Christmas is a great time to acknowledge and reward your employees and other associates by celebrating and giving gifts. But don’t get caught out by entertainment rules! Claiming entertainment and gifts as business expenses is not always straight-forward, as there are implications for GST, income tax and fringe benefits tax (FBT). Is it Entertainment? Entertainment is generally not a deductible business expense. Entertainment rules can be tricky, but in general, the more lavi

With so many digital tools for managing your bookkeeping, accounting and management reporting, it's never been easier to manage, track and forecast your financial position. But what are the main tools you need? And how do you set up your financial systems, apps, processes and reporting to put yourself back in the finance driving seat? 1. Bring your bookkeeping into the digital age Digital bookkeeping apps are a great way to digitise your receipts, records and source documents

There are two methods of calculating the amounts stated in business financial reports, and the difference is all in the timing. Cash reporting – income is recorded when cash is received in your bank, and expenses are recorded when money is paid out of your bank. In cash reporting, the income and expenses are reported in the financial period that the cash transaction occurred. Most small businesses report on a cash basis (although they can opt for accruals), but those with a

If you’ve been feeling frustrated every time you open your accounting software, you’re not alone! One of the questions we hear often is: "How do I know if it's time to switch accounting platforms?" Here are a few signs it might be time: 1. You're outgrowing your current system What worked when you first started might not support your business today. If you’ve added team members, expanded services or now manage more complex finances, your software should grow with you and not

If you’ve covered business expenses with personal funds, it’s important to reimburse yourself properly to keep your books accurate. Here’s how to do it the right way: First, track every expense by saving receipts and noting what each purchase was for. Keeping detailed records ensures your books stay clean and tax-ready. Next, record the expense in your accounting software under "Owner Reimbursement" or "Owner’s Contribution" so it’s properly categorised. Then, pay yourself ba

We love the ease and simplicity of using Xero Online Accounting software. Here are our top seven reasons to move to Xero. 1. Get paid...

1. Tracking Income & Expenses  No more wondering where your money went. A bookkeeper keeps everything organised, so you always know what’s coming in and going out. 2. Bank & Credit Card Reconciliation Ever looked at your bank statement and thought, “Wait… what’s this charge?” A bookkeeper matches everything up, making sure your records are accurate. 3. Invoicing & Receiving Payments Whether it’s getting invoices out on time or tracking who still owes you money, a bookkeeper h

1. “My bank balance in Xero never matches my actual bank balance” ❌ You check your accounting software, and the balance doesn’t match...

Australia’s small businesses are the power behind our economy. Small businesses (employing less than 20 people) added nearly $590 billion...

Research by Kotter International found that more than 70% of change projects within a business fail. Why is this? The research findings...

Setting clear financial goals is the key to business success! However, not all goals are created equal. Here’s how to break them down...

Bank reconciliation happens when you compare your record of sales and expenses against the record your bank has. It’s how you verify your...

Running a business costs money. There are always costs, overheads and supplier bills that mount up – and these expenses will gradually...

Automating your key systems is the way to turn your enterprise into a 21st century, digital business. But are we getting carried away...

Do you need a hand managing cash flow? The key is getting your invoicing right, by invoicing customers as soon as possible and using...

Happy New Year Did you make any New Year's Resolutions? If so, did you know that it's a common observation that many New Year's...

We wish you a very happy Christmas and well deserved end-of-year break. We are grateful for the opportunity to work with you and be a...

Company Christmas parties are things of legend. Everyone knows the stories about employees who took the opportunity to let their hair...

Are you purchasing products and services from overseas suppliers for your business? Here's some important information about GST (Goods...

The super guarantee rate will rise in July this year to 11%. Have you calculated the extra cost to your business? This rate increase may...