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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 […]
Many finance and tax rules change by country, but in the world of accounting, some principles remain the same. For example, publicly traded companies in the United States use Generally Accepted Accounting Principles or GAAP. However, many Australian, public companies that operate in the US, and elsewhere may find them useful to know. You may […]
If you’re wondering what you can claim on tax without receipts, this guide may help. In Australia, taxpayers can claim a deduction for many out-of-pocket expenses incurred while earning their income. These include work-related travel expenses, clothing and equipment costs, union fees, and other professional expenses. However, the Australian Taxation Office (ATO) requires taxpayers to […]
In this day and age, there is software for everything. The only software that doesn’t exist, is a software to choose software. *Our legal team will be in touch if you steal this idea. When running a business, you will be pressured into improving efficiencies and creating automated processes, which software can often provide. However, […]
To quote a figurehead of strong business behaviours, Khloe Kardashian recently stated, “It’s all about consistency.” I couldn’t agree more. Looking across the franchise landscape, consistency is a theme that runs through many of the largest and highest performing networks. Strong branding controls, templated processes, and precise methods of execution allow franchise groups to control […]
To many people, bookkeeper and accountant basically mean the same thing. They get mixed up on who should do what. But the two terms differ significantly in many areas, despite some overlaps here and there. To answer the above vital question, we have to look at the different roles each handles, their educational qualifications, and […]
Big corporations, may have in-house accountants to help them do their financial calculations. As a tradie, you might not have one. Being a tradie does not excuse you from having crisp financial records and a clear financial understanding. Instead of investing hours upon hours learning small business accounting, which probably drives you crazy, you can […]
Financial health is the heart of every business. It plays a vital role in determining a business’s efficiency and performance. Are you about to establish a new venture? Have you been in the industry for a long time? Whatever the answer is, it is crucial to understand your business’s financial health to determine its continued […]
Starting an e-commerce business can be lucrative but comes along with some challenges. For instance, e-commerce accounting and bookkeeping can be complex and tedious. But keep in mind that these activities are among the dominant pillars in the success of your e-commerce business. Managing your finances correctly will help dictate the future of your business. […]
Bookkeeping is a vital process that helps business owners track financial records accurately. You shouldn’t avoid it if you want to keep your business organised, prepared for tax, and budget appropriately. Many small business owners are multi-tasking masters who opt to do their own bookkeeping instead of outsourcing the services from professionals. But think of […]
