One of the biggest challenges for an entrepreneur, freelancer or small business owner is growing his or her business. Whether you’re a restaurateur, travel blogger or a tech innovator, scaling up is the only way to go in order to reach new markets as well as new financial heights for the business.
In the accounting industry, this growth requires new accounting complexities that need to be addressed, such as more hours spent on accounting administration and additional paperwork. And for non-accountants, this can result to bottlenecks in the workload, causing unnecessary delays. Fortunately, there are several tools available online to address this critical issue. Continue reading
The rise of digitisation has paved the way for the mainstreaming of cloud accounting software – offering flexible, real-time reporting for small businesses.
But sometimes, deciding which cloud accounting software to get could be very daunting. You need to take into account several factors, including annual fees, data security, integration with other apps you might need in the future, bank feeds, facilitation of seamless workflow, and multi-platform and mobile availability.
In this review, we will compare two of Australia’s major small business cloud applications, MYOB and Reckon One.
MYOB has been in the accounting software industry for quite a while, having established its name in the local scene, but some newcomers like Reckon One are challenging MYOB’s ability to think out “cloud” and keep up in the digital game. Both software have their own set of advantages and disadvantages, but which one is really best for your business? Continue reading
Sales and client interaction tend to be favorite activities for real estate agents. While finalizing paper work and going to bed at night after a closed deal is memorable, accounting and bookkeeping is not. The last thing on any real estate agent’s mind is the accounting that happens behind the scenes. While bookkeeping is a necessary evil, it’s important to properly account for all financial activity that’s flowing through your business. Debits and credits have their place in the world; for better or worse.
Here are a list of answers to common questions that we get asked regularly about bookkeeping services, GST and tax and accounting software.
Q: I have started my business, registered for an ABN and Business Name and now I need to know what to do next?
A: A part of running your new business is record keeping and you are obliged to keep your records for a minimum period of 5 years. Continue reading
Your business is thriving, and you’re seeing all your hard work finally come to fruition. Your customers are happy, which makes you even happier. Keeping them happy is your objective, and as of right now your business is in the right place to do just that.
With the end of the fiscal year fast approaching, you need to ensure that all of that customer happiness is translating to a happy balance sheet. Since you’ve been busy managing inventory and sales, you’ll be in need of someone who can be trusted with your business’ finances (that is, if you haven’t yet already found that someone). When you’re having your books managed, you are given options. There are bookkeepers, and there are registered BAS agents. Each option has its benefits, and each differs slightly. Whichever you choose to use will directly impact your business in a positive way. It just depends on your needs. In this post, we’ll examine bookkeepers and BAS agents and determine exactly what the difference between the two really is.