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End of Financial Year Check List

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

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

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