Accounting & Bookkeeping

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Financial statements showdown: what each report shows you about your business

Understanding financial statements might sound daunting, but it’s crucial for small business owners to stay on top of their game. Each financial report offers unique insights into different aspects of your company’s health. This listicle will break down the essentials, helping you make informed decisions and ultimately steer your business toward success. 1. Balance sheet […]

Essential bookkeeping practices for small business

Running your own business is exciting, but it also comes with its fair share of responsibilities. One of the most critical responsibilities is maintaining accurate records of your business transactions. From saving receipts to processing employee payroll, every money-related detail should be documented. This keeps things tidy and helps you understand the financial health of […]

What is a balance sheet and how does it help me manage my finances?

You’ve likely heard the phrase “in the black.” Your balance sheet is the tool that shows you whether your business is indeed “in the black.” Your balance sheet includes a section for your assets (things you own or will receive that have value), your liabilities (what you owe to others) and equity (retained earnings and […]

The importance of bookkeeping

As a business owner, you’ll need to stay informed about your finances and your financial situation, and you do this through bookkeeping! Bookkeeping is the process of recording financial activities in your business. This includes any exchanges, credit card charges, and other monetary events that occur within your company. How good bookkeeping helps you Bookkeeping […]

5 common payroll implementation errors you can easily avoid

Managing payroll might not be the most thrilling part of running your business, but it’s an important one. Payroll errors can lead to disgruntled employees, hefty fines and legal troubles. Let’s make sure you’re set up for success and can easily dodge these common pitfalls: 1. Not Staying Updated with Legislation Things are always changing. […]

The three most important financial reports

While many small business owners prefer brainstorming new ideas to pouring over financial reports, getting a handle on financial analysis can be remarkably empowering. Taking the time to regularly review financial statements can help you assess and improve current performance, avoid risk and make scalable plans for future growth. Protect your company’s financial health by […]

The “Dos” and “Don’ts” of claiming expenses

Did you know? The Australian Taxation Office (ATO) has very specific rules for claiming a deduction for expenses. “The Dos” On this webpage,the ATO shares what it calls ‘the three golden rules for claiming your business expenses’. We call them the “Dos”. They are: ‘The money must have been spent for your business (not a private […]

Three ways to speed up invoicing

Everyone likes making money, especially small business owners. Invoicing, however, is typically one of the tasks that small business owners like the least. Chores like creating and sending invoices get set aside for other duties that are seen as more enjoyable or even more urgent. You tell yourself you’ll get around to it tomorrow, but […]

5 ways outsourcing payroll can help you

When you start a business, you’re typically your only employee and payroll is about as simple as it gets. But as you grow, you hopefully find yourself in the position of needing to take on more employees. Before you know it, what was once a very straightforward task becomes a giant undertaking that’s sucking up […]

Bookkeeping Basics for Small Business Owners

On average, small business owners spend 10 hours each week recording, organising, and processing financial transactions – everything from accounts receivable and payable, to employee payments, expense receipts and supplier invoices. While the process may be time-consuming (and tedious!), effective bookkeeping is the foundation of sound financial management – which in turn, is the lifeblood […]

How many accounts do you really need for your business?

Money comes in from clients and customers, money goes out on bills and expenses, hopefully, some money stays in the account for profits, taxes and paying yourself… but are you really across all of that money movement? […]

Everything you need to know about claiming business expenses

You only claim the business-use portion of an expense that’s for a mix of business and private use.You have records of each claimable expense. It’s important to know that there are two key types of deductions, operating and capital. Operating expenses are day-to-day operating costs such as office stationery and wages, which you must pay […]

Everything you need to know about eInvoicing

If you’re a business owner, you’ve probably heard about eInvoicing. But what is it, and why should you care? eInvoicing is the new, standardised way to send and receive electronic invoices directly through your accounting software. It’s not the same as sending an email or PDF through your software. Instead, invoices are sent directly between […]

Make your ABN details even more detailed!

Changes to the way you can update your ABN details with the Australian Business Register means you can now add more information to your listing, giving a holistic view of your business and its operations. From now on, you can now include up to four additional business activities under your ABN, while maintaining your central […]

Do your records need a spring clean?

Has your record keeping left a lot to be desired lately? Jobmaker and other government support has made matters even more complicated, and factoring it into your calculations is a confusing but necessary task. Having your record keeping and expenses in order means you’ll have full oversight of your business and be in a better […]

Important dates

As the end of the year approaches, it’s easy to relax into holiday mode. However, there are still some important dates to remember! Write these dates down before you put up the Christmas tree. 22 November 2021 October monthly BAS due 29 November 2021September quarter SG charge statement due 21 December 2021 November monthly BAS […]

Single Touch Payroll: Phase 2

If you want to stay up to date with Phase 2 of Single Touch Payroll, you can register for webinars with the ATO. Webinar sessions will be hosted by specialists throughout October, touching on various topics and considerations you may have. You still have time to register for the following session: Friday 22nd October 1:00-2:30 […]

MYOB: Is it for me?

MYOB is a user-friendly accounting software platform designed to make running your business easier. They provide solutions for small and large businesses across Australia and New Zealand. MYOB provides insights that allow you to make data-driven decisions and gauge how healthy your finances are. MYOB has four accounting plans to choose from, as well as […]

Should I be using QuickBooks?

If you’re a business owner, you’ll undoubtedly benefit from our professional bookkeeping and accounting services. You’ll benefit even more if you come to us with everything in order! QuickBooks is an excellent solution for keeping things organised, rather than trying to maintain a DIY paper filing system or trying to scramble records together right before […]

Why everyone’s talking about Xero

If you’re a small business owner, chances are that you’ve had many people ask you whether you use Xero. Xero is the user-friendly software employed by business owners to perform bookkeeping and accounting tasks. Xero’s capabilities include: Submitting and calculating company expenses Submitting detailed timesheets and managing payslips Calculating leave balances and applying for leave […]