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.
As a small business owner, effective bookkeeping is important for maintaining financial control, ensuring compliance with tax rules, and making informed decisions. However, many business owners find managing their own small business bookkeeping time-consuming and...
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...
As a business owner, you may know the significance of keeping your finances in order. Accurate financial records are crucial for making the right business decisions, complying with tax laws, and securing financing. This is where bookkeeping for small businesses comes...
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...
Tax season is quite challenging for many business owners, and this challenge is increased when there are a number of mistakes in the business books. When the business books are error-free and accurate, it’s easy to calculate the right tax amount, deductions,...
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...
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:...