Latest Blogs
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....
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...