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How to Compare and Evaluate Bookkeeping Services

person Carmen Morris
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When comparing and evaluating bookkeeping services, we believe that it’s important to consider more than just the hourly rate or fixed fee that you’re paying. I believe that there are at least two considerations. One is the total cost of the service(s) that you’re receiving and the other is the quality of the service that…
How to Set Up Accruals for Time in Lieu : RDOs in Xero

How to Set Up Accruals for Time in Lieu / RDOs in Xero

person Carmen Morris
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In some industries, employees frequently work additional, unpaid hours that accumulate as a form of leave. This can be added to Xero payroll so that both employer and employee have a transparent method of tracking and monitoring the entitlements for this leave type. In the Australian version of Xero, accruals for employees leave such as…

Cash and Accruals Accounting on Your Activity Statement

person Carmen Morris
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Understanding Cash and Accruals Bookkeeping and Accountancy At On The Money Bookkeeping Services Melbourne, we’ve noticed that business owners are sometimes uncertain about why their BAS amount payable is considerably higher or lower than what they are expecting. For most businesses, an activity statement reports GST, PAYG withholdings (for employees) and PAYG instalments (for company…

Elevate Your Success

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Elevate Your Success with On The Money Bookkeeping Melbourne If you’re looking for a proactive approach to looking after your business’s financial management, top-rate tech know-how, and a team of bookkeeping and accountancy experts to collaborate with you for your success, we’re here to help. We pride ourselves on our level of training and expertise…

Business is a marathon and most of society thinks it’s a sprint

person Carmen Morris
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’Business is a marathon and most of society thinks it’s a sprint.’ Gary Vaynerchuck. We live in a world that is advancing and changing faster than at any other time in history. Technology is constantly evolving causing completely different industries to emerge. This is a world where people want everything on demand and expectations continue…

Do I Need a Bookkeeper?

person Carmen Morris
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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

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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…

How to Improve Profits & Grow Your Business Bank Account Balance

person Carmen Morris
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Do you look at your financial statements and bank account at the end of the month and wonder how you could do better? Maybe you’re thinking that you actually have a really good business. It has a reasonably high volume of sales and good staff, but the business bank account just doesn’t seem to be…

What is SuperStream and Why Do I Need to Use It?

person Carmen Morris
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You may have heard of SuperStream, but do you really know what it is or how it works? You may not realise that it will actually benefit your business. Complying with SuperStream regulations is now mandatory for all Australian businesses, irrespective of size. The only exception applies to Directors of companies who pay their superannuation…
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