Two main objectives should drive any decision whether to implement new technology or in the case of bookkeeping: software.
- Will it reduce operating expenses?
- Will it increase the relevance of output?
The costs are made up of the software itself, the time it is going to take to enter data and any once-off costs to make the transition.
Continue reading “Cloud-based bookkeeping – is it worth switching?” »
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 value of the equity (net worth of the business).
The difference between the assets and the liabilities is the owners equity. There are three components to a balance sheet the Assets, Liabilities and the Equity. Its called a balance sheet because the Assets – Liabilities = Equity and therefore must balance.
Continue reading “Understanding what a Balance Sheet is” »
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 can gain valuable business intelligence, knowing exactly how your business is performing on a regular basis and not having to wait until the end of the quarter to know where you stand.
Continue reading “Seven Reasons to Outsource to a Bookkeeper” »
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 it will cost you a lot more at the end of the year when you hand your Accountant a box full of receipts, plus without having your books up to date how on earth do you know how your business is performing.
Continue reading “A Guide to Better Bookkeeping” »
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 review Fair Work Australia conducts on wages for employees covered by the national work place relations system, there are new increases to wages that will take effect from the 1st July 2011. Also the modern award weekly wages will increase by 3.4%.
Continue reading “Are you aware of the new Modern Awards?” »
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 snail mail.
Did you know that there is an easier way and that you can make all your superannuation payments to multiple super funds in one simple step?
Continue reading “Free Government Super Fund Clearing House for Small Businesses” »
Employee or Contractor?
You really need to be clear about whether the person you hired to perform the work or services for your business is actually a Contractor and not an Employee. The obligations are quite different from contractors and employees.
Gone are the days where you can just pay your contractors or employees cash or ‘under the table’ payments as they used to be refereed as. These are payments without the workers submitting a tax file number or ABN.
Continue reading “Are your workers an Employee or Contractor?” »