Bookkeeping and accounting are both crucial business functions, but they are not the same. There are key differences between bookkeepers and accountants. This guide will explore the main differences and provide you with all the information you need about bookkeeping vs accounting. What is bookkeeping? Bookkeeping is predominantly concerned with recording financial transactions and ensuring [...]
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For many business owners, accounting can be an arduous task. If you have limited experience when it comes to managing accounts, taking control of your company’s finances can be a daunting prospect. The success of your business relies on the ability to balance the books and emerge with profits, but accounting is not everybody’s strong [...]
If you run a business, you may feel like you’re constantly trying to juggle several tasks at the same time. Bookkeeping may not always be a priority, but it’s so important not to underestimate the difference efficient accounting can make. You may be busy trying to launch a new product or step up your marketing [...]
Fact: The process of data entry is boring and time consuming. There are many products on the market to automate this task, particularly into Xero. Receipt Bank and Shoeboxed seem to be the front-runners for general use. Here’s how they stack up Document Input: Snail Mail – both do it but receipt bank has a [...]
Ever see the commercial on TV where the man soon-to-be-retired man struts through his office to the sounds of AC/DC’s “Thunder”? He breaks free of his professional shackles and retires at an age young enough to still enjoy his newfound free time. Sounds great, right? Well, sure…if you’ve worked for a dependable company for decades [...]
Before we decide if you’re ready for SuperStream, let’s define it first. SuperStream is an electronic means of paying superannuation for your staff that not only puts the payment into their superfund but also advises both their funds and the ATO as to who the payment is for and which period. So in order to [...]
The Taxable Reporting Annual Report is a super cruddy paper report that needs to be lodged with the ATO by 14th of July each year, listing all of your subcontractors (if you are in the building or construction industry). That’s right. All of your contractors need to be listed, even those that just provide materials. [...]