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As a business owner, you have a lot of tasks on your plate. When you’re first starting out with your business, you’re likely going to do everything by yourself or with a few trusted colleagues so that you can save money and get your business going. But once it’s up and running, you’ll want to […]
Your accountant will scold you for not keeping a balance sheet or income statement. Yes, maintaining accurate reports is important for any business. But what do you do with your financial documents once they’re in your hands? Analysing your financial data is just as important as collecting it. You should run a business financial health […]
Australia has a large and diverse not-for-profit (NFP) landscape. In all, there are about 600,000 nonprofit organisations throughout the country. NFP groups need to maintain accurate financial records just like for-profit companies, and they often have unique complications. Nonprofits, for instance, are often responsible for mandatory audits and report to more governing bodies than for-profit […]
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. […]
It costs a lot of money to run a business. Thankfully, many of your organisation’s essential expenses can be deducted from your tax returns. Deductions lower your tax liability and can help keep your books in the black. What can be deducted on your tax returns? This is the million dollar question. Businesses can deduct […]
Doctors and other privatised medical professionals have a lot on their plate already. So why add doing taxes to the list? If you’re running a medical office, you need a bookkeeper on hand. Whether you have someone on staff full-time or you use a contractor to fill in as needed, bookkeeping services for doctors are […]
Accounts receivable refers to the money due to you from customers or clients. On your balance sheet, your accounts receivable (AR) go in the credit column. You will only have an accounts receivable process if you extend credit to your customers. For instance, professional services businesses often have accounts receivables because they don’t collect final […]
Recording daily transactions gives you a granular look at spending and income. But sometimes you need to pull back and look at the big picture; a balance sheet makes it easier. Often prepared on a quarterly or annual basis, a balance sheet outlines your business’s total assets, liabilities, and equity. A balance sheet has a […]
Your accounting department is responsible for making sure your books are balanced. But they also need to keep the pink slips from rolling in. That means paying your bills on time, and this is where accounts payable comes in. First things first: Is accounts payable an asset, liability, or equity? Accounts payable refers to the […]
An expanding organisation outgrows many things over time. This might include working out of your home, printing your own adverts, and handling your own payroll processing. You can save a lot of time and energy by handing over your payroll to a trusted partner. Once you’re large enough, you may be able to create an […]
