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Bookkeeping for retail business involves keeping a record of all your daily financial transactions within an organised accounting system. Maintaining precise records of your expenses, sales, receivables, inventory, and payables ensures that you create accurate financial reports and assess your business performance. Detailed and authentic records are also handy in case of a tax audit. […]
One of the significant decisions you must make when starting a business is whether to use double or single-entry bookkeeping. Your business survival highly depends on your ability to maintain accurate records of all your financial transactions. So, which is the best bookkeeping system for your business? This article discusses single entry vs. double-entry bookkeeping plus […]
Bookkeeping is a vital part of any business. As a growth-focused entity, you should have an accountant that can help guide your bookkeeping needs and keep you on track with the best practices in the industry. Like any other professional or employee in your organisation, the accountant deserves respect and trust. But what should be […]
Finding the right bookkeeper, who can smoothly apply themselves in the role they’ve been hired to do, gives your business an edge. You need to be able to trust your bookkeeper to competently handle the important financial and accounting tasks such as reconciliation, invoicing, payroll, and preparing financial statements. When you’re a small business owner, […]
As a business owner, you have a lot of tasks on your plate. When you’re first starting out with your business, you’re likely going to do everything by yourself or with a few trusted colleagues so that you can save money and get your business going. But once it’s up and running, you’ll want to […]
Your accountant will scold you for not keeping a balance sheet or income statement. Yes, maintaining accurate reports is important for any business. But what do you do with your financial documents once they’re in your hands? Analysing your financial data is just as important as collecting it. You should run a business financial health […]
Australia has a large and diverse not-for-profit (NFP) landscape. In all, there are about 600,000 nonprofit organisations throughout the country. NFP groups need to maintain accurate financial records just like for-profit companies, and they often have unique complications. Nonprofits, for instance, are often responsible for mandatory audits and report to more governing bodies than for-profit […]
It costs a lot of money to run a business. Thankfully, many of your organisation’s essential expenses can be deducted from your tax returns. Deductions lower your tax liability and can help keep your books in the black. What can be deducted on your tax returns? This is the million dollar question. Businesses can deduct […]
Doctors and other privatised medical professionals have a lot on their plate already. So why add doing taxes to the list? If you’re running a medical office, you need a bookkeeper on hand. Whether you have someone on staff full-time or you use a contractor to fill in as needed, bookkeeping services for doctors are […]
Accounts receivable refers to the money due to you from customers or clients. On your balance sheet, your accounts receivable (AR) go in the credit column. You will only have an accounts receivable process if you extend credit to your customers. For instance, professional services businesses often have accounts receivables because they don’t collect final […]
