Don't Try to Be an Expert When It Comes to Your Bookkeeping

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Most people set up a small business because they are particularly good at one thing. They want to bring this product or service to the marketplace, provide great value for money and earn a nice living in return. This theory is fine, but in practice, running a small business can be especially challenging in the early days. The small business owner will quickly find that they need to master several other areas as well, simply to ensure that the business can operate as it should.

4 February 2019

Is Your Online Activity a Business or a Hobby?

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The Internet has certainly grown exponentially since it emerged a few decades ago. It's now an integral part of most Australian lives. A huge portion of the population has a Facebook account and is actively involved in social media, while an increasing number of people have opted to use the World Wide Web to develop their business interests. Many people have grown a hobby into a commercial enterprise and some without even knowing it.

23 May 2018

How to Make Sure That You Account for Taxes Correctly When You Invest in a Holiday Home

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If you have been told that you need to diversify your investment strategy, you may have decided to purchase a holiday home and put it on the rental market for additional income. This can be a great way to make some money and boost your portfolio, so long as you approach it correctly and specifically, are careful when accounting for tax. Should you be worried that the ATO may look at this critically, in light of recent developments?

13 November 2017

Tax Tips for Uber Drivers

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Uber is such an easy, flexible opportunity to make some money on the side that it is tempting to jump in, start earning and leave finances for later. But tax time will inevitably come, and it will be less stressful if you plan for it from the start. Get an Australian Business Number (ABN) and register for Goods and Services Tax (GST) If you are an Uber driver, you are not an Uber employee; you are running your own business, which you need to register.

6 March 2017

Managing your bank reconciliations

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If you are trying to keep costs down, it can often be tempting to do the majority of your administration in-house. However, when it comes to the bookkeeping, it can often be much better to outsource your accounting services to a qualified accountant.  Here are some ways that outsourcing bank reconciliations can save you money in the long term.  Correct allocation of items to lines If you are in a rush, it can be easy to make mistakes in the process of reconciling your accounts.

13 September 2016

Bring These Important Documents to Your Tax Preparer

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When tax season rolls around, it is time to start gathering your financial records and make an appointment with your tax preparer. Here are some documents to make sure you bring with you when getting your taxes filed by a professional. Income Documents The first type of documents you need to bring to a tax preparer or accountant is any documents related to your income. If you have a regular payroll job, this is likely your W-2 forms.

19 February 2016

Reasons Why Your Business Requires An Internal Audit Function

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As much as you would like to be in charge of most departments in your organization, the simple truth is that it is not easy. The best way to seize control of these departments is by having some form of vetting done from time to time. The accounting department is one of the departments that should be given a high priority as it deals with money, which is vital in the running of any business.

27 January 2016