A budget will provide a business with a forecast of income and expenditure for a given period of time. Normally prepared on an annual basis and before the start of a new financial year, there are many advantages for preparing a budget, including: keeping track of your business’ progress throughout the year, giving an indication of when cash flows are coming
Preparing the Business Activity Statement for your business is one of those essential tasks that not only is legally required but can also be complicated and time consuming. This is where a registered BAS Agent can help. Bookkeepers are not necessarily BAS Agents. Yes, bookkeepers may assist with the business bookkeeping requirements such as processing invoices and reconciling bank accounts
With the Christmas and New Year period fast approaching us, many businesses tend to slow down in the lead up which may be a perfect opportunity to implement new strategies for your business or simply ‘improve’ any current habits. All business owners should review their bank statements to satisfy themselves that there are no unauthorised transactions being processed. Always keep
There are many reasons why this is important from monitoring performance between periods to assessing a business’ current position. Accurate accounts enable the end users of that information to make good decisions. Other important reasons for accurate accounts which should not be overlooked include the tracking of debtors and creditors (which impact cashflow) and employment costs. Untidy, inaccurate records may
Whether you are running a listed company or operate as a sole trader, good record keeping is essential for any business. The ATO stipulates that by law your records must: explain all transactions; be in writing (electronic or paper); be in English or in a form that can be easily converted; and be kept for five years (some records may need to be
A new financial year may be the perfect opportunity to start the year fresh. Bookkeeping is a vital part of running any business. Without accurate accounts it is difficult to obtain a clear picture of how the business is performing or meet your tax obligations. Contact Mybookworks to see how we can help you today!