Learn how to add an employee in Xero correctly to ensure you comply with Australian employment regulations and requirements, as well as setting up payroll and superannuation information. Follow this easy step-by-step guide and video tutorial.
Category Archives: Bookkeeping and Accounting
Many Australian businesses are turning to online bookkeeping services to manage their bookkeeping needs, but what is it that a small business owner should look for in a bookkeeping service, and is this the right choice for your business? Let’s look at some of the benefits and challenges associated with using an online bookkeeper to help manage your accounts.
As a business owner, you’re probably all too aware of how important accurate and reliable bookkeeping is to your operations. It’s a function that most successful businesses couldn’t do without. Not only are there potential risks to your business if bills and payroll aren’t paid on time, the Tax Office could also come knocking when BAS lodgements are late and taxes remain unpaid. Being such an important role in your company, you might think that the safest approach would be to hire a bookkeeper in-house. However, there is also the alternative of outsourced bookkeeping that can provide greater security and flexibility, as well as time and cost benefits.
If you’re running a small business, having efficient and effective bookkeeping systems in place is crucial to giving your business the best chance at success. Regardless of whether your small business is in the start-up phase of launching or it has been trading for a while, knowing that your financial records are in order goes a long way towards freeing you up to focus on the goals of your business and helps you to make informed decisions that can impact your bottom line in the longer-term.
As a business owner, you know that time is money. And when it comes to managing your projects, you need a tool that can help you save both. That’s where Xero Projects comes in. Xero Projects is a project management add-on for Xero accounting software that can help you track time, expenses, and tasks against projects. It also allows you to create quotes and invoices, so you can get paid faster.
As your business grows, one of the biggest pain points can be managing the time of your staff and making sure they’re productive. When you can no longer manually schedule their time and assign work, what options are available?
The words ‘June’, ‘end of the financial year’ and ‘tax time’ often strike fear in the hearts of business owners. Although the end of the financial year can be a very daunting and stress-inducing time, it doesn’t have to be. When you invest in the services of a bookkeeper and an accountant, you put yourself in the best position to make this a routine, yearly process.
Choosing the best MYOB workforce management and rostering app for your business will depend on the type of industry you are in, how many staff you have, and how often their shifts change. If you want your business to operate efficiently, you need the right staff – but even more importantly, you need the right staff at the right time. Having too few staff working during peak hours, or too many during slow periods, great sales agents on holidays in high-sales seasons, or giving the wrong jobs to the wrong people can all impact your business success. A properly designed workforce management and rostering app can help a business get the best from its employees by keeping them on track while also improving job satisfaction.
Financial reporting with MYOB has never been easier! MYOB accounting software allows you to create detailed reports about any area of your business. Monthly/Annual reports are very important as they will provide you with valuable insight of your stock items, customers and payroll.
An Audit is a formal examination of accounting books, documents and vouchers of a business concern in order to verify the profit and loss and the financial position of a business. It’s a systematic check or assessment of financial records of a business, department or organization to establish accuracy or efficiency. The examination of the financial records is performed by someone independent of that organisation and would include reports such as the balance sheet, an income statement, a statement of changes in equity, a cash flow statement, notes comprising a summary of significant accounting policies and other explanatory notes. Continue reading