Why That Bookkeeping Service Wants to Start by Reconciling Your Financial Records


A bookkeeping service can take a lot of work off your hands, allowing you to concentrate on your business. When you hire a bookkeeper, however, you may find that no matter how careful you were in setting up your books and making sure everything was recorded, that bookkeeper will still look over your financial records and reconcile the books first thing. They aren't doing this to insult you or squeeze extra money out of you; they're doing this because that's how they familiarize themselves with what you've been doing.

27 June 2022

Is Last-In-First-Out Accounting Right for Your Business?


If you run a business with inventory, your management team can choose from a few different accounting options. Traditionally, the most common option is first-in-first-out, which essentially means that inventory goes out of your business in the same order that it comes in. However, many businesses can benefit from last-in-first-out (LIFO) accounting.  Here is a look at that method and an explanation of when an organisation may benefit from using this approach.

10 January 2022

Can Bookkeeping Services Save Your Small Business Money In The Long Term?


Running a small business is cash-intensive. As such, you probably are meticulous about your cash flow. But while some business expenses may seem frivolous, you should not take your accounting for granted. Naturally, you may believe that all you need to do is add and deduct income versus expense respectively, but bookkeeping services allow your business to get more value for money than if you were carrying out these financial chores on your own.

30 September 2021

Why Should You Have an Accountant File Your Tax Returns?


Calculating and filing tax returns is generally a tedious and time-consuming process. If you are not familiar with the process, you may end up making errors and getting into trouble with the tax department. The best way to file your tax returns is by hiring a registered tax agent. So why should you hire tax accountants? They Ensure That You File Your Returns Perfectly To compute your taxes, you have to determine the income and expenses you have incurred in a financial period.

24 June 2021

In What Ways Are Tax Accountants Beneficial to Your Business?


Most business owners start their small ventures hoping that they will run all the operations without external help. As the business grows, so do the revenue and the taxation issues. It is advisable to hire a tax accountant when your business expands because they will help you keep your books in order.  Managing taxes is a process that might seem easy, but one small mistake can bring endless complications to your business.

10 March 2021

What Does an Accountant Do ?


Making sure that an individual or business pays the right amount of tax can be quite complicated. No one wants to pay too much tax or too little, and there are normally different deductions and benefits that need to be taken into account. Taxation legislation normally changes every year in some respects, and keeping up to date with the legal requirements can also be quite tricky. An accountant can be invaluable in helping people make sure that they pay the right amount of tax.

28 December 2020

Understanding the Essentials of Balance Sheet Reconciliations


The balance sheet is among the four primary financial statements used by business owners, finance professionals and stakeholders. It shows the true and fair view of a business enterprise at any point in time by aligning the assets, liabilities and equity held in the business. These three elements show your business enterprise's health with a comprehensive look at your bank balances, fixed assets, payable and receivables. Indeed, it makes sense to get your balance sheet reconciled and ensure that everything is sitting in the right place.

28 December 2020

3 Mistakes Business Owners Make When Filing Income Tax Returns


Most people wait until the last minute to handle their tax returns, which increases the chances of making mistakes. If you want to get as much refund as possible, you must be careful with every detail when handling your tax returns. In Australia, the Australian Taxation Office (ATO) works hard to find any mistakes made in your tax reports. With the advancement in their tools and increased access, finding these errors is easier than before.

9 December 2020

How to Handle Errors or Adjustments on Your BAS


If you run an Australian business, then you are required to pay certain taxes to the ATO. Much will depend on the scale of your organisation, but often you will need to charge GST (goods and sales tax) and withhold taxes on behalf of your employees (PAYE). If your business is somewhat complex, then this tax collection process can be somewhat dynamic and unpredictable. How do you cope with this when it comes to reporting your figures to the authority, and what will happen if you make a mistake?

20 October 2020

Avoid These Tax Filing Mistakes


Making errors is human nature, but in the tax world, a mistake could have severe consequences. Problems in your tax returns could mean delayed refunds or penalties. Rushing to file your taxes could result in errors that will have dire consequences. The filing should be handled with diligence to avoid making errors that will strain your company's finances. Paying taxes could be a significant expense for your business. Making a mistake and overpaying could cause a strain in the running of your company, and might open doors for audit, which could mean paying even more.

31 August 2020