Before you determine whether accounts payable is a liability, first, you must understand both terms.  Accounts Payable Overview Accounts payable refers to the money a business owes suppliers or vendors for goods or services provided but not yet paid for. When your...

You must have an understanding of when and how you should register for goods and services tax (GST). How does GST registration work? Not every business is required to be registered for GST, but if you are liable to register for GST and you fail to do so, then the...

If you have been running a small business in Australia for several years, you may be familiar with the Business Activity Statement (BAS). However, for many, BAS lodgment seems a big confusion, which may bring last-minute scrambling. Opting for reliable bookkeeping...

Maintaining healthy cash flow needs careful budgeting, timely payments, and consistent financial management. However, late payments can be the primary reasons for inconsistent cash flow, irrespective of the type and size of business. It not only affects business...

Bookkeeping is an essential aspect of every successful startup business. It helps startup founders monitor expenses and income, stay compliant with the Australian Taxation Office, and maintain accurate financial records right from the start. Getting a new business off...

Do you keep your business books up to date? If not, it could lead to various financial issues in your business. Late or delayed bookkeeping can make your business more risky. It can affect financial stability, resulting in missed opportunities and costly mistakes....

Are you struggling to manage proper payroll for your company? Do terms like tax file number declaration, superannuation guarantee, or PAYG withholding hold you back? There’s no doubt that payroll accounting is a crucial business function that ensures employees are...

Bookkeeping may not be the most exciting part of running a business, but it’s crucial. For small business owners, effective bookkeeping goes beyond compliance and financial record-keeping - it’s a foundational practice that allows business owners to make informed...

When you are starting your new business, it’s easy to avoid prioritising bookkeeping while you focus on finding customers and building your product. However, those early habits can make it difficult to stay compliant, manage cash flow, and make confident decisions as...