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Understanding BAS Tax: Taxes Owed by Australian Businesses

Understanding BAS Tax: Taxes Owed by Australian Businesses

The Australian Taxation Office (ATO) provides two types of activity statements to help businesses report and pay their tax liabilities. These activities are known as the Instalment Activity Statement (IAS) and the Business Activity Statement (BAS). The IAS is a...

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How Can a Bookkeeper Simplify the Accounts Payable Process?

How Can a Bookkeeper Simplify the Accounts Payable Process?

Navigating the intricacies of accounts payable can seem a daunting task to many businesses. When managed in the right way, it ensures a smooth cash flow and good relationships with vendors. Accounts payable plays a crucial role in a business’s financial structure....

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The Most Common Misconceptions about Payroll Outsourcing

The Most Common Misconceptions about Payroll Outsourcing

Did you know outsourcing payroll can streamline your business operations and help you save money? However, with the high demand for payroll and bookkeeping services, there are some misconceptions associated with payroll outsourcing. In this blog, we’ll explore those...

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What are the Three Methods of a Bank Reconciliation?

What are the Three Methods of a Bank Reconciliation?

As part of their regular financial management, business owners should compare their accounting records with their bank transactions to ensure that there are no mistakes or discrepancies. This involves checking that the numbers in their balance sheet match up with...

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Bookkeeping Services to Meet Tax Saving Goals

Bookkeeping Services to Meet Tax Saving Goals

Many businesses find tax to be a difficulty, and this problem is made more difficult when there are bookkeeping errors. It is simple to determine the correct amount of taxes, deductions, refunds, and exemptions when the books are clear and error-free. The worst...

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The Challenges of Accounts Payable Faced by Businesses

The Challenges of Accounts Payable Faced by Businesses

Like other responsibilities, small business bookkeeping services include the management of accounts payables of a company. From small companies to large organisations, accounts payable is an indispensable task that demands full attention and strategic handling. In...

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How to Deal with Cash Flow Problems in a Company?

How to Deal with Cash Flow Problems in a Company?

According to research, more than 80% of businesses fail due to cash flow problems. Cash flow problems happen when more cash flows out of the company instead of into the company. It means when cash flow problems occur, you might not have sufficient cash to cover...

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How to Correct Differences in Bank Reconciliation?

How to Correct Differences in Bank Reconciliation?

To reduce financial risk, both internal and external audits are important, so it is vital to ensure they are properly done. The bank reconciliation process can help you address any financial discrepancies or gaps and must be performed accurately daily, weekly, or...

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6 Common Invoicing Mistakes that You Should Avoid

6 Common Invoicing Mistakes that You Should Avoid

Sending inaccurate invoices to clients can ruin the reputation of a company. Therefore, it is important to send accurate invoices to the right client. Running a business includes sending invoices to collect payments for the services or products you provide. Invoicing...

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What Records Does Your Business Need to Keep?

What Records Does Your Business Need to Keep?

For every business, it is vital to keep accurate and complete records. It is also important for anyone in business because it makes it easy to manage cash flow, meet tax obligations, and understand how your business is doing. Let’s delve right in to know what types of...

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Secure Your Business Future with Short and Long Term Financing

Secure Your Business Future with Short and Long Term Financing

Owners must make tough choices and deal with ongoing difficulties when operating a firm. Decisions on business finance, specifically cash flow management, are among them. A number of considerations should be taken into account while evaluating company loan choices,...

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5 Bookkeeping Concepts Every Business Owner Must Know

5 Bookkeeping Concepts Every Business Owner Must Know

Bookkeeping is crucial for businesses to manage their business finances, but sometimes, it becomes overwhelming for those who are not aware of basic bookkeeping concepts. Fortunately, bookkeepers of Melbourne can help you manage your business books. In this blog,...

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A Guide to Managing Accounts Receivable for Small Businesses

A Guide to Managing Accounts Receivable for Small Businesses

Accounts receivable measures the money that clients owe to the business for goods or services provided. On the other hand, accounts payable refers to the money a company owes to its suppliers or vendors for goods or services received. As a business owner, staying on...

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What Types of Businesses Need Bookkeeping Services?

What Types of Businesses Need Bookkeeping Services?

Irrespective of the size of the business, bookkeeping services are important. It involves tracking financial transactions, recording business expenses, and ensuring that business finances are up-to-date and accurate. While every business needs bookkeeper services to...

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How Can a Bookkeeper Help You Reduce a Financial Risk?

How Can a Bookkeeper Help You Reduce a Financial Risk?

Balancing business books is crucial for every business owner to run a business successfully. Keeping an eye on your accounts and monitoring payments that come in and go out is critical if you operate a business. If your books are outdated or your funds are in chaos,...

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Why Bookkeeping is Important for Tax Purposes?

Why Bookkeeping is Important for Tax Purposes?

For every small business owner, tax season is a stressful season if they are not well prepared for it. Well, the first step to making a tax season more manageable is by ensuring accurate bookkeeping. Proper bookkeeping is the key to helping you navigate the tax...

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Rules for Preparing a Bank Reconciliation Statement

Rules for Preparing a Bank Reconciliation Statement

The process of confirming a transaction's completeness by comparing a company's balance sheet and bank statement is known as bank reconciliation. It may be known as "closing the books." When companies claim to have "closed their books," what they truly want to say is...

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6 Benefits of Outsourcing Payroll for Small Businesses

6 Benefits of Outsourcing Payroll for Small Businesses

Payroll is important for every company and a vital part of employee engagement. If you have a well-managed payroll process, your employees will love you, but inconsistency in payroll management can lead to major problems in the working environment among employees....

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