Bookkeeping

December 19, 2016

Outsourcing Bookkeeping

As a small business owner, you have many things taking up your time. You manage social media accounts and marketing plans and employees. Managing your company’s accounting may seem like one of the easier things that you do, so you may not notice how much time you lose keeping track of income and expenses in an old spreadsheet—or worse, with pen and paper. Here are some ways that outsourcing your bookkeeping services and choosing a cloud-based accounting program can make your job easier. Maintain mental energy and focus The phrase “multi-tasking” originated with computers, long before we ever talked about it in the context of people. As we as people pressed ourselves to do more and more tasks with fewer […]

October 11, 2016

Benefits of Outsourcing Your Bookkeeping

The rise of the online community has changed the way in which we do business forever. It has brought us closer to people that can help with our day to day operations as well as backend business needs, enabling our businesses to run smoother and turn more profit. One of the key places that this has really made a difference for business owners is in bookkeeping. Bookkeeping is much like going to the dentist—no one really wants to take the time out to do it but neglecting the issue can lead to serious repercussions. For the most part, this is why business owners just want to hire someone to do it and not have to think about it themselves until […]

February 9, 2016

Understanding Your Profit and Loss Statement

Most entrepreneurs start organisations because they are passionate about the primary work of the business — which usually isn’t accounting. This means that most entrepreneurs aren’t completely comfortable interpreting the monthly financial reports they receive. We have met hundreds of entrepreneurs who never look at their profit and loss statements because they do not understand them and explanations have been too complicated. While we can’t teach you to be a Bookkeeper Melbourne or Melbourne Accountant we can give you some basics that will help you with this important financial tool. All P&Ls are based on a very simple formula — sales minus costs equals profit. It really is that simple. Everything else is a matter of breaking out sales or cost into […]

February 1, 2016

Why Accuracy is Critical in Bookkeeping

Bookkeeping is the process of maintaining an accurate record of a company’s business transactions. Business reports are generated using bookkeeping numbers and used to help maintain profitability. Before determining whether you want to invest in a bookkeeping service or try doing the bookkeeping yourself, you need to understand the many advantages of accurate bookkeeping. Administration Accurate bookkeeping provides up-to-date figures a business owner or manager can access at any time to decide on whether to make an investment or plan a capital purchase. It also helps deliver a complete package to the ATO when reporting taxes, lowers the possibility of an error that could trigger an audit and eliminates the expense of in fees and penalties from having to file […]