Yearly Archives - 2019

Small Businesses Bookkeeping Seriously

Reasons Why Small Businesses Don’t Take Bookkeeping Seriously

Why are small businesses not keen on bookkeeping, even if the consequences are clear? Maybe they feel it’s an unnecessary cost for the business? Let’s take a look in more detail below. Small businesses face many challenges, and their owners try to juggle between the various tasks as it scales up. However, some business aspects are critical and forgetting to handle them professionally can have detrimental consequences to the business. Bookkeeping is a vital part of any small business as the resources [...]

Bookkeeping Features And Main Objectives

What Are The Features And Main Objectives Of Bookkeeping?

Are you wondering what the main objective of bookkeeping is? Bookkeeping helps to record financial transactions of a business in an organised way. Please read below for more. Bookkeeping is the primary process of accounting in a business organisation. Bookkeeping plays one of the most important roles in creating accurate financial statements of a business entity at the end of the fiscal year. Bookkeeping is important because it helps determine the profit and loss status of an organisation. It will assist the [...]

Bookkeeping Tips for 2019

5 Signs That You have A Great Bookkeeper

Business owners ought to know the qualities of a great bookkeeper so that you can spot one. So, what are the signs that yours is a great bookkeeper? Read below for more. Just like any other professional, a bookkeeper can be found on every corner but finding a good one can be hard to find. Once you find a good one, you should do everything to keep them. With a good bookkeeper, business owners can rest assured that bookkeeping and accounting [...]

Accounting For Startups

Basics Of Bookkeeping For Startups

Are you a startup business or a small business? If so, the sooner you get your accounting systems in place the better for your business. Please read below to learn how you can do this. Bookkeeping refers to recording all the financial transactions of a business or company. It, therefore, entails recording the sales, purchases, payments, receipts, and accruals for receivables or payables. Bookkeeping specialists help businesses track their income and expenses for the calculation of profits. It also involves keeping [...]

Qualities Of A Good Bookkeeper

Qualities Of A Good Bookkeeper

What qualities does it take to make a good bookkeeper? Not everyone is cut out to be a bookkeeper. Let’s take look now at what makes a good reliable bookkeeper. Bookkeeping is critical to any business organisation, and finding the best bookkeeper could contribute to the financial success of your business. Whenever a business is looking to hire a bookkeeper, there are essential qualities such a business should look out for. Hiring a bookkeeping specialist with the right qualities helps a business [...]

Formal Bookkeeping System

What Does the Term Formal Bookkeeping System Mean?

Are you familiar with the different types of bookkeeping that are out there? Which one is best for your business? Let’s take a look at the different types of bookkeeping in the article below. If you are a business owner then you will have to deal with accounts at some point. Having an organised system to keep track of what is going on with your business’ finances is an absolute must. When we talk about this type of system, it is [...]

Bookkeepers vs Accountants

Which are Better and Why – Bookkeepers or Accountants?

If you’re in Melbourne and planning on hiring someone to help manage the finances of your business, then you have probably found yourself wondering whether you need a bookkeeper or an accountant. What’s the difference, and which should you bring on board to help take care of your company? What is a Bookkeeper? Bookkeepers are responsible for the day-to-day tracking of the finances of your business. A bookkeeper can help you with a lot of tasks, including processing invoices and receipts, keeping [...]

journal entry

Is Journal Entry and Double Entry Bookkeeping the Same Thing?

Bookkeeping can be a confusing task because there are so many ways to do it. It’s not easy for someone who is untrained to understand how to log transactions.  Most people have heard of double-entry bookkeeping, but what about journal entry?  What’s the difference between these two? Is there even a difference at all? Journal Entries A journal entry, in the field of accounting, is the idea of logging a transaction as a journal item.  A journal entry can be several recordings, and [...]

small business bookkeeper

Should a Small Business Use A Bookkeeper All Year Round?

If you want your business to thrive then you need to make sure that you know exactly what is going on with your finances.  Many small business owners make the mistake of assuming that they don’t need to pay much attention to their finances until they need to do their accounts.  This leads to long workdays and sleepless nights as they try to get their accounts together, and then they find themselves struggling to figure out where the money went. Hiring a [...]

recording business transactions

Understanding the Process of Recording Business Transactions in Your Accounts

When you balance your personal cheque book, you record transactions as a single line when they happen, with a description of what the transaction was, and whether it was income or an expense.  With a business, you will usually need something more detailed than that. The Flow of Transactions in Your Accounts While some small businesses do simply take a cash payment for a product or service, often, the work is done in a more complicated way.  For example, you might buy some [...]


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