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.
Many startup business owners often ask whether they need to prepare financial statements. For an accountant or a bookkeeper, the answer is ‘yes’, but it’s crucial to clarify the purpose of preparing financial statements and their purpose. In today’s blog, we’ll...
For many business owners, it might be difficult to record, prepare and maintain business books. Bookkeeping involves monitoring, recording, and maintaining day-to-day financial transactions. Managing business books is crucial for the financial efficiency of a company,...
Running a business successfully takes a lot of dedication and effort. This is why many business owners opt for bookkeeping services in the starting to avoid any kind of mess in business finances. You can also get in touch with a reliable bookkeeper in Melbourne for...
If your business is registered for GST, you must declare how much you have earned and paid by preparing and filing a business activity statement (BAS). If you are busy expanding your business and don’t have enough time to prepare and lodge BAS, you can reach out to a...
You may wonder which income is considered PSI and which is not. Before we dive in, we’ll discuss the basics of personal service income (PSI). What is Personal Service Income (PSI)? Income is considered PSI when over 50% of the received income from a contract is a...
Managing business finances is one of the primary factors of a company that requires careful attention. One of the crucial components of this process is bookkeeping, which involves systematically recording of financial transactions of a company. Many business owners...
When it comes to payroll management, many business owners feel lost and overwhelmed. No matter whether you are managing payroll on your own or you have a team of professionals, it’s important to properly handle payroll. In this blog post, we’ll discuss the basics of...
Cash is the backbone of a business, that’s why it’s crucial to maintain cash flow of a company to run a business smoothly. When cash flow issues arise, they can affect small businesses in several ways, causing late fees, missed payments, etc. If left unresolved, cash...
Every business owner needs to keep and maintain accurate business records. Record-keeping is vital for cash flow management, meeting tax obligations, and understanding the financial position of a company. According to the law, you must explain all financial...
As a business owner, you might wonder why it is important to reconcile your bank accounts. Well, bank account reconciliation is essential that keep the business finances in order. Now, the question arises: what exactly you can prevent by preparing a bank...