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Many business owners and employees travel, so you’ll likely need to record work-related travel expenses. The good news is that business travel expenses are often tax deductible, so tracking them can help you save money on taxes. Tax deductions can lower your taxable income, so you could pay less in taxes overall. In this post, […]
Your business depends on customers making payments for the products and services they receive. Setting clear payment terms and processes helps businesses get paid on time consistently and avoid cash flow issues before they’re a problem. Sending invoices and collecting payments might seem straightforward, but most businesses will deal with late or missed payments at […]
Small business payroll may seem simple at first, but as your payroll needs grow, the process becomes more complex. Although you may view this complexity as a headache, it’s actually a great sign—your business is growing. You’ll need more staff and with that, means more payroll tasks and responsibilities. Many small businesses and SMEs outsource […]
New technology promises the world and often falls short. Many would unfortunately understand this truth. Attempting to implement new technology for a small business, let alone a large multi-entity group is no mean feat. It’s through simplifying, consolidating and standardising that you unlock performance indicators and enable growth. Legacy software and different accounting systems can […]
Small businesses are always looking for ways to reduce their tax bills, whether it’s through tax offsets or deductions. But did you know that you may be eligible for a Small Business Income Tax Offset? The Australian government offers it to help qualified businesses with their taxes. If you are eligible, you’ll receive a rebate […]
It can be overwhelming to take care of back-office responsibilities like bookkeeping while still focusing on growing your business. Online bookkeeping services for small businesses can help. Bookkeeping services for small businesses should do more than help you track financial records accurately. A professional bookkeeper can keep track of all transactions, reconcile bank statements, prepare […]
No business gets far without sound financial infrastructure. Up-to-date and accurate payroll, bookkeeping and accounting practices help set the foundation of a successful business. So, it is important to understand the difference between payroll and bookkeeping and how, along with accounting, they contribute to your financial health. Software has simplified parts of the process, but […]
Pay As You Go (PAYG) tax instalments might seem somewhat self-explanatory. However, there are key points to know, especially if you’re new to the system. If you’ve just started your business, managing PAYG instalments means you’ve truly started on your growth journey. The Australian Tax Office (ATO) has different methods that taxpayers can use to […]
If you plan to hire a bookkeeper, one of the first questions you’ve probably asked is how much does a bookkeeper cost? Bookkeeper salary or cost for bookkeeping services can vary widely, depending on the type of service, experience, qualification, location, and more. The various pricing models—hourly rate, monthly fee, and salary—will also determine how […]
It’s a question we’ve all asked in our lives when doing our first tax return. Looking down the list of tax deductible expenses your eyes are instantly drawn to it—Uniform & Laundry Expenses. If you’re living at home, you’re most likely outsourcing your laundry to your parents. But as most of us have done, you […]
