is aware of the importance of bookkeeping for small business and at the same time, it is also essential for every business owner to reconcile bank statements each month to run a business successfully. In today’s blog, we will discuss the...
Record-Keeping Rules for Small and Large Businesses
You must, by law, keep track of every transaction involving your tax and superannuation affairs as your company s established, operated, sold, changed, or closed. For making and sustaining all the records of the company bookkeepers of Melbourne can help with their...
Reconciliation Action Plan 2021–24
Our Vision for Reconciliation by Chris Jordan AO Our bank reconciliation experts said that Chris Jordan AO’s aim for reconciliation is for Aboriginal and Torres Strait Islander peoples in Australia to have access to: Culturally Appropriate Support Improved Economic...
Understanding Negative and Positive Gearing
What is Negative Gearing? When the costs of owning an investment property (like interest on the loan, upkeep, repairs, bank charges, and capital depreciation) exceed the revenue it generates is known as negative gearing. Negative gearing can be a tax-efficient...
The Positives of Negative Gearing
Negative gearing is a strategy for creating short- to medium-term tax losses (due to larger tax-deductible costs than investment income) and leveraging this to enhance exposure to prospective profits and losses. This method is popular because the resulting tax losses...
Reminders for the 2022 Income Year
DIRECTOR ID REGIME The government has implemented a new director ID system with the goal of eliminating the use of false and fraudulent director identities as well as reducing illegal activities like phoenix activity. Regardless of whether they modify companies, stop...
Essential Year-End Division 7A Planning
REPAYMENTS DISREGARDED There are several options for dealing with this issue when a private corporation makes a loan to a shareholder or an associate. To begin, the shareholder can simply repay the debt in full prior to the company's filing deadline. Another...
Superannuation Opportunities for Retiree Clients
The contribution changes proposed in the May 2021 Federal Budget and enacted in February 2022 are by far the most significant since the superannuation reform took effect on July 1, 2017. These, unlike other recent superannuation adjustments, provide chances for...
What are the Residential Rental Property Assets?
There are different residential rental property assets that will be discussed in the blog by our professional bookkeepers in Melbourne. Screws, nails, bolts, glue, adhesive, grout, or cement are used to annex or attach fixed items, but not just for temporary...
Rental Income You Must Declare
Rental and other rental-related income refer to the total amount of rent and associated payments that you receive or become entitled to when you rent out your property, regardless of whether it is paid to your agent or you. In your tax return, Bookkeeper in Melbourne...
8 Tips for Most Effective Bank Reconciliation
Bank reconciliation is a comparison of a company's accounting records for its bank accounts and the bank's updates to those accounts. It is an essential process for businesses to go through, but it can be lengthy and laborious. Here are some ideas and tactics...
Major Mistakes Businesses Make with Internal KPIs
What are the Key Performance Indicators (KPIs)? A set of quantifiable statistics used to measure a company's overall long-term performance is referred to as Key Performance Indicators (KPIs). KPIs are used to determine a business's financial, strategic, and...
Salary Sacrifice Arrangements for Employees
Salary Sacrifice Arrangements are also known as total remuneration packaging or salary packaging. It is an agreement between an employer and an employee in which the employee agrees to forego a portion of their future pay or wage entitlement to wage or salary. Our...
Who Has to Pay for Fringe Benefits Tax (FBT)
What is a Fringe Benefits Tax (FBT)? A fringe benefit is a payment to an employee that is not paid in the same way as a salary or wages. A fringe benefit is a benefit granted in connection with work, as defined by the Fringe Benefits Tax (FBT) legislation. This...
Check Out Small Business Bookkeeping Tips for Business Owners
As a business owner, you have to wear various hats, from managing day-to-day operations, making business strategies to keep everything running smoothly. It is difficult to find time to organise your business books, manage cash flow, and analyse numbers. Moreover, it...
What Should You Need to Know About Bank Reconciliation?
No matter whether you have a small business or a large business, you need to have control over expenses, net profit, and income received. There is a process called the bank reconciliation process that can help you know whether transactions or statements in business...
How Can Small Business Bookkeeping Benefit Business Owners?
Many business owners don’t know the basics of bookkeeping, and they end up creating a mess in business books. This is the time when they need to understand the basics of bookkeeping for small businesses. Bookkeeping is not only about data entry, it consists of various...