Sarah Medson
What is Bank Reconciliation? Why you should be automating this process!
Good bookkeeping is all about recording and matching your financial transactions. Over the course of a usual week of trading, you’ll have a range of payments being deposited into your bank account and a host of operational expenses being withdrawn from that same account. To keep on top of this, you must match each line on your bank statement with
What’s the Difference Between PAYGI and PAYGW?
Many people new to running a business and employing people are unsure about the difference between PAYGI and PAYGW. They are not the same thing! PAYG stands for ‘pay as you go’. This is the means the ATO uses to obtain tax payments from both employees and business owners. Paying tax ‘as you go’ throughout the year means you don’t
Cash or Accrual Accounting – What’s the Difference?
There are two methods of calculating the amounts stated in business financial reports, and the difference is all in the timing. Cash reporting – income is recorded when cash is received in your bank, and expenses are recorded when money is paid out of your bank. In cash reporting, the income and expenses are reported in the financial period that
When Can You Deduct Money from an Employee’s Wages?
There are only a few situations where you can lawfully deduct money from an employee’s wages. Make sure you check what’s allowed before deducting so that it’s following the Fair Work Act. Even if the employee agrees, it’s important to ensure you’re doing the right thing because unlawful deductions can result in heavy Fair Work penalties later. When can you
Should I Focus on Profits or Cashflow?
Turning a profit is at the heart of running any successful company. But should profits be the only financial focus if you’re looking to create a stable, long-term business? Cashflow is the beating heart of your business. Cashflow is the beating heart of your business. Without an even and predictable flow of cash into the company, you can’t cover your
Are Your Business Finances in Order?
Getting your head around the basics of bookkeeping, accounting and good financial practice may not come naturally to all business owners. But the better you understand the numbers, the more control you’ll have over your business and your decision-making. To get you started, here’s a rundown of some of the main financial terms and how they apply to the financial
Payroll – The Minefield
Payroll can be such a large, complex minefield to navigate through. The following information may assist you, as the business owner when employing and paying staff. Please note that this is by no means a full comprehensive list and further advice should always be sought if you are unsure of anything. Hiring of Employees The following items should be provided
what i love about being an accountant/bookkeeper
I have attended a few networking events recently and one thing I have noticed is whenever anyone asks what I do and I tell them ‘I am an Accountant’ there is always a silence – maybe a nodding of the head but I generally hear crickets. This got me thinking – is being an Accountant or a Bookkeeper considered a
Tips for Year End
Year end is fast approaching … where has the first half of the year gone?! In preparation for June 30, consider the following tips: Be Organised! Do you have an effective filing system in place? Ensure you have copies of all the receipts you intend on claiming on your Tax Return that can be produced easily if needed. Cloud based
Why Does Your Business Need a Bookkeeper?
Bookkeepers play a very important role in assisting you keep up to date with the detailed day to day transactions of your business. Having organised books will not only make it more cost effective for you, it will allow you and your Tax Agent to make decisions based on the performance of your business.
