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Benefits of Budgets

The Benefits of Budgets—Why it’s a Great Idea to Have a Budget for Your Business

You’ve heard it before, you know it’s a good idea, but you just can’t seem to get around to it. Perhaps you don’t believe that there could be benefits to budgeting! We hope to inspire you to start using this important business management tool. Why are so many small business owners averse to creating and […]

Record Keeping Made Simple

Record Keeping Made Simple

Record Keeping Made Simple The simple answer is … keep everything! The ATO requires that the relevant records exist to support all business transactions. It is a business owner’s responsibility to maintain and store accurate records for all financial transactions. To claim a business deduction for tax return or activity statement purposes, you must have […]

Cash Handling Best Practices

Cash Handling Best Practices

Cash Handling Best Practices During the recent budget, the Government announced measures to continue targeting the black, or hidden, economy. Whilst this covers a lot more than just cash transactions, we thought it timely to provide information about cash handling best practices in your business. Apart from correct reporting to the Australian Taxation Office, implementing […]

Tips for Getting Invoices Paid on Time

Tips for Getting Invoices Paid on Time

Getting invoices paid on time has long been an issue in Australian small business. During 2017 the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) conducted an inquiry into payment times and has produced a report that shows just how badly Australia performs compared to other countries when we look at payment times. In fact, […]

Do I need a bookkeeper

Do I Need a Bookkeeper?

Most businesses starting out can’t afford the services of a professional and competent bookkeeper. Maybe you’re in the same boat, muddling through as best as you can. This is understandable because in their infancy most businesses need to be ruthless about minimising expenses to have a better chance of surviving those challenging early days. Bookkeeping […]

Reconciling Deposits

Customer deposits arrive in company bank accounts via many different payment methods. In this article I will explain different types of deposits, grouped by the recommended approach for processing or reconciling their receipts (or ‘payments’, as you might be used to calling them). Electronic Funds Transfer In Australia, EFT is the most common customer payment […]

Bookkeeping Cost

How Much Does Bookkeeping Cost?

So maybe you’ve had an administrator doing your bookkeeping thus far, or perhaps even numerous people in the business have been helping with the bookkeeping and it’s no particular person’s full responsibility. You know that the job could definitely be done better because certain things don’t make sense or don’t add up properly. Chances are […]

Administrator and Bookkeeper

What’s the Difference Between a Bookkeeper and an Administrator?

So as a business owner who may already have an administrator, you might be wondering why you shouldn’t just get them to do your bookkeeping. They’re taking care of the paper work, they may be responsible for ordering, issuing sales invoices and maybe even paying, or scheduling payment for, suppliers. These functions are perfect for […]

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