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Performing bank account reconciliation is crucial to maintaining a business's financial record integrity. It involves making a comparison of the company’s records against the bank statements provided by the bank to address discrepancies. This process is crucial for...
Running a business comes with numerous rewards and challenges. While focusing on business stability is crucial in the early stages, bookkeeping needs attention from day one. Good bookkeeping practices are crucial for maintaining the financial health of a business and...
Good financial health is crucial for running a business successfully, regardless of the business’s size. Balance sheets are one of the best methods to handle your existing finances during a specific period. You might be wondering what is on the balance sheet. In this...
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...