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.

What does a Small Business Bookkeeper do?

What does a Small Business Bookkeeper do?

Maintaining records in business books is one of the tasks handled by a small business bookkeeper for a company. Bookkeepers are responsible for providing up-to-date and accurate information about a business. They always handle business finances to help business owners...

What is Bank Reconciliation?

What is Bank Reconciliation?

As a business owner, it’s crucial to prepare a bank reconciliation statement for your company. Bank account reconciliation statement helps companies address errors that can negatively impact their financial and tax reporting. It is also an essential way to prevent and...

What is Payroll Processing and Why is It Important?

What is Payroll Processing and Why is It Important?

Payroll processing is a major financial responsibility for businesses with employees. Employers are required to compensate their employees for all work time, including attending meetings and opening and closing retail stores. Salaries must be disbursed monthly through...

BAS Due Dates 2024 for Lodging and Paying BAS

BAS Due Dates 2024 for Lodging and Paying BAS

Today’s blog post will share information on BAS due dates in 2024. Let’s know when you should lodge and pay BAS to avoid penalties. BAS Lodgment and Payment You will have several options for lodging your business activity statement (BAS). Filing electronically is...

Cash or Non-Cash Accruals: Which is Right for You?

Cash or Non-Cash Accruals: Which is Right for You?

It might be difficult for many of you to choose a cash or non-cash accruals accounting method for GST. The method you choose will have an impact when you need to report GST. Businesses with total turnover of less than $10 million, or who use cash accounting for income...