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Why Do We Prepare a Bank Reconciliation Statement?
Basically, bank reconciliation is the process of matching the cash balance that shows in the company’s business books against the actual cash in the bank. With the increasing use of entities to receive and make payments, it is valid to think about bank account...
Is It Worth Paying a Bookkeeper for Small Businesses?
Running a business successfully requires you to perform various activities. You may have to take care of various tasks, such as marketing, sales, customer service, and product development. With these types of responsibilities, many times, businesses neglect their...
Get Financial Stability with Bookkeeping for Small Business
Bookkeeping involves a wide range of tasks from basic record-keeping to managing business finances to keep your business running smoothly. In simple words, bookkeeping for small businesses provides business owners with a framework to make the right financial...
What are Internal KPIs in Bookkeeping for Small Businesses?
The methods of maintaining business books have changed over the past few years. They are different to the way they were 5 or 10 years ago. Due to this fact, bookkeeping for small businesses needs different KPIs (key performance indicators) today. KPIs for bookkeeping...
How to Get Started with Small Business Bookkeeping Process?
Bookkeeping is often considered the primary part of any business, as small business bookkeeping plays a significant role in maintaining a company's financial health and overall success. It includes keeping track of financial transactions and organising financial...
Track Your Cash Flow with Bookkeeping in Melbourne
Cash flow is crucial for any business and key to its success. However, managing it in the right way is challenging. This is where small business bookkeepers in Melbourne come to help business owners manage their cash flow of the company. They maintain and update...
Do Bookkeepers in Melbourne Handle Accounts Receivable?
Every business owner needs a bookkeeper to manage their financial matters properly. Bookkeepers are crucial parts of the company who engage in the day-to-day execution of financial matters and record-keeping. Among the typical tasks, bookkeepers in Melbourne are...
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...
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....
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...
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...
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...
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...
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...
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...
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...
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...
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,...