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Category: blog
Tax Offsets and How You Can Use It to Benefit Your Small Business
Taxation — and having to comply with tax laws — is a subject almost never welcomed with enthusiasm. For many, the system is cumbersome and unnecessarily time-consuming. But, if you’re one of the millions of small business owners in Australia, your situation can even be more challenging due to: Expensive and tedious quarterly Goods and… Read more
Becoming a Bookkeeper: Things You Need to Know to Be Competitive in the Business
Not everyone wants to work for somebody. They might be more suited to being their own boss, in fact. The thing that’s usually stopping them from leaving their jobs is the uncertainty attached to striking out on their own. However, recent global events have shown us that the ‘security’ of employment is a falsehood. Fortunately,… Read more
What Is a Bank Reconciliation and Why Does Your Business Need It?
Chances are, you’ve never heard of or had any reason to pay much attention to what bank reconciliation is, much less wondered how to do it. However, many new business owners and entrepreneurs have had to learn about it quickly. The bank reconciliation is a critical part of managing a business’ accounts. The bank statement… Read more
Keep Your Books in Order with Xero Bookkeeping Software
Bookkeeping is a process that involves recording and classifying any of a business’ financial transactions. It gives business owners and other key decision-makers overall visibility on how well operations are faring and helps the company stay on top of its taxes. The logic behind meticulously documenting where your SME’s cash is going is straightforward, but… Read more
Surviving COVID-19: A Blueprint for Small Businesses
The past months have seen businesses of all sizes either significantly scale down operations or close their doors as they followed government-mandated stay-at-home orders to reduce the transmission of COVID-19. In line with these measures, businesses observed social distancing rules by adopting remote work set-ups. By doing so, they promoted safety while making productivity possible.… Read more
5 Crucial Factors to Consider When Checking Your Business’ Financial Health
How confident are you in the state of your business’ financial health? That your books are in order and up-to-date, that you have enough solid data to back up your financial decisions and a sufficient cash runway to fund those decisions? These are the three things that business owners constantly need to keep check of… Read more
Surviving COVID-19: A Blueprint for Small Businesses
The past months have seen businesses of all sizes close their doors as they follow government-mandated stay-at-home orders to reduce the transmission of COVID-19. In line with these measures, they follow social distancing rules by encouraging remote work set-ups. By doing so, they promote safety and still encourage productivity. But not every business has this… Read more
7 Effective Management Tips for the Modern Finance Department
From being just an ancillary part of running a business, the finance department has emerged from the back offices to stand front and center as a major contributor to any company’s vision and direction. Specifically, we’re talking about the department’s expertise in financial management, and how it is moving businesses further towards success in 2020.… Read more
Bookkeepers, Accountants and CFOs: Your Guide to Financial Service Roles (And Which of Them Your Business Needs!)
From bookkeepers to accountants to CFOs, there are several roles that fall under the great umbrella of ‘financial management’. They all have the same ultimate goal: make sure your business’ financial future is sound. So, some of their professional skills may overlap, but it doesn’t mean their core functions are interchangeable. We’ve compiled this handy… Read more
4 Tax-Season Tips for Small Business Owners
Tax season is a very stressful time for a majority of business owners, especially those in the small-to-medium sector. Because they don’t always have a dedicated finance department or outsourced accountant or bookkeeper, they are often ill-prepared to take on the challenge of filing taxes and satisfying compliance requirements in house. Worrying about missing receipts… Read more