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.
Bank reconciliation is a comparison of a company's accounting records for its bank accounts and the bank's updates to those accounts. It is an essential process for businesses to go through, but it can be lengthy and laborious. Here are some ideas and tactics...
What are the Key Performance Indicators (KPIs)? A set of quantifiable statistics used to measure a company's overall long-term performance is referred to as Key Performance Indicators (KPIs). KPIs are used to determine a business's financial, strategic, and...
Salary Sacrifice Arrangements are also known as total remuneration packaging or salary packaging. It is an agreement between an employer and an employee in which the employee agrees to forego a portion of their future pay or wage entitlement to wage or salary. Our...
What is a Fringe Benefits Tax (FBT)? A fringe benefit is a payment to an employee that is not paid in the same way as a salary or wages. A fringe benefit is a benefit granted in connection with work, as defined by the Fringe Benefits Tax (FBT) legislation. This...
As a business owner, you have to wear various hats, from managing day-to-day operations, making business strategies to keep everything running smoothly. It is difficult to find time to organise your business books, manage cash flow, and analyse numbers. Moreover, it...
No matter whether you have a small business or a large business, you need to have control over expenses, net profit, and income received. There is a process called the bank reconciliation process that can help you know whether transactions or statements in business...
Many business owners don’t know the basics of bookkeeping, and they end up creating a mess in business books. This is the time when they need to understand the basics of bookkeeping for small businesses. Bookkeeping is not only about data entry, it consists of various...
Business owners can grow their businesses by taking care of various aspects that are important for their business. However, keeping track of every aspect is time-consuming and difficult for one person that’s why business owners have to hire employees to perform...
Accurate bookkeeping plays an important role in business success. Regardless of the type of your business, you need to have updated and accurate business books. You must have an understanding of bookkeeping for small businesses. As a business owner, you might not have...
Every business owner wants growth in their businesses. However, if you want to grow your business and reach business goals, then you must have tools that can help you grow your business. Small business bookkeeping is one of these tools. As a business owner, you have...