Wednesday, 21 Aug 2024
Bookkeeping is a complex task and becomes even more challenging when the business is a partnership. Managing the financial records of a business with more than one owner increases the responsibilities of Melbourne bookkeepers. They have to determine the distribution …
Tuesday, 13 Aug 2024
Payroll processing is the most significant financial obligation of businesses with employees. Employers must pay employees for the time they use to work for the business, including attending meetings and opening and closing retail stores. The salaries must be paid …
Monday, 5 Aug 2024
Taxes are mandatory contributions made by profitable businesses and earning individuals to fund government spending. Those intending to withhold the amount through tax evasion have to face legal implications that involve recovering the outstanding taxes and super debts. Thus, every …
Wednesday, 24 Jul 2024
Businesses have to keep track of their income and expenses to know how the capital is being utilised and generated. Bookkeeping offers an effective solution for this purpose through accurate recordkeeping. It involves categorising and recording income and expenses without …
Wednesday, 10 Jul 2024
Business owners must make conscious financial decisions that allow them to flourish and utilise their funds appropriately. These decisions ensure they do not go overboard with spending or compromise on quality to cut costs. They must spend within the budget …
Wednesday, 3 Jul 2024
Digitisation has been the most prominent disruptive transformation, but it is now being overtaken by automation. As technological advancements gain pace, computerised data management is being replaced by machine learning and artificial intelligence. In addition, big data and blockchain technology …
Thursday, 27 Jun 2024
Entrepreneurs are often seen delegating the bookkeeping task to experts and forgetting about it. However, it is more than just updating the books and filing taxes. Bookkeeping is significant for the business in several ways. It increases the entity’s credibility …
Wednesday, 12 Jun 2024
Australian businesses are moving towards a technological revolution propelled by innovations like Blockchain technology, AI and big data. The increasing utilisation of advanced tech in the day-to-day lives of consumers through smartphones and voice assistants makes businesses adopt them quickly. …
Monday, 3 Jun 2024
As we move closer to June, the fear of the end of the financial year (EOFY) looms large over businesses in Australia. This time is highly significant for bookkeeping purposes because businesses have to file tax returns, and forecasting for …
Thursday, 16 May 2024
Bookkeeping was a complex task that took hours to complete before computers made the lives of finance professionals easier. While computers streamlined and organised data entry tasks, the current crop of cloud-based bookkeeping software is taking automation a step forward. It has …
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