How to Automate Your Business Bookkeeping Processes

In today’s business climate, you need to be proactive. Planning ahead for issues that may come your way will ensure that you don’t have any surprises or headaches when year-end arrives. With that said, running a business requires you to be reactive. Striking a balance between planning for the things you can plan for and reacting to the things you can’t is difficult. That’s why your operations need to be as streamlined as possible.

Ensuring that you are in good hands financially means having a system in place to handle your day to day business activities. This means your bookkeeping should be taken care of as efficiently as possible. If you systematically arrange your bookkeeping, your accountant will thank you at the end of Q4. How are you going to ensure that your bookkeeping is well taken care of? Simply put, through automation of the day to day activities. In this post, we’ll go through some ways in which your bookkeeping processes can be automated in order to make your life simpler. Continue reading

A Simple Guide to Fringe Benefit Taxes

As a business person, you understand the value of hard work and dedication. Your employees are the lifeblood of your business, whether it’s a small enterprise or a large corporation. Without those dedicated people, you would have serious issues filling orders and carrying out day-to-day tasks. That’s why it’s important to keep them well paid and incentivise the workplace. How can you incentivise? Through fringe benefits for your employees!

While giving your employees benefits throughout the year is a wonderful gesture, they must always be accounted for in the end. Specifically, there will be a tax involved with these benefits that you may not know about. Your accountants will need to know about these fringe benefits as they are given to the employees. If you are a new business owner, here is an easy guide to help you navigate the taxation of fringe benefits. Continue reading

What Are the Advantages of Registering for GST?

These are exciting times. You are just about ready to open your new business. You’ve been busy setting up all of the systems that you need for your business to work – including the bookkeeping. You know that proper bookkeeping will give you the best perspective on how your business is performing. It’s not glamorous, but it’s very important. It can also be very confusing for first-time business owners.

This is where many owners succumb to pitfalls while setting up their business. Because there are many forms to file and BAS regulations to follow, things can sometimes be missed. One such thing is GST registration. It’s surprising how many Gold Coast start-ups fail to register for GST. If you are just starting your business, it could be very beneficial to register for GST. Let’s look at a few reasons why that is. Continue reading

How to Choose the Best Accounting Software for Your Business

Choosing the best accounting software for your business can be truly confusing.

It seems like each accounting software product has something that you think your business needs or might need and it doesn’t help the fact that almost every accounting software out there gets rave reviews, confusing you even further.

To make it easier for you to filter out the products you don’t need and ultimately decide on the accounting software for your business, we have compiled a list of questions you need to ask yourself while shopping for the best accounting software for your business.

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Cloud Accounting Software Cost Comparison: Xero, MYOB, Quickbooks Online, Saasu and Reckon

When shopping around for your business, regardless of what you’re purchasing, the first thing you should consider is your budget. Your budget will always be the first business resource that will take a hit every time you purchase business equipment and goods.

However, when it comes to getting your business its cloud accounting software, you should start to dig deeper than budget consideration. Cloud accounting software offers incredible advantages, like significant reduction of time spent on accounting, easier collaboration, and being able to send and receive financial data on the go.

You should be able to weigh a cloud accounting software’s cost against its benefits and compare its performance against its competitors. Here’s a comprehensive cost comparison of cloud accounting software to help you decide which one matches the needs of your business: Continue reading