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Basics And Types Of Business Bookkeeping

Small Business Bookkeeping Basics Fine bookkeeping routines help you make smarter business choices, spot chances early on and head off problems before they become uncontrollable. Practices of good bookkeeping also certify that you’re on top of issues like insurance payments and tax that can get otherwise huge businesses into trouble. Basics For Small Business Bookkeeping : •     Determine which categories of revenue and expenses to track •     Create a system to easily organize bookkeeping information •     Schedule time each day or week for bookkeeping •     Use bookkeeping to make informed decisions and paint a solid financial picture Types of Bookkeeping Systems It is vital to researching and learning the categories of bookkeeping systems for organizing which one to take on and use in maintaining the accounts of business transactions. By investigating the different types of bookkeeping systems, you wil...
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Invoices – What You Need to Include

As bookkeepers, we see a lot of invoices and sometimes they do not have the correct information or can be confusing.    I recently came across an invoice that had a due date which was seven days after the invoice date and then further down the invoice it had “Payment Terms Strictly 21 Days”.   So which is it 7 or 21 days?   If you want to be paid on time you need to be very clear on your payment terms.   Are you looking for a bookkeeper in Bunbury that can take the stress and worry out of managing your own accounts? Then look no further than Account On Me Bookkeeping Service. Call us today! Here is what the Australian Taxation Office (ATO) advises your invoices should contain: ·          Your business name ·          Your Australian Business Number (ABN) ·          The words “Tax Invoice” if you are registered for GST, otherwise “In...
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Why I Love Xero

There are so many accounting packages (Xero, MYOB, Quickbooks, Reckon, to name a few) these days. Xero would have to be my favourite accounting system that I have used in the nearly 20 years in the industry, like anything there are pros and cons (no phone support would be the biggest, but they are quick to get back to you via email). Our Xero accountants are able to help customers run their business and finances efficiently and profitably from anywhere. Get in touch with Account On Me Bookkeeping Service. My number one favourite with Xero is that there is absolutely no software to be installed, you open up your preferred web browser (I use Chrome or Firefox as Internet Explorer was very slow to operate and run).   Then all you do is login and away you go, it can be accessed from anywhere as long as you have internet access.   You can also download the Xero app to invoice on the go.   Please make sure you setup a 2-Step Authentication for added security. Th...
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Records you need to keep

How to start a business I asked the question this week “What are some things you wish you knew about business bookkeeping when starting up, or if new to business the things you want to know?”    I got a great response and I thought I would address some of these in a series of blog posts, so here is the first instalment.   The most popular response was what records to keep and for how long, so that’s where I’ll start. The Australian Taxation Office (ATO) advises that by law your records must explain all transactions, be in writing (electronic or paper), be in English (or a form that can be easily converted) must be kept for 5 years, but there are circumstances that you will need to keep records for longer.   The records you keep are what you use to help prepare your business activity statement (BAS), annual income tax return and to meet other tax obligations.   Listed below are the records you need to keep: Income and sales records – this is a reco...
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How often do I need to do my bookwork?

Small business help I get asked this question quite a bit and it all depends on your own circumstances, but good financial management from the beginning is essential so that you can work efficiently and you know how your business is performing. Here are a few tips to help you: • Schedule a couple of hours each week or fortnight (depending on the size of your business) into your calendar or diary to do invoicing, pay bills, payroll (if you have any) and follow up unpaid accounts. If you are using an accounting program you could reduce that time. • At the start of the month schedule some extra time in to reconcile your bank account(s), credit card(s), process superannuation and BAS/IAS (if required monthly) and prepare your reports to see how your business is performing (eg Profit & Loss Statement, Balance Sheet). • If you report the superannuation and BAS on a quarterly basis then allow time each quarter to prepare these. • It is important to open a business bank acco...
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