Latest Blogs
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....
How to Get Financial Clarity with Bookkeeping?
Bookkeeping services are an indispensable part of any business aiming to keep track of financial records. These bookkeeping services for small businesses include recording all financial transactions, from daily business expenses to profit earned by a company, ensuring...
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...