As a business owner, it’s crucial to prepare a bank reconciliation statement for your company. Bank account reconciliation statement helps companies address errors that can negatively impact their financial and tax reporting. It is also an essential way to prevent and...
A company that doesn’t maintain business books accurately may end up with business failure. This is because accurate bookkeeping facilitates you with accurate financial records important for business, and if you have messy business books, you won’t be able to make...
As a small business owner, effective bookkeeping is important for maintaining financial control, ensuring compliance with tax rules, and making informed decisions. However, many business owners find managing their own small business bookkeeping time-consuming and...
Payroll processing is a major financial responsibility for businesses with employees. Employers are required to compensate their employees for all work time, including attending meetings and opening and closing retail stores. Salaries must be disbursed monthly through...
As a business owner, you may know the significance of keeping your finances in order. Accurate financial records are crucial for making the right business decisions, complying with tax laws, and securing financing. This is where bookkeeping for small businesses comes...
Today’s blog post will share information on BAS due dates in 2024. Let’s know when you should lodge and pay BAS to avoid penalties. BAS Lodgment and Payment You will have several options for lodging your business activity statement (BAS). Filing electronically is...
Tax season is quite challenging for many business owners, and this challenge is increased when there are a number of mistakes in the business books. When the business books are error-free and accurate, it’s easy to calculate the right tax amount, deductions,...
It might be difficult for many of you to choose a cash or non-cash accruals accounting method for GST. The method you choose will have an impact when you need to report GST. Businesses with total turnover of less than $10 million, or who use cash accounting for income...
If you’re like many small business owners, you might find financial reporting somewhat daunting. Managing your business takes up most of your time, leaving you with little opportunity to dive into detailed financial reports each week. Additionally, your financial...
See how you might be able to offset your business loss against other income if you are a sole trader or in a partnership. What are non-commercial losses? If you have a business that is not your main source of income and operates with a commercial purpose, you may...