How to Make Third-Party Bookkeeping Affordable On Your Budget

Running a business can be hard no matter who you are. Furthermore, things can be worsened by a lack of organization and a poor understanding of good business practices, both of which can lead to messy bookkeeping. Luckily, improvement in the first two areas can help you take better control of your business’ finances and [...]

By |April 19th, 2020|Bookkeeping, Finance|404 Comments

The Benefits of Having a Competent Bookkeeper

It is easy to take things for granted when you run your own company, especially if it is small or family owned. Accounting practices are often high on this list and can prove detrimental in cases where business owners cannot afford to hire an accounting staff. The good news is, a competent bookkeeper can eliminate [...]

By |March 24th, 2020|Accounting Software, Bookkeeping|445 Comments

The importance of PAYG Payment Summaries (From a Business Point of View)

Running a business can mean a lot of paperwork; especially since “paperwork” may not always mean physical files. Being overwhelmed with documents and reports may make you yearn for one less reason to create something else, but your PAYG payment summaries should never be the one you neglect. This is so even if you are [...]

By |February 23rd, 2020|Bookkeeping, Finance|257 Comments

Understanding the Differences Between a Bookkeeper and an Accountant

Like many outside of the field of accounting, you may be unclear about the differences between a bookkeeper and an accountant. As a business owner, this differentiation is important to make since it will help you to understand what you company’s accounting needs are. Doing so will in turn assist you in getting the help [...]

By |January 27th, 2020|Bookkeeping|189 Comments

6 Tax Terms All Business Owners Should Become Familiar With

Running a business means paying taxes, but this can be confusing if you do not know where to start. Below are just some of the terms you will be expected to become familiar with. Other terms will vary based on your industry, type of ownership or other factors. 1) TFN: Your Tax File Number of [...]

By |January 10th, 2020|Accounting Software, BAS, Bookkeeping|698 Comments

A Basic Understanding of the BAS System

While the types of taxes you pay may vary, tax obligations are inevitable as a business owner. Therefore, you must understand some basic terms, filing procedures and deadlines in order to avoid tax delinquency. Luckily, having someone in charge of these matters (such as a bookkeeper) can spare you the hassle, but it is still [...]

By |December 15th, 2019|BAS, Bookkeeping|255 Comments

Did You Know: The ATO Can Cancel Your ABN

Did you know that your Australia Business Number of ABN can be cancelled by the tax office? There are only a few reasons this can happen, and one of them stems from your business’ lack of profitability. Another reason is whether the ATO deems your business to be a hobby as opposed to an enterprise. [...]

By |December 1st, 2019|Bookkeeping|1,806 Comments

GST Information for Small Businesses

Australian taxation is a complex system that includes multiple registrations or roles. GST registration is one and it can be tricky if you do not understand what the terms mean, the limits, or how to calculate the necessary figures. This is why it is best to at least get a basic understanding of the process, [...]

By |October 21st, 2019|Accounting Software, Bookkeeping, GST|149 Comments

5 Tax Rules to Know as a Sole Trader

Being a sole trader has a number of benefits; plus, it shapes your tax situation and the laws that apply to you. While this is the easiest form of business to start, it is important that you consider a few things before you do. If you already have a business, then these are good to [...]

By |October 6th, 2019|Bookkeeping|212 Comments

5 Reasons to Consider Using MYOB Accounting Software

Every business has an accounting method no matter how disorganised. If you are like a lot of small business owners, you are likely to have a manual system (using Excel for example); but, while using spreadsheets may seem simpler to you because you are used to it, it is not always best. In fact, it [...]

By |September 9th, 2019|Accounting Software, Bookkeeping|3,301 Comments