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Internal Cash Control Guidelines for Small Businesses

Monday, 3 Jan 2022

Internal controls are the policies developed by the senior management to ensure minimal errors and business operations run smoothly. They detail the steps that need to be taken in case of an error or irregularity to safeguard the assets and …

How To Check the Financial Health of Your Small Business?

Monday, 27 Dec 2021

Entrepreneurs need to be aware of the financial status of their business at any given point to understand its performance. Without this knowledge, they cannot make informed decisions related to buying equipment, starting a new product line, or entering new …

Are you STP Ready?

Wednesday, 8 Dec 2021

Single Touch Payroll (STP) is a mandatory obligation for businesses that helps them to bring down their payroll reporting responsibilities. The Australian Government introduced the system in 2018 for businesses with 20 or more employees, and by 2019, it included …

10 Biggest Accounting Challenges and Solutions in 2021

Wednesday, 1 Dec 2021

Bookkeepers have struggled the most besides small businesses during the pandemic. The lockdown in Melbourne and restrictions impacted several business functions that were under the aegis of these professionals, such as inventory management, cash flow, debt, and payroll. The changing …

What Is Start-up Capital?: Bookkeeping Basics

Tuesday, 9 Nov 2021

A start-up is a new venture launched by an entrepreneur with a lot of aspirations and desires for success. All new businesses in Melbourne need funds to get established and become recognised entities. The money needed to set up the …

What Are Retained Earnings & How To Calculate Them

Monday, 18 Oct 2021

Retained earnings are significant for accounting purposes, and bookkeepers maintain their records for businesses. It refers to the profits of the business accumulated over a period of time. However, many aspiring entrepreneurs are not aware of the term or do …

Do Small Businesses Need Bookkeeping?

Friday, 15 Oct 2021

Small businesses in Melbourne may not have too many transactions taking place every day, but they still need to manage their finances. Suppose a big project comes their way, or they invest in new equipment. In that case, they must …

Why Small Businesses Need Financial Audits

Monday, 11 Oct 2021

Small business owners often consider auditing to be an expensive and redundant pursuit. Many believe that it is required by those who fall in the regulatory requirements category or those who own very large businesses. However, these are misconceptions that bookkeepers …

What is Net Cash Flow and How It Is Used

Monday, 4 Oct 2021

Cash is the most valuable asset for any business. However, its management is a challenging task that can often lead to severe consequences. Thus, most business owners rely on bookkeepers in Melbourne to keep track of the flow of cash …

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