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

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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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Why do I need a Bookkeeper and an Accountant?

folder_open Accounting, BAS Agent, Bookkeeping
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Have you ever wondered why business owners have a bookkeeper and an accountant? Why both? Why not get the accountant to do the bookkeeping? And what’s the difference between a bookkeeper and an accountant anyway? To put it in simple terms, bookkeepers take care of the micro and accountants take care of the macro. Firstly,…
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Depreciation Fundamentals

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Depreciation is a concept that is often not fully understood by many business owners. Let’s start with an understanding of assets, because this is essential to understanding depreciation. An asset is a resource that is expected to produce future economic benefits for a business. It is something that assists a business directly or indirectly in…
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The Value of a Lost Receipt

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This article was published at Dynamic Business. Many business owners pay for business expenses out of their own pocket, usually when cash is the only option or the most convenient option. Other times it can because they are not disciplined about using their business account for business expenses and their personal account for personal expenses.…
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Important Things to Consider When Switching from Sole Trader to Company

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Your business has outgrown your sole trader structure Many small businesses start out as sole traders. It’s quick and easy to set-up, and cheaper to run from an accounting perspective. However, there comes a time when many businesses outgrow their sole trader roots, or the business owner has new personal asset protection requirements and their…
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GST Basics for Small Business

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One of the basic principles of GST is that it is paid by the end consumer. A business that is registered for GST is not the end consumer. This means that if you’re a business and you’re registered for GST and you see a price of $100 + GST quoted, although you may physically pay…
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Payroll Challenges for Small Business

Small Business Payroll Challenges: Top 10 Things to Consider

folder_open Payroll, Small Business Tips, Superannuation
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Top 10 Payroll Challenges for Small Business This article was originally published at SavvySME. Many small business owners think that hiring staff is as simple as having a verbal agreement with their employees about the number of hours of work and rate of pay, and then entering their details into payroll. Hiring employees professionally and…
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Demystifying PAYG

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What is PAYG? What’s the difference between PAYG Withholdings and PAYG Instalments? Here’s a short two minute YouTube video on Demystifying PAYG, two types of taxes that businesses pay on their Business Activity Statements (BAS’).
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