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Are you reconciling your bank accounts once per year? This may get you ready for tax time, but annual bank reconciliation is just the beginning. In order to grow your business at a responsible rate, you need to get a clear picture of your cash flow, understand the types of fees you’re paying, and catch […]
You’ve been doing your own books since you opened your business. And you’ve been doing a stand-up job, if you do say so yourself. But this strategy can’t last forever. You’re probably starting to realise that you don’t have the time required to look after your bookkeeping by yourself as your business grows. Not only […]
As a business owner, you’re the top expert on your company’s products and services. An expert on controlling a balance sheet? Umm… not so much. Yet, knowing the back office like the back of your hand is essential to running a thriving organisation. Understanding types of bookkeeping accounts and tax timetables help you better plan […]
Let’s be honest: Preparing for the end of the financial year (EOFY) makes your brain hurt. Tax time is simply a pain in your you-know-what. Between unexpected tax bills and finding out your books are less organised than you thought—unpleasant surprises seem to be around every corner. Even if all goes well, the process is […]
There are two primary accounting methods: cash and accrual accounting. The accounting method you choose will affect many aspects of your business, including how you report on business income and expenses. Small organisations can choose between accrual and cash basis accounting. However, publicly traded companies must use accrual. Additionally, once your business revenue reaches $10 […]
Has it been a while since you cracked open your accounting software? Oops. When your business grows exponentially, or your bookkeeper hits the road, it doesn’t take long for your books to fall behind. And that can lead to catastrophic results. Catch-up bookkeeping helps you right the ship and make sure you can still keep […]
As your business graduates from a small operation to an organisation with a full back office, you’ll need to hire new financial experts. Growing your business requires careful planning and forecasting. But, what if you’re not quite ready to pay the salary of a Chief Financial Officer (CFO)? That’s where virtual CFO services come in […]
COVID-19 may not be entirely behind us, but the protections businesses enjoyed at the start of the pandemic are mostly gone or coming to an end. For example, JobKeeper is no longer in operation in Australia, and creditors are allowed to pressure companies who owe as little as $10,000. In New Zealand, some wage subsidy […]
For an expanding organisation in Australia or New Zealand, growing payroll needs can cause headaches. Are you applying the right tax rate? Is your software able to scale? Are you compliant with government regulations? One misstep, and soon you’ll be buried in some serious paperwork or worse—you might miss a pay period. Fortunately, there are […]
Accountants are an essential part of any growing business. Not only can a good accountant or bookkeeper keep your balance sheets balanced, but they also help you scale up by taking a myriad of essential tasks off your plate. These tasks include: helping you create your budget and accounting policies, preparing financial statements for stakeholders […]
