Small Business Bookkeeping is the process of recording all financial transactions made by a business. Bookkeepers are responsible for recording, classifying, and organizing every financial transaction that is made through the course of business operations. Bookkeeping differs from accounting. The accounting process uses the books kept by the bookkeeper to prepare the end of the year accounting statements and accounts.
You don’t need to worry about a financial audit if you have all the records and documents organised. You must learn how to prepare for a financial audit. However, if you are unfamiliar with the process involved in preparing for a financial audit, you can get...
In this fast-paced business world, small and mid-sized businesses face various challenges in handling their financial operations. As a business owner, you might be wondering, “Do I need bookkeeping software for my small business?” The answer is yes. Bookkeeping...
When it’s tax season, you may have to keep every record accurately because these records are often used by tax agents to prepare and lodge tax returns. If you have bookkeepers, then they will be responsible for keeping and maintaining company records. In this blog...
How often do you use past data of your business to make financial decisions for the company? Although past data can offer insight into your business’s financial condition, it is not the only factor you should be using – doing so could limit potential gains and future...
With your business constantly evolving, it might become difficult to manage all the finances and accounts. In this case, you need a trusted and tested method to manage your finances. No matter whether you have a small business or a large one, your bookkeeping process...
The Goods and Services Tax (GST) is a tax applied to goods and services in Australia. GST is a 10% tax imposed on most goods, services, and other items bought or sold across the country. If your business is obligated to register for GST, you are required to collect...
Effective bookkeeping is crucial for financial and tax efficiency for a small business. If you are running a small business, you must ensure that you have accurate and updated business books. Accurate records are helpful at the time of tax lodgment. Tax lodgment is a...
If you run a business in Australia, you are required to submit business activity statement (BAS) to the ATO. It’s essential to understand your BAS to ensure you comply with tax obligations and avoid any costly fines and interest being applied by the ATO. What is a BAS...
As a business owner, you are always busy creating new business strategies to grow your business. Maintaining business finances is another important point to consider when running a business. Accurate and managed business finances can help you fulfil your business...
Bank account reconciliation involves matching the records in your business’s bank account with the records in your accounting software. Depending on how often you make transactions or deposits to your account, the process can be done quarterly, monthly, or annually....