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...
The chart of accounts (CoA) is considered one of the crucial tools for financial management. It is a useful record-keeping system for a company’s financial accounts that manage all financial transactions. What is a chart of accounts (CoA)? A chart of accounts is vital...
Most people get confused between bookkeeping and accounting. While these financial roles share a few similarities, they support different accounting processes. As a business owner, you must know the difference between accounting and bookkeeping. Let’s get started:...
Keeping and maintaining accurate records is crucial by law. It is also vital for anyone in business because it makes it easy to manage your cash flow, comply with tax obligations, and understand how your business is doing. In this blog post, we’ll explore different...
As a small business owner, it is crucial for you to maintain accurate and updated business books so you can make informed decisions. However, many business owners find it difficult and time-consuming to manage bookkeeping for small businesses. In this blog post,...
A bank reconciliation statement is prepared by a company or a professional bookkeeper that demonstrates its recorded bank account balance matches the records prepared by the company. This statement includes deposits and withdrawals from a specific timeframe. Many...
The Goods and Services Tax is a tax imposed on most goods and services in Australia. It is also known as a consumption tax because it is charged on things we consume rather than being applied to our income. To learn more about GST, read this blog. How does GST work in...