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
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
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
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.
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!