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Accounting is a vital profession that forms the backbone of the business world. What is an accountant? A professional who prepares, manages, and analyses financial records and reports. They also ensure compliance with financial laws and regulations. Accountants are more than number crunchers; they’re financial storytellers, interpreting financial data to guide businesses toward success.
What Does an Accountant Do? Read More »
As of June 2023, Australia is home to nearly 2.6 million actively trading businesses. A significant number of those businesses are subject to Business Activity Statement reporting. Think about it: that’s millions of “scorecards” the ATO needs to track to keep the game fair and square. Why? To make sure everyone contributes their fair share
How To Do a BAS Statement in 11 Steps – A Complete Guide Read More »
Keeping your finances in order as a business is a key priority, but what is the best way to get ahead? Whether you choose to hire in-house or outsource to a specialist service, bookkeeping is a valuable and essential addition to your business practices. If you’re wondering ‘how much does a good bookkeeper cost?’,
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If you are familiarising yourself with bookkeeping-related terms, you might ask what exactly is bookkeeping? Our bookkeeping for beginners guide is a good place to start. But dig a little deeper and another question that may come up is “What is double-entry bookkeeping?’ This is one of those bookkeeping terms that needs a little more
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Choosing the right type of accountant for your business is like choosing the right tool for a handyman job. While some tools may look the same, there can be significant differences in how they work. For example, choosing a metal cutting blade to cut through some timber will waste energy, time, and resources.
Types of Accountants: What You Need To Know Read More »
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 Preparation Checklist Read More »
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
What Does BAS Stand For? Read More »
As a business owner, pouring over spreadsheets is probably not your favourite pastime. Think of spreadsheets as your business’ scorecard – a detailed account of how well you’re doing. With easy-to-follow bookkeeping tips, we’ll show you how to: separate business and personal banking and expenses, find the right software, understand monthly reports, keep track of
10 Best Bookkeeping Tips For Business Success Read More »
If you don’t have a background in accounting, a lot of the bookkeeping jargon and accounting terminology might be somewhat confusing. For example, you may think you know what ‘accounts’ means, but the definition is very specific in bookkeeping, and concepts like ‘remittance’ and ‘reconciliation’ might go straight over your head. These bookkeeping terms often
50 Bookkeeping Terms & Definitions Read More »
The main thing to think about when considering bookkeeper duties is the creation and maintaining of a formal record of company income and spending. This enables a company to provide an accurate trail of all transactions when it comes to filing accounts. In other words, bookkeepers have a finger on the pulse of the business.
The Ultimate Bookkeeper Duties Checklist for Australian Businesses Read More »
