As the end of financial year approaches (yes, only a few days left!), there are certain tasks that must be completed to close the old year and get ready for the new one. The following list will help you make sure you ticked all the boxes and are ready to start fresh. Reconcile all accounts… Continue reading End of Financial Year Check List
Category: Uncategorized
Minimum Wage Increase
The Fair Work Commission has made 2 big announcements: the minimum wage will increase by 5.2% from the 1st of July 2022 (this applies to all workers not covered by an award or registered agreement). award minimum wage will increase by 4.6% from the 1st of July 2022. This means that the minimum weekly salary… Continue reading Minimum Wage Increase
Bookkeeping Habits Every Business Should Have
Starting your own business can be daunting and overwhelming. In this short article I am going to give you some tips about a few bookkeeping habits that if you follow consistently, you will find very useful and hassle-free in the long run! KEEP YOUR RECEIPTS!Keep the proof of your purchases. Every business-related purchase must be… Continue reading Bookkeeping Habits Every Business Should Have
BAS – Business Activity Statement
Managing your BAS it is extremely important to understand your business’s finance. So, what is the BAS?Regardless of their size, businesses registered for GST (Goods & Services Tax) must prepare and lodge the BAS. The BAS is the reporting to the ATO (Australian Taxation Office) of your total revenue, total expenses, and how much GST… Continue reading BAS – Business Activity Statement
Getting Ready for the EOFY
The end of financial year (EOFY) is approaching and many businesses and individuals are getting ready with all the paperwork and other EOFY matters. Tax returns can sound complicated and messy, but believe me, they are not. If you had your books done properly throughout the year by a professional, it will be simpler than… Continue reading Getting Ready for the EOFY
Why DIY Bookkeeping Is Risky & Dangerous
Big organisations usually have their internal accounts; however, small businesses, to save money, tend to do bookkeeping themselves. One thing they do not consider is the danger they are doing to themselves. The rule is simple and quite obvious: if you are not trained, you will harm your business. Poor accounting knowledge will penalise you… Continue reading Why DIY Bookkeeping Is Risky & Dangerous
Choosing the Right Accounting Software
Comparing Accounting Software For Your Business Regardless of their size, any business should have a strong and reliable accounting process. Accounting software allows you to organize your business finances, from invoicing to receivables, and stay compliant with the ATO. How can you choose the right software for your business? There are so many out there… Continue reading Choosing the Right Accounting Software
Starting Your Own Business
Starting your own business is exciting and fun, however, there are a few things you need to know, including: the tax implication of your business structure (e.g. sole trader, trust, company, partnership) the deduction you can claim the records you must keep and for how long registering your business (ABN & Business Name) setting up… Continue reading Starting Your Own Business
Why You Should Not Keep Your Own Books
Accurate book recordings are fundamental for a great and successful business. Precise information from the reports will allow business owners to make better decisions, and if this information is not accurate, our decisions won’t be either. Keeping your books requires a good and solid knowledge about bookkeeping, how to record transactions, etc. Also, you have… Continue reading Why You Should Not Keep Your Own Books
Why You Shouldn’t Trust Accounting Software
Accounting software made our lives a lot easier since they came around. Before we had to calculate everything manually and there was a lot of thinking involved, whereas now, it is (or it seems?) a lot easier to manage the accounts. So, WHERE IS THE CATCH? There are many reasons why you should not trust… Continue reading Why You Shouldn’t Trust Accounting Software