Latest Blogs
ACCOUNTING ADVICE IN MELBOURNE – SELECT RELIABLE ACCOUNTING SERVICES FOR SMALL BUSINESSES
‘Accounting’ is one of the most significant aspects of large or small businesses that require both regular attention and consideration. Getting Accounting Advice in Melbourne from the experts will ease both starting and operating your business. When you commence with...
The top 10 good things about being an accountant in Tullamarine
In Australia, there are a few legally recognized local professional accounting bodies that enjoy recognition and comprise qualified accountants. An Accountant in Tullamarine is a practitioner of accountancy or accounting - the measurement, disclosure or provision of...
4 Types of Accountants in Sunshine Who Do Much More Than Just filing Taxes
When you think of an Accountant in Sunshine, whom do you picture? Most people envision a frazzled business professional working tirelessly to file their clients’ tax claims. Accountants & taxes time and again go hand-in-hand. However, you may be flabbergasted to...
Top 10 challenges of being an Accountant in Melbourne
When opting for a career path, it is extremely important to weigh both the negative and the positive aspects before taking a final decision. For case in point, while being an Accountant has various benefits such as being able to work from home and obtaining decent...
Top 6 benefits of being an Accountant in Northcote
Like nearly everything else in life, being an Accountant in Northcote has its positives & negatives. Think of it like buying a new car—some of the customers seek dependability & safety while others crave performance & looks. Neither option is inherently...
What is the Role of an Accountant Business Operations?
The Role of an Accountant Every Accountant performs financial functions related to the collection, recording, accuracy, analysis, and presentation of an organization, business or company's financial operations. The accountant more often than not has a variety of...
Accountant – The unsung hero!
It takes much more than just a degree to be an Accountant. It requires a firm commitment to learning the trade and its tricks. An accountant has to have a sound and sane mind along with a sharp brain and patience. The qualities of handling pressure and managing...
How to Hire an Accountant
Before you go on hiring an Accountant in Carlton, make sure that you properly understand the 4 basic areas of expertise in an all-purpose accounting practice: 1. Business advisory services: Since an accountant is knowledgeable about the business environment, the tax...
GST Registration – Time Limit
GST registration – Time Limit From time to time, we came across clients who want us to backdate the GST to prior years for claiming GST credits or at the time they have hit the threshold benchmark of $75,000 of sales turnover. The ATO has introduced a time limit for...
Resident or Non Resident – Tax Purposes
Residence and Source of Income Before we calculate or acknowledge the assessable income of the taxpayer, we need to understand two key concepts of taxation Residence Source of Income These concepts are significant because Australian resident is taxed on income...
Accounting – Finance & Operating Lease
As per our last blog, now we know what are the types of leases and how to distinguish them. https://reliablebookkeepingservices.com.au/finance-operating-lease/ Now, our next step will be explained and account for a finance lease & operating lease for both a lessee...
Finance & Operating Lease
Leases (IAS17) A lease is an agreement between two parties for the right to use an asset for the payment over an agreed period. Two parties who come into the agreement are Lessee, who has a right to use an asset over the term of the agreement and Lessor who legally...
Internally Generated Intangible Assets : Phases
As per the previous blog, we now know the key characteristics of intangible assets as per IAS38. https://reliablebookkeepingservices.com.au/intangible-assets-ias38-key-characteristics-2/ However, Internally generated assets key characteristics and recognition can be...
Intangible Assets (IAS38) – Key Characteristics
Intangible Assets (IAS38) – Key characteristics Intangible Assets are similar to tangible assets as they contribute to the entity’s operations. However, Intangible assets IAS 38 are non-monetary assets without physical substance like other assets. Intangible assets...
Property, Plant & Equipment (PPE) / Cost Allocation
Nature of property, plant, and equipment Assets may fluctuate in value due to a variety of circumstances and we need to make sure the carrying value of the assets does not exceed its recoverable amount. If the carrying amount is greater than the recoverable amount...
Cash or Hidden Economy – Box Hill
It is really unfair for other business wants to do the right thing. Doing the right things mean, business shows the right income and pay the right amount of taxes and reward their employees accordingly by paying the right wages and...
Revenue Recognition – Goods Based Entities
Revenue recognition in Goods Sold Revenue is the key determinant of an entity financial performance. Revenue is measured at the fair value of the consideration of receiving & receivable. Timing of revenue recognition is very important or when the revenue should be...
Cloud based bookkeeping services – Pros & Cons
Cloud Accounting has been significantly grown over a period of time. Most of the business has moved to cloud accounting. However, few of the businesses are still using desktop versions for accounting. Does Cloud Accounting have different names like online accounting...