What is the Future of Bookkeeping?

What is the Future of Bookkeeping

Bookkeeping is something that every small business must do and there is no escaping from it – unless you don’t mind the ATO knocking on your door. However, the world is changing rapidly and the days of bookkeeping being done using a pen and a double entry notebook are on the way out. Now even […]

A Beginner’s Tutorial to Bookkeeping

A Beginner's Tutorial to Bookkeeping

Bookkeeping is the act of recording and classifying different accounting transactions in any business and the techniques used for such processes. For small business owners, there is the option of doing your own bookkeeping, hiring someone else to do it for you or outsourcing it to a third party. Taking this into consideration, following is […]

Why is Bookkeeping Important for a Small Business?

Why is Bookkeeping Important for a Small Business

Bookkeeping is an integral process for any small business. Business owners can choose to hire bookkeepers, outsource the work to them or do it themselves depending on their bookkeeping knowledge. Whatever they choose, bookkeeping ensures the following benefits to each and every small business. Ensures Proper Budgeting With thorough bookkeeping records, it’s easier to stick […]

10 Expectations To Set For Your Bookkeeper

10 Expectations To Set For Your Bookkeeper

Hiring a bookkeeper is definitely the right decision for a small business however, it’s even more critical that you find the right bookkeeper for your business. This process requires a lot of patience, research and due diligence. Remember, the bookkeeper is working for you so you should set the right expectations to make sure you […]

What is the trial balance format in bookkeeping?

What is the trial balance format in bookkeeping

The trial balance format is a natural part of the bookkeeping process and crucial for a business to properly keep well-maintained books. This is done after a pre-set period. For some businesses that might be a monthly thing, for some, it will be quarterly. Almost all will have an annual trial balance, and it’s not […]

What is the Best Bookkeeping Software on the Market Today?

What is the Best Bookkeeping Software on the Market Today

Many small business owners do their own bookkeeping and accounting. This can be quite simple when you’re a new business and you don’t have a lot of staff or a particularly high turnover. Indeed, someone who is self-employed and who deals with just a few clients may be able to get by with bank statements […]

What are the Common Types of Bookkeeping Accounts?

What are the Common Types of Bookkeeping Accounts

Many entrepreneurs and small business owners are masters at creating exceptional products and services, winning over clients and building great teams. However, bookkeeping is far from their biggest strength. Being familiar with the different types of bookkeeping accounts is usually overlooked, but it is vital for gaining clarity on your business finances. Mastering your own […]

The Differences Between Accounting and Bookkeeping

The Differences Between Accounting and Bookkeeping

Cash flow accountability and management are vital aspects of any business operation. With the precise recordings of transactions, coupled with correct assessment and processing, a business owner can have a solid foundation from which he or she can make decisions as well as plan their company’s growth. Recording and comprehending the primary financial needs of […]