The Distinction Between Bookkeeping and Accounting


  In the world of finance, there are several terms that are often used interchangeably and without proper understanding. Among these terms are "bookkeeping" and "accounting", which many people assume are the same thing. While there are similarities between these two functions, they are fundamentally different services that are required by businesses in different ways. This guide hopes to provide a clear understanding of the difference between bookkeeping and accounting services and how they can benefit your business.

28 August 2023

What You May Need To Know About The Process Of Liquidation


Have you been unfortunate to encounter financial difficulties in your business? Sometimes, these difficulties can seem overwhelming, and you may want to know if liquidation is viable. So, what's involved with this process, and how can you set the ball rolling? Understanding Liquidation Liquidation is the process of winding up a company's affairs, which includes selling its assets and using the proceeds to pay off any outstanding debts. Any remaining funds are then distributed to shareholders or creditors.

15 February 2023

Four Reasons To Chat With A Business Advice Accountant Before Expanding Your Business


If you're thinking of expanding your business, it's important to understand the risks involved. A business advice accountant can help you understand how much money you need and how much risk you can afford. Here are some reasons why you should chat with a business advice accountant before expanding your business in Australia: 1. A Business Advice Accountant Can Help Ensure You Can Afford To Expand Your Business  Before you take the plunge, it's important to know how much cash flow you'll need to support the expansion.

16 August 2022

Why It's Always Best to Outsource Bookkeeping When You Start a New Business


Many entrepreneurs who start their own business try to keep an eye on all related activities, as they feel that this is the safest way to proceed. They may employ other workers to do certain tasks or sell products, but the business owner may often want to keep everything to do with finances on a short lead. Why can this view sometimes be shortsighted instead? Stick to What You Are Good at

25 February 2022

New to Small Business? Make Sure That You Claim What You're Due


Small business owners who are relatively new to the scene may spend most of their time developing their products and services and getting the word out to their market. They may manage their own books as best they can and ensure that their cash flow is always adequate. But they may be missing a trick or two when it comes to their tax affairs and may not be taking advantage of the various deductions and write-offs available.

29 November 2021

Why Small-Scale Businesses Should Maintain Constant Communication with Accountants


It is unfortunate that small-scale business owners often only get in touch with their accountants during the tax season, which is once a year in most cases. Business owners who hire full-time professionals are not better off since they often only talk to their accountants during office meetings. Any professional accountant will do their job diligently and ensure that your books are in order regardless of whether you talk to them regularly or not.

30 July 2021

How Not-For-Profit Organisations (NFPs) Should Account for In-Kind Contributions


Many not-for-profit organisations (NFPs) depend on gifts from the general public and businesses to achieve their charitable purposes. The gifts received by NFPs are either tangible property or personal services, which can be referred to as nonfinancial gifts or in-kind contributions. This article helps NFPs account for in-kind contributions when filing tax returns. In-Kind Contributions Explained  Although cash rules in as far as charities are concerned, it's also common for not-for-profit entities to receive other contributions in the form of gifts.

6 April 2021

Tips for Appropriately Spending Your Small Business Loan During the COVID-19 Pandemic


In addition to the medical impact that COVID-19 has caused, businesses have also taken a hit from this pandemic. Small businesses have immensely struggled because they don't have as many resources (and as much flexibility) as more established corporations. To cushion such companies from long-term financial complications, various organisations are extending emergency loans to small businesses. Most of these loans are being provided at low-interest rates and with flexible repayment terms.

21 December 2020

Are You Sure That You Are Ready for Tax Time?


Tax day comes up quickly, and this is often a troubling time if you're a small business owner. After all, you may dread this time of year, but you've still got to make sure that you are fully ready, no matter what. As you check the days off the calendar, what should you do to make sure that you are compliant and ready for that deadline? Reconciliation Before you can be completely sure about your tax liability, you have to be happy with the state of your books.

10 December 2019

How to Strategise Your Affairs Around Tax Time


Many small business owners approach tax time with a certain amount of trepidation. They may think that they are prepared, but the reality is that many of them are not and they may be leaving a significant amount of money on the table as a consequence. It is important to have a plan in place to try and mitigate your tax liability as much as possible, so you can take advantage of the benefits and deductions that are available.

26 September 2018