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.
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.
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.
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.
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.
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.
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.
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.
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.
