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Monthly Archives: August 2011
How to write a budget?
Every business needs to write a budget. I like to think that every household also would keep a budget, I keep both a business and personal budget, that way I know exactly how much income I have coming in and what my outgoings are, then I can establish my savings. Budgets can be a little [...]
The Profit and Loss Statement what does it mean?
The Profit and Loss Statement also known as the Income statement is the summary of financial performance of a business over time and is usually produced monthly, quarterly or annually. It would not be possible to understand the financial performance of the business by looking at the individual transactions. By grouping and summarising similar transactions, [...]
Understanding what a Balance Sheet is
The balance sheet is a financial statement that shows how much a business owns (its assets), owes (liabilities) and the difference is the equity. Its a great tool to use to evaluate the liquidity of a business. It lists the assets that the business owns, the liabilities that are owed by the business and the [...]
Seven Reasons to Outsource to a Bookkeeper
Why should I outsource my bookkeeping services? There are a number of reasons why you should outsource your bookkeeping services. While concentrating on your business, financial record keeping can become overwhelming. Its vital to keep your finances in good order so that your tax returns are accurate. By having your books up to date you [...]
A Guide to Better Bookkeeping
So you are running your own business and want to keep doing the bookkeeping your self, but you just don’t know what to do, plus you just don’t have the time to research it either. This is pretty typical of business owner operators. The problem is that if you don’t get your books in order [...]
Are you aware of the new Modern Awards?
The new modern awards were introduced on 1st January 2010 and these awards specify the minimum wage rates for employees covered by the relevant awards as well as the national minimum wage. The Fair Work Australia website provides detailed information about the modern awards and the National Employment Standards (NES). As part of the annual [...]
Free Government Super Fund Clearing House for Small Businesses
I knew there had to be a better way to process the superannuation payments for my employees. It can take hours to pay each individual superannuation payment, especially when you have to pay the amounts in different forms. Some funds allow bpay, some allow transfer and some only allow the old fashioned cheque sent by [...]