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.
If you’re like many small business owners, you might find financial reporting somewhat daunting. Managing your business takes up most of your time, leaving you with little opportunity to dive into detailed financial reports each week. Additionally, your financial...
See how you might be able to offset your business loss against other income if you are a sole trader or in a partnership. What are non-commercial losses? If you have a business that is not your main source of income and operates with a commercial purpose, you may...
The chart of accounts (CoA) is considered one of the crucial tools for financial management. It is a useful record-keeping system for a company’s financial accounts that manage all financial transactions. What is a chart of accounts (CoA)? A chart of accounts is vital...
Most people get confused between bookkeeping and accounting. While these financial roles share a few similarities, they support different accounting processes. As a business owner, you must know the difference between accounting and bookkeeping. Let’s get started:...
Keeping and maintaining accurate records is crucial by law. It is also vital for anyone in business because it makes it easy to manage your cash flow, comply with tax obligations, and understand how your business is doing. In this blog post, we’ll explore different...
As a small business owner, it is crucial for you to maintain accurate and updated business books so you can make informed decisions. However, many business owners find it difficult and time-consuming to manage bookkeeping for small businesses. In this blog post,...
A bank reconciliation statement is prepared by a company or a professional bookkeeper that demonstrates its recorded bank account balance matches the records prepared by the company. This statement includes deposits and withdrawals from a specific timeframe. Many...
The Goods and Services Tax is a tax imposed on most goods and services in Australia. It is also known as a consumption tax because it is charged on things we consume rather than being applied to our income. To learn more about GST, read this blog. How does GST work in...
As a startup business owner, you have to perform various tasks to achieve success and grow your business. One of the most crucial responsibilities of running a startup is managing business books. Choosing small business bookkeeping services can make all the difference...
You may have heard of deferred non-commercial losses. If you are not familiar with this concept, it would be worth reading this blog. Here is detailed information regarding non-commercial business losses. What is deferred non-commercial business loss? A non-commercial...