End of quarter means it’s time to submit another Business Activity Statement for your business.
These are issued by the Australian Tax Office and are essentially a facility for you to report the money that has come in and gone out of your business to cover a range of tax liabilities.
Failure to submit your BAS before the deadline will result in a fine and you are legally obliged to lodge your statement and pay what you owe. Continue reading
Business Activity Statements (BAS) are a source of anxiety for many modern business owners.
That stress only gets worse if you have not been keeping accurate records of your business finances and putting money aside to pay for it when it is due.
Any business that is registered for Goods and Services Tax (GST) is required to lodge a BAS. Continue reading
Many people struggle to pin down exactly how bookkeeping differs from accounting.
It’s true that many of the goals of both are shared, but when you look closely at the difference between bookkeeping vs accounting, it soon becomes clear that they are not the same thing. Continue reading
Good financial health and consistent insight into your money are essential for running any business, large or small.
Balance sheets are one of the best ways to get a handle on what your current finances look like during a particular period or on a specific date.
If you’re wondering ‘what is a balance sheet?’, we cover all you need to know to help you understand the ins and outs of this financial document, including why they are so important in the first place.
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