If you own or run an Australian business, you’re probably familiar with payroll tax. You know the one—it’s that big chunk of money you need to withhold from your employee’s wages each year.
If you’re new to the business world, understanding what payroll taxes are—and whether or not you need to pay them—can be challenging.
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.
Keeping track of your finances is essential for any business, large and small. This is particularly vital for small companies, where individual sales and expenses can make far more of an impact on their profits and losses than they would in huge enterprise businesses.
One of the forms of reporting and documentation that should be top of your list of priorities is your profit and loss statement – also referred to as a P&L.
Small business bookkeeping is the cornerstone of any successful business.
While you might be adept at customer service and have the right products at hand, it’s important not to neglect your accounts.
Sure, the thought of poring over each and every transaction might seem underwhelming, but a basic understanding of bookkeeping for small businesses could help to revolutionise your company, reduce tax bills and penalties.
It could also help you make more out of your existing finances.