How Does Double-Entry Bookkeeping Affect Budgeting?

Bookkeeper writing how double entry bookkeeping affects budgeting

Double-entry bookkeeping significantly improves budgeting by providing accurate and reliable financial data. By recording every transaction as both a debit and a credit, businesses can ensure their financial records are precise and comprehensive.

At M2 Corporate, our expertise in double-entry bookkeeping enables us to offer clients robust financial management solutions. With over 20 years of experience in corporate accounting, we help businesses of all sizes maintain accurate records, ensuring they can create realistic and effective budgets.


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Is Accounts Receivable a Liability or Asset?

Bookkeeper adding accounts receivable as an asset to a list

Are accounts receivable a liability or asset in Australia? The simple answer is that they’re considered current assets.

As a seasoned bookkeeper, I know how vital these assets are for ensuring liquidity and fostering growth.

In this blog, I’ll explain why and how these entries on your balance sheet are crucial to your bookkeeping practices.


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Current Accounting Industry Trends in 2024

Accountant writing a list

With the increasing adoption of AI, blockchain, and cloud accounting technologies, staying ahead of industry trends is crucial for navigating the changing landscape of the accounting industry.

In my career as an accountant, I have never seen such a rapid change in processes and efficiency as I have in the past two years.

Below, I have outlined the emerging accounting trends in 2024 to help you stay on top of the latest changes in the industry.


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Bookkeeping vs Payroll: Can a Bookkeeper Do Payroll?

Bookkeeper doing payroll

I’ve often been asked about the differences between bookkeeping and payroll, and whether a bookkeeper can handle payroll tasks.

Let’s clear up some confusion right off the bat: yes, a bookkeeper can do payroll, but there are distinct differences between the two roles.

Here’s a simple breakdown to help you understand each one better.


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How Much Do Bookkeepers Charge?

Bookkeeper in Perth reconciling bank statements

Bookkeepers generally cost between $300 to $1000 per month, depending on the size of the business and the specific needs it has.

Smaller businesses can expect to pay between $300 and $600 per month, while larger businesses pay more as their needs are greater in terms of the number of transactions processed, accounts to be reconciled, and people on the payroll.

Below, I’ve gone deeper into the inclusions at varying price levels and the value a bookkeeper offers businesses regardless of their size.


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What Does a Business Accountant Do?

Business accountants discussing their responsibilities

A business accountant plays a multifaceted role, focusing on financial analysis, strategic planning, and ensuring regulatory compliance to optimise a company’s financial health and growth.

With over a decade of experience as a business accountant, I’ve witnessed firsthand the pivotal role we play in the success of companies across Australia.

In this blog, I’ll delve into the responsibilities, benefits, and costs associated with hiring a business accountant, sharing some personal anecdotes and expert insights along the way.


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Bookkeeper vs Accountant: What’s the Difference in Australia?

Bookkeeper and accountant looking at a computer

As an accountant with over 10 years of experience, I’ve frequently encountered confusion about the roles of bookkeepers and accountants and whether they are different in Australia.

Simply put, bookkeepers manage the day-to-day financial transactions, while accountants provide strategic financial advice and tax planning.

For a more detailed explanation using examples of how these two roles function within a business, read on.


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Internal Audits vs External Audits

Mace Turco showing a graph to a business accountant in a team meeting

In my years in the financial arena, I have found that the word audit causes some turmoil among business professionals. In many cases, the concern is entirely unwarranted.

In basic terms, internal audits are conducted by a company’s own staff to improve business operations and focus on specific areas, while external audits are performed by independent firms to verify the accuracy of the company’s financial statements.

Leveraging my years of experience, I’ve broken down differences between the two as well as the pros and cons to help you better understand.


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What is a BAS Agent and How Do They Help?

BAS agent sitting at a desk with a client

Effective financial management is pivotal for business success, and an integral part of this is understanding the role of a Business Activity Statement (BAS) professional.

BAS agents play a significant role in business finance, advising or representing businesses in areas such as the Goods and Services Tax (GST), payroll, and other tax-related matters.

In this blog, I’ve explained everything you need to know about the role of a BAS professional, as well as their responsibilities, qualifications, and the benefits of using their services.


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When is BAS Due in 2023-2024?

Accountant looking at business activity statements

One of the most common questions I hear from business owners – and one of the most common questions any business accountants receive – is simply: when is BAS due? So, I am here to walk you through everything you need to know about BAS, including how to pay BAS, lodging BAS, BAS due dates, avoiding late payments, what to do if you make mistakes, and more.


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