Bookkeeping Tips For Small Businesses
7 January 2019
The primary reason why people open businesses is to make a profit. Before obtaining any profit, the firm incurs various expenses such as power costs, salaries and miscellaneous expenses. It is only after deducting these expenses and paying off any debts that the business person realises a profit. Bookkeeping refers to the business task of recording financial transactions. It is one of the core functions of an accountant. If you have a small enterprise that may not afford to hire an accountant, you need to conduct bookkeeping by yourself.
When Is It Time to Outsource Your Business Bookkeeping and Accounting Tasks?
25 May 2018
When businesses are starting out, they try to cut down costs as much as possible. As a result, it is normal to find a small business relying on a few key employees to perform tasks relating to bookkeeping and accounting. Having an in-house accounting employee or team is not a bad idea, but most times it doesn't work out well for most small business. That's why as a business owner, you should consider outsourcing these tasks to professional bookkeepers or accountants outside your enterprise.
Do I need to use a BAS agent to submit my BAS?
24 March 2017
While you are not legally obliged to use a BAS agent to submit your BAS (Business Activity Statements), it can be a great idea for small business owners to use a BAS agent. Here are some of the reasons that it can be useful.
Frees up time
If you are not an experienced BAS agent, it can be time-consuming to submit the statements. Not only do you need to source and submit all the correct information, but you also need to be able to navigate the ATO (Australian TAx Office) business portal, which is known to be finicky.
How Can Self-Employed Persons Reduce the Amount of Tax They Pay?
12 October 2016
As a self-employed person, you'll need to spend time making sure that you save enough of your income to pay the taxman each year. Luckily enough, there are also several ways to legally reduce the amount of tax that you pay. Here are just four ways that self-employed people can reduce their tax bills.
Contribute to Your Retirement Fund
A superannuation is a way to save money towards your retirement. As a self-employed person, you will need to contribute to it yourself instead of having an employer fill it up.