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If you’re wondering what you can claim on tax without receipts, this guide may help. In Australia, taxpayers can claim a deduction for many out-of-pocket expenses incurred while earning their income. These include work-related travel expenses, clothing and equipment costs, union fees, and other professional expenses. However, the Australian Taxation Office (ATO) requires taxpayers to […]
Many business owners and employees travel, so you’ll likely need to record work-related travel expenses. The good news is that business travel expenses are often tax deductible, so tracking them can help you save money on taxes. Tax deductions can lower your taxable income, so you could pay less in taxes overall. In this post, […]
Bookkeepers make sure your business runs like a well-oiled machine. They can tackle your payroll, pay all of your bills on time, and spot accounting errors. Once you work with a professional bookkeeper, you’ll wonder what you ever did without one. Among the most important tasks of a financial bookkeeper is maintaining your essential reports. […]
As a small business grows into a medium- or large-sized operation, it often becomes impractical for the founder to balance the books. Picture a back-office employee, already stretched thin, trying to manage the detailed work of itemizing and coding transactions—where would they find the time? While office managers can temporarily bridge the gaps, bringing in […]
Here you are again, burning the midnight oil to reconcile your bank statements. Are you spending more time crunching numbers than enjoying the fruits of your labour? It might be time to upgrade your business bookkeeping system. As your business grows, your original accounting system won’t make sense anymore. Keeping a general ledger in a […]
You’re motivated, savvy, on the move and incredibly time starved. Between growing your client base and seeking new investors, it’s common for day-to-day tasks to fall to the wayside. Just don’t let bookkeeping be one of them. Small bookkeeping errors add up to a major landslide. A few missed financial transactions here and there can […]
Navigating the intricate maze of accounts payable can seem daunting for many businesses. When managed efficiently, it ensures a smooth cash flow and solid relationships with vendors. However, missteps can lead to unnecessary expenses, strained vendor ties, and operational hiccups. The role accounts payable plays is crucial within a business’s financial structure. But, finding the […]
Introduction Small businesses rely on bookkeeping to track financial transactions and monitor their cash flow. Bookkeeping involves the systematic recording of financial transactions, so as a business owner, you always know where your money is coming from and where it’s going. Accurate bookkeeping is vital for: making informed decisions managing your small business’s financial health […]
If you’ve ever heard the phrase “time is money,” its significance in the world of business could never be more true. Every minute on your business clock presents an opportunity to make money. For many businesses, however, administrative tasks take up too much valuable time— an average of 16 hours per week! The process of creating […]
Superannuation is an essential part of long-term financial stability for most Australians. It provides your employees with retirement income, helping them live comfortably throughout their golden years. However, as an employer, you must make super contributions on time. So, you need to be aware of super due dates. As the name of these dates suggests, […]
