Bookkeeping

Basic bookkeeping for sole traders in Australia involves ensuring accurate financial management and compliance with tax obligations.

This comprehensive guide will walk you through various bookkeeping methods, the best software options available, common mistakes to avoid, and practical tips for maintaining impeccable financial records.

At M2 Corporate, our team of experienced bookkeepers in Perth is dedicated to providing reliable advice tailored to your specific needs, helping you thrive in your business endeavours.

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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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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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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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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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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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