If you don’t manage your business books in the right way or even if you don’t do bookkeeping for your company, there are numerous disadvantages associated with it. Unorganised business books could lead you to pay a hefty amount for not paying attention to bookkeeping....
Your business may be ready to launch or you may want to expand your existing business. For this, you will need to choose the right small business funding if you don’t have sufficient cash to fund it yourself. Mainly, small businesses have two categories to get funds....
As a business owner, you may think of tools that can keep your business books organised and easy to access. When it comes to tools or software for bookkeeping, you may consider using Xero or MYOB software. Both are used by well-reputed companies and these software...
Most of the time, many business owners get confused when they have to choose between cash and non-cash (accrual) accounting methods for their transactions. Most commonly, large businesses like to use accrual accounting for GST, on the other hand, small businesses have...
The Bank account reconciliation process is used to ensure that the cash balances the company shows on its book match the actual cash they have in its bank account. When you have to deal with several financial transactions, it is important to think of bank...
Running a business is not an easy task because a business owner is usually responsible for everything, be it managing back-office operations or making a business strategy to gain success. However, it doesn’t mean that the business owner has to do everything. Payroll...
Just thinking of an audit can cause tension and anxiety for many business owners. The notification of an actual audit can be stressful, causing a rush to find crucial papers, perform bank reconciliation, and otherwise "get things together." However, the reality is...
Understanding the Australian tax code can be difficult for those who are not familiar with common tax-related tasks. However, every business owner needs to have basic knowledge about the basics of accounting and taxation systems. If you are unsure of where to start,...
Are you confused about where to start when it is a matter of payroll? The blog will share what you need to do payroll. Setting up payroll correctly is absolutely vital for making sure of accurate payroll calculations and compliance with state, federal, and local laws....
To check the financial status of the company, the three most crucial financial statements are prepared, i.e. P&L statement, cash flow statement, and balance sheet. To know everything about profit and loss statements and how they can help you know the financial...