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Thinking of Selling Your Business? Financial Aspects, Tips & Guidance

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There’s a lot to take care of when selling a business! It’s often an emotionally demanding time during the process, and things like the bookkeeping and accounting for the sale of business can get pushed down the priority list. Taking care of the accounting means it’s easier for both parties – the seller and the…
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Bookkeepers Melbourne

Understanding Periodic Stock Management and Costing

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If your business carries stock for sale, it’s good to understand the basics of inventory costing and the value in your financial accounts. There are two ways of recording inventory value – perpetual or periodic. This article focuses on the periodic system – we’ll cover the perpetual system in the next OTM Bookkeepers Melbourne blog.…
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Streamline Your Business with Digital Records and Signatures

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Digital Business Records and Signatures Streamline Your Systems Did you know you can legally keep all business records electronically? The Electronic Transactions Act 1999 lets you store all business records electronically. You may choose to keep some records in hard copy, but most or all of your business records can be stored on your computer…
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Understanding the Rules on
Christmas Party Tax Deductibility

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Christmas Parties, Gifts and Tax Deductions – What’s Allowed? If your business is throwing a Christmas party, giving gifts to staff, clients and suppliers or paying a Christmas bonus to your employees, you’ll need to know what’s allowed for Christmas tax deductions and the BAS. Christmas business deductions are not always easy to work out!…
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Why it’s Important to Track Inter-Entity Loans

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Why it’s Important to Track Inter-entity Loans Do you own more than one business? If you have related entities that pay for expenses on behalf of the other businesses you own, getting the bookkeeping and accountancy right for all inter-entity loans is essential to accurate financial reporting. It’s important to enter the same transaction into the accounting…
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Do You Have the Right Business Systems and Technology to Scale for Success?

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Do You Have the Right Business Systems and Technology to Scale for Success? If, like most business owners, you’re planning to grow your business, it’s worth investing time in researching the business systems and technology you’ll need to scale up with the business as it grows. So, implementing the right business systems before a growth phase makes…
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Is My Worker an Employee or a Contractor?

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Is Your Worker an Employee or Contractor? There are many factors involved in deciding whether a worker is an employee or contractor. It’s vital to get the classification right so you can rest easy knowing that you won’t be penalised by the ATO or the Fair Work Ombudsman. Do you know the differences between contractors…
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What You Need to Know About the Taxable Payments Annual Report

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Get Your Taxable Payments Annual Report Sorted with On The Money Bookkeepers in Melbourne The Taxable Payments Annual Report (TPAR) is a system of reporting to the ATO about contractors that your business pays. Only businesses in certain industries need to report, and only some payments need to be reported. If you need to upgrade…
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