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
When considering hiring the services of a bookkeeper and an accountant, there are many advantages to having them operate from the same firm. The services they provide are complimentary which gives the benefits of increased support to the business owner, saving them time, and reducing the risk of errors.
In every business the bottom line comes down to dollars and cents. No matter what industry you are in, at some point you are going to have to deal with money and managing finances. Doing this well with proper record keeping and account management can be a difficult and time-consuming task. This is where the help of a good bookkeeper can take the pressure off, allowing you to be more efficient, reducing the risk of errors and releasing you to focus on the rest of your business.
All it takes is a quick online search to see that there are multitudes of options available when looking for a book keeper; free lancers, firms and even outsourcing overseas. Finding the right book keeper can seem like an overwhelming task. Here are three things to do to start your search: Continue reading
Starting on July 1, 2018, Australian businesses with 20 employees now have to comply with the STP or the Single Touch Payroll initiative. These same businesses are expected to have conducted a headcount of their employees on April 1, 2018 to determine their reporting requirements. But what exactly is STP and are you ready for it? Continue reading
In the modern economy, the need to efficiently and smoothly run a business has never been this important. With mounting tasks to complete, reports to create, and projects to manage, businesses find it more difficult than ever to improve their processes, including handling their own bookkeeping.
Usually, businesses resort to two options. Firstly, they can hire an in-house bookkeeper to manage their accounts, which may not be the best option for those who have a lot of accounts to handle. The second option is to fully outsource the company’s books to a bookkeeping firm.
Given today’s highly competitive business environment, business leaders need to focus on the ins-and-outs of their businesses. Online bookkeeping is one way to lessen this burden. Continue reading
Bookkeeping is just as important as innovating products and ideas. For growing businesses, keeping track of financial records and books of accounts is a crucial job that may hamper growth if not done well.
Failure or mistake in keeping books and records may have legal consequences such as missing to pay taxes due, paying wrong amounts, delays in payments and failure to evaluate the business’ performance on a regular basis. Accuracy is the bread and butter of bookkeeping and choosing the right part time bookkeeper is also an investment a businessman should look into. Continue reading