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.
Inaccurate business books with uncategorised expenses and income can significantly affect the reports you use during tax season. If you are looking for ways to fix these issues, you need to ensure that every financial transaction that is shown in the bank accounts...
Whether you are looking to go on a vacation for a week or a long-overdue break, one thing that often makes you feel worried is your business finances, isn’t it? You might be thinking of: Have we received payments from clients? Have we paid our supplier? Is anything...
As a business owner, you need to stay on top of unpaid bills to run a business successfully. Skipping due dates can result in cash flow issues, damaged supplier relationships, and late fees. In this guide, we’ll discuss smart ways to keep track of unpaid bills,...
The difference between the records in your business books and the records present in your bank statement is called a bookkeeping discrepancy. These mistakes can significantly affect GST claims, BAS lodgments, payroll reporting through STP, and year-end financial...
Businesses looking to grow, manage cash flow, buy new equipment, or expand operations often seek a business loan. However, before approving a business loan, lenders review a company's financial position to determine whether it can repay the borrowed amount on time. If...
To achieve business success, every function in the business must work correctly. Many business owners assume that if the sales of a business remains steady, it means the cash flow is also constant. However, this is not always true. Your payment situation will...
In this blog, we’ll discuss income that you can’t recover and how to write off bad debt. What is bad debt? As a business owner, you may claim a deduction for income that cannot be recovered from a debtor or customer. This unrecoverable income is called bad debt. ...
Imagine different balances on your bank statement and accounting software. It will be a blunder. If this situation feels familiar to you, then you will understand how frustrating it can be. But what is the reason behind it? Well, many cases can put you into this type...
When you put effort into your business, it produces some outputs. Revenue is produced by commercial entities when internal systems are driven by different operations that incur significant expenses. Every business activity, whether it’s administration, marketing or...
A profit and loss statement, as the name indicates, is used to examine the flow of your money, which means you will come to know how money is moved through a company over a specific time period. It will help you understand what remains as profit and what went out as...